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THE COSTS OF BUYING
Courtesy of the Greater Vancouver Real Estate Board
If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you’re paying for the property.
BUYING COSTS
Mortgage application: Lenders may charge a mortgage application fee, which will vary depending on the lending institution. Mortgage insurance: As of October 17, 2016, all insured home buyers must qualify for the Bank of Canada’s posted five-year rate, now at 4.64 per cent. Borrowers must have a gross debt service ratio maximum of 39 per cent and a total debt service ratio maximum of 44 per cent. As of November 30, 2016, borrowers with a down payment of 20 per cent or more (low ratio) must also meet the same loan eligibility criteria as high-ratio mortgages of less than 20 per cent. Appraisal fees: Before your lender approves your mortgage, you may be required to have the property appraised. Sometimes your lender will cover this cost. If not, you’re responsible. The fee ranges from $300 to $450 plus GST. Home inspection fees: A home inspection is a report on the condition of the home and includes structural and moisture problems, as well as electrical, plumbing, roofing and insulation. The fees range and are typically $500-$900 depending on the size of the home and the complexity of the inspection. Some inspectors also charge an additional fee for an older home or a home with a secondary suite, a crawlspace, or a laneway home.
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Land survey fees: Lenders may require a survey of the property. The fee ranges and is typically $500 plus GST. Goods and Services Tax (GST): The GST on a new home is 5% of the price. A GST rebate equivalent to 36% of the GST paid is available for new homes priced up to $350,000 and a partial rebate on new homes priced up to $450,000. Buyers also pay the GST on fees for services from appraisers, home inspectors, lawyers, Notary Publics and realtors. Provincial Sales Tax (PST): The PST is generally not payable on services except for legal and notary fees. Both the GST and PST are paid on legal and notary fees. Property Transfer Tax (PTT): Homebuyers in B.C. pay this tax when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder up to and including $2 million. The PTT is 3% on amounts greater than $2 million. Qualifying firsttime home buyers may be exempt from paying the PTT if the purchase price of their home is priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is nil. Qualifying buyers of new homes may be exempt if the purchase price of their home is priced up to $750,000. There is a proportional exemption for homes priced between $750,000 and $800,000. At $800,000 and above there’s no rebate. Property taxes: Depending on the contract of purchase and sale, a property buyer will likely be required to reimburse the seller for any prepaid property taxes. The lender may require the buyer to add property tax installments to monthly mortgage payments.
Utility bills: A buyer is typically required to reimburse the seller for any prepayments for municipal sewer and water fees. Rent and security deposits: If there is a secondary suite or a laneway home rental and the tenancy continues, the buyer receives the security deposit from the seller with accrued interest because the buyer is responsible for reimbursement when the tenant leaves. Mortgage life insurance: If the owner dies, this type of insurance will pay off the balance owing on their mortgage. Fire and liability insurance: Most lenders require property buyers to carry fire and extended coverage insurance and liability insurance. Home insurance: Lenders typically require home buyers with a mortgage to buy home insurance. The insurance should be effective on the earlier of either the completion date or the date that the balance of funds is placed in trust. Legal or Notary Public fees: Buyers typically hire a lawyer or notary public to assist with drafting documents and ensuring the title of the home is properly transferred. Likely fees include a title search for a property, which costs up to $11, and a land title registration fee, which is about $75. Moving fees: Moving fees vary depending on the distance moved and whether professional movers do all of the packing. Rates vary. Utility hook-ups: There are fees for hydro, gas, water and sewer, cable, and phone connections. CONTINUED ON PAGE 4
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CONTINUED FROM PAGE 3
Locks: New owners should always have door locks re-keyed. Costs depend on whether the locks are standard or electronic.
Strata maintenance fees: Typically paid on the first day of each month.
Commission fees: What does it cost to hire a realtor, you may also ask?’ There is no set commission rate in the real estate profession. Most realtors are paid after ownership is transferred. Fees are typically paid to the real estate company by the lawyer or notary in the transaction from the sale proceeds. Compensation is always agreed to beforehand between you and your realtor. There is no such thing as an average commission. The commission paid depends on the services provided by your realtor, which can vary significantly depending on your needs as a client or the business model employed by the realtor. When does a commission become payable? The standard multiple listing contract provides that commission is payable on the earlier of the following: completion date under the contract of purchase and sale or the actual date the sale completes.
A PARTNER TO GET YOU IN THE DOOR Courtesy of the Greater Vancouver Real Estate Board
The new BC Home Owner Mortgage and Equity (HOME) Partnership program helps eligible B.C. residents purchase a home.
The program offers first-time home buyers who have saved a down payment: • A down payment loan of up to 5% of a home’s purchase price to a maximum of $37,500, on a home with a maximum price of $750,000. • This loan matches the buyer’s down payment and is interest-free and paymentfree for five years.
• After five years, buyers can either repay their loan or enter into monthly payments at interest rates that are current five years from the date of the loan. • Loans through the program are due after 25 years – the same length as most mortgages. To qualify for the program, home buyers with a registered interest on title must reside in the home and be a:
FIRST TIME HOME BUYERS! Take advantage of the BC HOME partnership program: Get down-payment assistance and no payback for 5 years.
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• C anadian citizen or permanent resident for at least five years; • r esident of BC for at least one year immediately preceding the date of application; and • f irst-time buyer who has not owned an interest in a residence anywhere in the world at any time.
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The home buyer must: • use the property as their principal residence for the first five years; • obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price; and • have a combined, gross household income of all individuals on title not exceeding $150,000.
Buyers can begin gathering the documents they’ll need to submit an online application. Buyers will need: • Proof of status in Canada and residency in British Columbia. • Secondary identification (must include your photo). • Proof of income and tax filings. • Insured first mortgage pre-approval.
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10 facts about the mortgage loan program for first-time buyers Courtesy of the Greater Vancouver Real Estate Board
1. The B.C. Home Owner Mortgage and
least 80% of the purchase price. Buyers must have qualified under all rules for a mortgage including the stress test. The combined, gross household income of all individuals on title cannot exceed $150,000.
6. The program is delivered entirely
2. The program offers a down payment
4. The pre-approval letter can come from a mortgage broker.
7. Only the buyer can complete
Equity Partnership Program helps eligible first-time homebuyers who have saved part of a down payment and can afford a mortgage. This three-year program will accept applications until March 31, 2020. loan of up to 5% of a home’s purchase price, to a maximum of $37,500, on a home with a maximum price of $750,000. The loan matches the buyer’s down payment and is interest-free and payment-free for five years.
3. Before applying, the applicant must have a partial down payment saved (or gifted) and must be pre-approved for a high-ratio insured first mortgage for at
5. To qualify, the home buyer(s) must
meet requirements on this eligibility checklist. They must be a Canadian citizen or permanent resident for at least five years, have lived in B.C. for one year, be a first-time buyer who hasn’t owned an interest in a residence anywhere in the world at any time, and plan to live in the home as their principal residence for the first five years.
online with a smartphone friendly interface. There’s no physical paperwork. Buyers submit their application here. They must register first. This online calculator helps determine eligibility. the application. There are liability considerations. If the buyer claims to have never owned a home anywhere in the world, and the government later discovers this is untrue, the buyer cannot blame someone else for completing their application. If the buyer has questions, they can phone the BC Housing information line at 604-439-4727. Staff members speak multiple languages.
THOMPSON RIVERS APPRAISALS
& Real Estate Consultants Inc. We are a leading provider of Real Estate Appraisals and Depreciation Reports in the Kamloops region Web: Trappraisals.ca•Email: office@trappraisals.ca Contact us for a Pre-Purchase appraisal report or Depreciation Report for strata properties. All our appraisers hold the AACI P.App Designations. Accredited Appraisers with Appraisal Institute of Canada
THOMPSON RIVERS APPRAISALS & Real Estate Consultants Inc.
919 Dominion Street Kamloops, BC • T R A P P R A I S A L S . C A Phone: (250) 372-2599 • Fax: 1-877-542-4845
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8. In B.C., 87% of apartments, 73% of attached homes, and 19% of detached homes currently on market could qualify for this program, according to Dan Maxwell, chief financial officer of BC Housing.
9. After five years, buyers repay the loan
or begin monthly payments at a fixed rate equal to the Royal Bank of Canada prime rate plus 0.5%. This interest rate is reset at each of the 10, 15 and 20 anniversaries. Loans are due after 25 years.
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THE PROCESS
1. The applicant gets pre-approval for insured first mortgage.
2. The applicant applies to BC Housing (BCH), which issues a confirmation of eligibility letter highlighting details and key dates within five business days. BCH issues a Home Buyer’s Package. 3. The applicant makes offer to purchase an eligible home, and provides BCH with copy of contract of purchase and sale.
10. The homebuyer is responsible for all costs associated with the purchase and financing of their home, including legal costs.
4. BCH issues conditional loan approval letter for the applicant to take to the lender to finalize first mortgage approval.
HOW MANY LOANS?
6. The applicant provides BCH with the unconditional contract of purchase and sale at least 14 days before closing.
The government forecasts: • 42,108 loans will be issued by 2020. • These will have a total dollar value of $703 million. • The average loan will be $16,685.
5. The applicant completes due diligence and removes subjects.
7. BCH’s lawyer sends the mortgage package and closing instructions to the applicant’s lawyer.
8. The applicant completes the home purchase with their lawyer. The BC HOME loan is secured by a second mortgage registered on title to the home on the closing date. The HOME Partnership loan funds are released following registration of second mortgage. Example #1 – Home purchase price $475,000, home buyer has saved $11,875 • Minimum down payment required for an insured first mortgage - $23,750 • BC HOME Partnership loan - $11,875 (equal to home buyer’s down payment, equal to 2.5% of purchase price) • Total down payment - $23,750 Example #2 – Home purchase price $750,000, home buyer has saved $52,500 • Minimum down payment required for an insured first mortgage - $50,000 • BC HOME Partnership Loan - $37,500 (maximum 5% of purchase price) • Total down payment - $90,000
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Real Estate (Kamloops)
LINDA TURNER and Kristy Janota Personal Real Estate Corporation
258 Seymour Street, Kamloops | Phone: 250-374-3331 Linda: linda_turner@telus.net | Kristy: kjanota@telus.net www.LindaTurner.bc.ca www.kamloopsthisweek.com
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Mortgage planning tips Courtesy of the Canadian Mortgage and Housing Corporation
When financing a home, the following considerations can help you to save money and provide for greater economic stability in the event of financial challenges down the road, such as lower income levels, increased monthly expenses and/or higher interest rates. Consider a lesser mortgage amount than the maximum you can afford: Mortgage professionals use two simple calculations to determine the maximum mortgage you can afford. The first calculation, your gross debt service ratio, assumes that your monthly housing costs (mortgage principal and interest, taxes and heating expenses and half of the monthly condo fee if you are
purchasing a condominium) should not be more than 32% of your gross monthly income.
WITH EARLY INTERVENTION, YOU CAN WORK TOGETHER WITH YOUR MORTGAGE PROFESSIONAL TO FIND A SOLUTION TO YOUR FINANCIAL DIFFICULTIES. The second calculation requires that your entire monthly debt load (including housing costs and other debts such as car loans and credit card payments) not exceed more than 40% of your gross monthly income. This figure is your total debt service ratio.
While these ratios help to determine the maximum mortgage and payment that you can afford, obtaining home financing at these levels may not leave you with much room to comfortably deal with any unexpected changes in your monthly budget. Taking a smaller mortgage can help to ensure that your monthly housing costs remain within your means. E valuate the impact of an increasing interest rate on your monthly payments: Over the past few years, interest rates have been at historical lows. While this helps to make homeownership affordable today, an increase in interest rates could have a significant impact on your future monthly housing costs.
More choice means the best mortgage for you! Canada’s largest banks, credit unions, trust companies, and financial institutions have teamed up with Dominion Lending Centres to offer you a mortgage product line that has an array of home financing solutions that are only available to our mortgage professionals and their clients. Call me today for professional, unbiased advice.
BERTIE COLLINS
250-571-2710 bertiecollins@telus.net • www.bertiecollins.com
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For instance, homeowners renewing a mortgage of $250,000 with a 5% interest rate could see an increase in payments of $300 per month if rates were to increase by 2%. Evaluating the impact of increasing interest rates on your monthly payment today may help you to avoid financial difficulties in the future.
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Plan to be mortgage-free faster and create a cushion in case of unforeseen financial difficulties: There are a several ways to pay your mortgage down sooner, save money, and create some breathing room should you face unforeseen financial difficulties in the future. These include making accelerated weekly or biweekly payments, taking advantage of pre-payment privileges such as making lump sum payments to your mortgage principal and increasing your regular payment amount. For example, for a $250,000 mortgage (5% interest rate and 25-year amortization), choosing an accelerated bi-weekly payment over a bi-weekly regular payment ($727 vs. $670) allows you to pay down your mortgage more
quickly. You could pay off the mortgage in just over 21 years and reduce your interest costs by almost $30,000. Ask your mortgage professional for additional information on these topics when arranging your financing. Seek help if you have difficulty making your mortgage payments: When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, you can work together with your mortgage professional to find a solution to your financial difficulties. Your mortgage professional wants to establish and maintain a positive relationship with you over the long term, and is fully trained and equipped with the tools to help you deal with the temporary financial setbacks that you may be facing.
Congrats, you’re looking to buy your first home! You have decided to become a homeowner...but what’s the next step? Buying your first home can be an overwhelming process. I have a step-by-step package for first-time buyers who are looking to get into the market that helps ease the process. Email me today for your FREE 1st time buyer package at jessicasutherland@royallepage.ca. Tips for 1st time buyers: • Breathe. It’s not a race, we’re looking for the right home to fit your needs. • Trust. Trust that I have your best interest in mind and it’s my job to keep you focused on the end goal. • Have fun. This is a very exciting thing you’re about to do, let’s enjoy each step! I am excited to help you find the right home! Call me today and let’s get started. Feel free to visit my website for more helpful information.
Jessica Sutherland Personal Real Estate Corporation
Mobile: 250.319.1942 • Office: 250.374.1461 Jessicasutherland@royallepage.ca 800 Seymour St Kamloops
www.kamloopsthisweek.com
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READ THAT CONTRACT
contract is a legally binding agreement between two or more parties and describes the rights and obligations of the parties to the contract. Where a contract is properly drafted and signed by the parties to the contract, where the terms are clear, and the contract is not for an illegal purpose, it’s likely that the contract enforceable. Only the parties to a contract can sue, or be sued, under the terms of that contract. Before you sign a contract: Never sign a contract if you don’t understand it. Before you sign a contract, consult your realtor, your realtor’s managing broker and/or your lawyer for advice. Generally, Canadian courts expect
that if you have signed a contract, you’ve agreed to it and you will be bound by its terms. You may not be protected if you claim that you didn’t understand what you were signing. Always ensure that you understand a contract before you sign it. Standard form contracts: The real estate contracts used by realtors are standard form contracts. The wording and terms of these contracts have been prepared by lawyers and have been tested in Canadian courts. Cancelling a contract: If you’ve signed a standard form multiple listing contract, exclusive listing contract or exclusive buyer agency contract and you wish to
BEFORE YOU SIGN A CONTRACT, CONSULT YOUR REALTOR, YOUR REALTOR’S MANAGING BROKER AND/OR YOUR LAWYER FOR ADVICE cancel the contract early, you can only do so if the other party to the contract (your realtor’s company) agrees. If you’ve signed a contract to buy or sell a property (contract of purchase and sale) and wish to cancel it, you should seek legal advice immediately. Realtors aren’t parties to these contracts and can’t cancel them unless the contracting parties agree, in writing, to do so.
Creating real estate solutions for you, with you! If you are looking for a friendly, hardworking real estate person that works for you and puts your time and interests first I would like to take the opportunity to apply for the job as your REALTOR®. Real estate guidance and advice that helps protect your interests.
BERTIE COLLINS 250-571-2710 bertiecollins@telus.net www.bertiecollins.com 10 | FIRST TIME HOME BUYERS GUIDE • 2017
Real Estate (Kamloops) 250-374-3331 www.kamloopsthisweek.com
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What happens if a buyer or seller doesn’t fulfil the terms of a contract?: Even though your realtor may have drafted the contract to sell or buy a property for you, they’re not a party to that contract. A realtor can’t force their client to fulfil the terms of a contract with the buyer or seller. If the buyer or seller doesn’t fulfil the commitments they’ve made in the contract, you may have legal recourse and should seek legal advice. Here are examples of common issues for which the buyer or seller (not the realtor) is responsible:
• Buyer doesn’t close the sale; • Buyer doesn’t remove the contract’s subject clauses; • Seller doesn’t close the sale; • S eller doesn’t remove the contract’s subject clauses; • Property is left untidy or dirty by the seller; • S eller has removed items that were included in the contract;
• Transaction doesn’t close on time. • A ppliances break down or a previously unknown property defect reveals itself after closing.
YOUR SPECIALISTS IN
REAL ESTATE LAW Purchasing your first home is one of the most important purchases you will ever make and it can be daunting.
ROD McLEOD
WOITAS MCLEOD
& ASSOCIATES www.kamloopsthisweek.com
With decades of real estate experience, Woitas McLeod & Associates will ensure that your home purchase is completed promptly, thoroughly and cost effectively Call Woitas McLeod & Associates, for a personal consultation. Phone: 250-374-3337 Web: WoitasMcLeodLaw.ca 243 Seymour St, Kamloops, V2C 2E7 FIRST TIME HOME BUYERS GUIDE • 2017
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SUITE ADVICE
Courtesy of the Greater Vancouver Real Estate Board
S
econdary suites continue to be an affordable housing option for residents, benefitting home owners as mortgage helpers and tenants as a less expensive roof over their heads. Whether the suite is legal or illegal, having insurance coverage is vital — and homeowners should know an existing policy will not cover a suite. A homeowner who doesn’t tell their insurer about a suite and that there are two households living in the home opens themselves up to significant risk. An unreported and uninsured suite could potentially void the existing insurance contract on the primary residence if there is a flood or a fire. Insurance will cost about 10 per
cent of the cost of your total home insurance. So if you’re paying $1,200, it will cost you an additional $120, Homeowners who rent their secondary suite can also buy separate comprehensive rental insurance. Depending on the insurer and on the policy, this can cover vandalism and damage by tenants, typically up to a payout maximum limit of $5,000. This insurance doesn’t cover the tenant’s belongings. The tenant has to buy their own insurance for their possessions. Home owners with laneway homes, coach homes above garages and other authorized or unauthorized accommodation on their property should also let their insurer know and should buy appropriate coverage.
Thinking of Buying? I’m happy to say Kamloops is my home. This is a city with spirit and heartbeat! I love living here and working here, so it’s no wonder to me that others want to make it their home, too. While our city keeps growing and the landscape keeps changing, people’s basic needs tend to stay the same… especially when it comes to buying and protecting their most important asset, their homes. My experience has always centred around helping people from all walks of life, which has made a career in real estate a perfect fit for me. Working to do a great job as your realtor is my goal, whether you’re thinking of buying or selling I would be pleased to help you.
DOREEN MONSON
250-374-3331 12 | FIRST TIME HOME BUYERS GUIDE • 2017
Real Estate (Kamloops)
www.kamloopsthisweek.com
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don’t forget the inspection Some facts on home inspections: • home inspection contracts must describe in advance what’s covered in an inspection; • contractual terms that limit home inspectors’ liability will be prohibited; • home inspectors must adhere to new business record keeping requirements; • h ome inspectors must carry professional and general liability insurance. The provincial government will also review the qualifications required to perform home inspections, develop more rigorous training and examination requirements for anyone planning to become a home inspector. The new requirements are the result of a three-year provincial government consultation. This included input as well as research and consultation with home inspector associations and home inspectors, Consumer Protection BC and other stakeholders including realtors. In 2009, B.C. became the first jurisdiction in Canada to require licensing of home inspectors.
There are approximately 483 licensed home inspectors in B.C. Fees typically range between $400 and $900 for attached properties and may be more single-family homes. The size and complexity of the inspection determines the cost. Some inspectors may have surcharges for a crawlspace, basement suite, age of home, mileage, etc.
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DO I QUALIFY?
W
Courtesy of the Canadian Mortgage and Housing Corporation
hat are the general requirements to qualify for homeowner mortgage loan insurance? • The home is located in Canada. • For CMHC-insured mortgage loans, the maximum purchase price or as-improved property value must be below $1 million. • You will typically have a minimum down payment starting at 5%. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. • Normally, the minimum down payment comes from your own resources. However, a gift of a down payment from an immediate relative is acceptable for dwellings
of 1 to 4 units. For eligible borrowers, additional sources of down payment, such as lender incentives and borrowed funds, are also permitted. Check with your lender for qualifying criteria and availability. • Your total monthly housing costs, including principal, interest, property taxes, heating (P.I.T.H.), the annual site lease in the case of leasehold tenure and 50% of applicable condominium fees, shouldn’t represent more than 32% of your gross household income (gross debt service (GDS) ratio). • Your total debt load shouldn’t be more than 40% of your gross household income. The total debt service (TDS) ratio is your P.I.T.H. + the annual site lease in the case of leasehold tenure and 50% of condominium fees (if applicable) +
payments on all other debt / gross annual household income. • You also need to think about closing costs (for example, legal and land transfer fees) equivalent to 1.5% to 4% of the purchase price. Many first-time buyers are surprised by these costs. That is why, when qualifying for CMHC’s Mortgage Loan Insurance, the CMHC’s Home Purchase Cost Estimate worksheet form will help you calculate your total homebuying costs. • Closing costs include but are not limited to one-time items such as lawyer fees, GST and PST as applicable, land transfer tax if applicable, adjustments, etc., to allow you to complete the house purchase. • O ther requirements may apply and are subject to change. For details, please contact your lender or mortgage broker.
Mr. Carswell & Talena Jensen (KEVIN)
B.PE./Ed.
Your first stop for your first home! Cell:778-220-5432 Office: 250-374-3022 mrcarswell@royallepage.ca
322 Seymour St, Kamloops BC
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Cell: 250.319.3821 talenajensen@royallepage.ca www.kamloopsthisweek.com
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