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CURB APPEAL ATTRACTS MORE BUYERS!

When homeowner’s list their property for sale, price is usually the first priority on their list, followed closely by timelines. How long will it take to sell? How long of a completion?

Imagine you’re car shopping and you drive by an auto dealership where the cars are dusty and windows are streaky or dirty. Would you be inclined to stop in there to check out the vehicles? Or would you go to the car lot across the street where you can see the sun glistening off the clean and polished vehicles?

Houses may not glisten in the sunshine but a home with a clean exterior and windows along with manicured gardens and lawns will certainly create the impression your home is well cared for, inside and out.

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INVESTOR TIPS FOR VANCOUVER & FRASER VALLEY REAL ESTATE

Investment properties here on the West Coast don’t come cheap however on the flip side, rental income is among the highest in all of Canada and the cap rates are often incredibly good. Whether you are a savvy experienced investor or a first-time investor, here are a few basic tips when considering an investment property purchase;

1] FINANCING:

Getting a mortgage for an investment property isn’t as easy as borrowing for your primary residence – you’ll need at least 20% of the purchase price for a down payment, and only a portion of the income you get from rent will be considered in qualifying you for a mortgage (usually 80%). For commercial property investments, you’ll likely need a down payment of 50%.

2]  INVESTMENT OBJECTIVES:

There are three ways to make a return on your real estate investment;

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YOU HAVE DECIDED TO PURCHASE A NEW HOME . . . HERE ARE SEVEN TIPS THAT WILL STREAMLINE THE BUYING PROCESS

1] Prepare a financial information package that you can send to the lender where you intend to apply for a mortgage. This information should include but not be limited to the following;

  • Proof of income (T-4 for the past two years, a recent pay stub and a letter of employment)
  • CRA Notice of Assessment for the last two years

If you are self employed be sure your income tax returns have been filed and you can show there are no monies owed by you to CRA.

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THINGS TO CONSIDER WHEN BUYING A PRE-CONSTRUCTION CONDOMINIUM OR TOWNHOUSE IN THE FRASER VALLEY REGION.

The “Real Estate Board of Greater Vancouver” recently published listing and sales statistics for the month of May, 2019 and after a sluggish start to the year sales have picked up dramatically and once again, pre-construction condo and townhouse sales are hot.
If you have given some thought to purchasing a pre-construction condo or townhouse for investment or personal use purposes, this article will be of interest to you. Like most things in life, there are pros and cons to doing this.

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WHEN SELLING YOUR HOME, HERE ARE SOME STAGING TIPS:

The key objective when staging your home is to declutter and to a certain extent depersonalize It. You want potential buyers to envision your home in ‘their mind’s eye’ with their personal décor and furnishings.

A professional stager can set the right emotional mood for potential buyers while focusing primarily on the kitchen, dining, family and living rooms in addition to the master bedroom. The stager starts the process by meeting with the Sellers at their home, introducing their services and explaining how and why they do what they do. Once the Sellers give the stager the green light to proceed, they will tour the house and the stager will make suggestions, recommendations and tips which will be followed by a hard copy report.

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9 TIPS TO IMPROVE YOUR CREDIT SCORE & SECURE A MORTGATGE.

One of the greatest contributing factors to having a mortgage application approved is your credit score. A high credit score will not only strengthen a mortgage application, it will also work in your favour when negotiating an interest rate. Conversely, a low credit score may wind up costing you a higher interest rate and possibly having your mortgage application not being approved.

1] Find out what your credit score is:
This is a good starting point. Knowing what your credit score is before contacting potential mortgage lenders is important. You can contact Equifax and other web sites who have apps which are compatible with most smart phones, to find information about your credit history and credit score.

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WHEN YOU CHOOSE TO MAKE A LOW-BALL OFFER ON A RESIDENTIAL PROPERTY. . . CONSIDER THESE 4 THINGS:

In some cases, making a low-ball offer can be a wise strategy, particularly when there is a buyer’s market, a low sell through rate (monthly sales to active listings ratio) or when a property has been on the market for an extended time period.

Writing a low-ball offer is not rocket science but to get the seller’s attention you should first speak with your real estate professional for their opinion and advice as to how to proceed with your offer. It is important to engage the seller in order to improve your chances for success.

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7 COMMON MISTAKES FIRST-TIME HOME BUYERS MAKE

1] House shopping without knowing what you can afford.

Once first-time home buyers have made the decision to buy, the irresistible urge to start viewing properties kicks in and can often lead to disappointment and sometimes discouragement, particularly when your lender tells you after the fact that you cannot afford the house you have fallen in love with. Before you start checking out properties, meet with your bank / lender or mortgage broker and get a pre-approval. The pre-approval will have a three or four month expiration date so you can confidently go house shopping knowing that you are in a position to write an offer when the ‘right’ opportunity comes your way.

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A “FIRST TIME” HOME BUYER’S GUIDE

First time buyers living in the Metro Vancouver / Fraser Valley region face the challenge of finding affordable housing in one of Canada’s most expensive markets. Coupled with new mortgage rules introduced in 2018 (stress test) getting into the market may require a measure of compromise when it comes to your expectations.

Step One: SAVE $

A twenty percent deposit would be ideal however that is not always practical in our marketplace, so with good credit, taking out a loan with your financial institution is always a good option to consider.
If you have less than a 20% down payment you may be required to take out mortgage loan insurance. Another option, if you are able is sourcing private funds to help top up the deposit.

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FREQUENTLY ASKED QUESTIONS ABOUT ‘DEPOSITS’ FOR BUYERS AND SELLERS

1] When is the DEPOSIT due?

As a buyer your deposit is due within 24 hours of subject removal on the property you have written a Contract Of Purchase And Sale offer that has been accepted by the seller. Your real estate agent will discuss the timeline with you at the time an offer is being drafted. usually it is within 24 hours but it can be another number, such as 48 hours.

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