The moment you make a decision to buy a home in Victoria BC, you know you have a lot of investments and overwhelming procedures coming your way.  It includes planning, dealing with different agents, R&D, and above all adequate knowledge of all the processes.

We know how important it is to select the ideal home that you have been looking for. But before getting into it, it is important to understand the home-buying process. It will assist you to make smarter decisions in the long run. Here is a guide to offer you an overview of the procedures and prepare you for them.

• The right time to buy a house

The first question that arises in your mind is when is the right time to buy your dream house? Are you ready for the commitments and investments that it asks for?

Well the answer would be, do a pre-execution evaluation of your finances and housing market. Make sure you have a considerable amount of savings to kick-start your home financing. Also, keep a consistent check on the housing market. As a smart choice, select a house whose value will go up in the future. Appoint a real estate agent at this stage for the best aid.

• Estimate the cost

Fixing your financial expenditure is the foundation for house selection. Home searching is an endless process unless you have a fixed price range. It makes the process convenient by filtering out the options beyond the range. It is very important to calculate your finances beforehand. You don’t want to be overcrowded by the financial stresses later-on. 

Save enough finances to cover the down payment, closing cost, prepaid costs, and moving expenses. It is advised to save at least 10% as the down payment for your new home. Plan out your finances precisely by including even the smallest expenditures.

In case you plan for a mortgage, get it preapproved. The lender will verify your financial information to offer a preapproval letter.

• Look for the best real estate agent

Appointing an appropriate real estate agent can benefit you in more than just one way. You may start the research online but when it comes to securing the best home, you need the help of an expert. Further, when it comes to negotiating, the agent can get you the house is the best possible offer.

A good real estate agent will navigate you through the process to make the right decisions. An expert agent should have an up to date knowledge of the market and would give you honest insight about the locations and houses.

• Start your home search

1.    Do your homework:

Since you have worked out your finances, you know what you can afford. According to your budget, search for houses online before jumping on the offline survey. 

2.    Must-have list:

Make a must-have list that you expect from a house. Share the list with the agent so that specific houses can be shortlisted.

3.    Location:

Since you and your children will be spending their life in the house, you cannot avoid the neighborhood. Look for the nearest school, medical facilities, shops, etc. Also, look at whether the house price is declining or rising in that area.

4.    Analyze precisely:

Sellers might accentuate the outer surfaces of the house to cover the defects. Therefore go through the house to evaluate every minute detail. If you are doubtful of any area, ask the seller to get it certified by the respective agency.

∙€€€€€€Make an offer

Once you are satisfied with your choice of home, make an offer and sign the contract agreement with the seller. Your real estate agent will help you in doing the needful.

Sometimes, due to intense negotiation, you might have to compromise on small details to continue to process. Consult your agent to decide whether those details can be compromised or not. Just remember you need to hold tight of the situation to make it successful.

∙€€€€€€Home Inspection and Appraisal

Once you are done with the contract, you are the official owner of the house, which gives you a responsibility of ensuring home safety. It is time to work out the contingencies mentioned in the contract. If something goes wrong, you may walk out of the contract without losing your deposit. 

As the very first precaution, get a home inspection done by a professional agency. In case the inspection reveals major issues regarding the house’s structure, ask the seller to get it fixed or reduce the worth. Consult your real estate agent if you should get any other specific inspections like radon test or termite inspection.

In case you are going for a home loan, the seller would require an appraisal. Appraisal evaluates the net worth of the property, which will, in turn, keep you from paying off more than the actual worth. If the appraisal turns out to be lower than your offer price, your real estate can negotiate with the seller to reduce the price.

∙€€€€€€Closing documents

Once you are through with the rigorous process, you are just a step away from your house warming session!

You would get a copy of the closing documents way before the closing day. You will be required to pay for closing costs, property tax, and home owner’s insurance (if any).

Feel free to ask any questions at the time of closing, as this might be one of the biggest purchases and sell for you and seller respectively. You have the right to know what you are endorsing.

That’s all for the procedure part of the house shopping. The process might not be a piece of cake, but surely the end result is worth all the hard work and pain.  Just careful planning with the help of the right real estate agent is all you need to reach your home-purchasing goal successfully.

Selling a house is always a big deal for the family. Partly because you have a lot of memories attached to it and partly because of the overwhelming procedure you have to go through. Especially for first time sellers, there are certain rules you should know before moving forward.

From the day you decide to sell your house to finalizing the deal, the process is going to be rigorous. Luckily, the good part is that the process can be made easier by smart practice. With an organized plan, you can work out the optimum final results. Here is a complete guide on how to sell a house.

Choosing the right agent: An apt real estate agent should seek your best interest. Not only should he find the best buyer but he should also update you about the selling process. The agent should acknowledge your home’s pros as well as cons. He/she should be tactful enough to find the buyers corresponding to your house’s selling points.

Prepare the house for sale: Start by making a list of all the potential areas or furniture which needs to be repaired or replaced. You can appoint homemakers or take your agent’s assistance for making the house presentable. You also need to decide which furniture you want to take along and leave behind. It is always suggested to do the necessary repairs than leaving them for the end time. The first impression is the last impression, so make it count. 

Put a price to your home: One of the crucial stages is to put a reasonable price tag to your house. Getting emotional while deciding the price often leads to the overpricing of the house. Therefore, it is necessary to consult the real estate agent regarding the price. Do not forget to add the cost of the repairs that you have put in while renovating the house for sale, the agent’s commissions, etc.

You can also search for properties of comparable plot sizes in your area that are registered online for sale. At the same time, it is necessary to consider the prevailing market traits before putting a final price tag.

Advertise your house: By this time, you havealready analyzed the selling points of your house. It’s time to flaunt them with the best possible advertising campaign to attract potential buyers. Search online and take guidance from the real estate agent to make your personalized marketing campaign. Hire a professional photographer to take quality pictures and make a virtual tour. Ask him to highlight the main features of the house. Search for the main keywords used by the public for finding a property. Try to incorporate those in your advertisement.

Show the house: It would be more convenient for you to provide a spare key to the agent. It will allow them to make a visit as per the buyer’s wish. If you opt for an appointment, try to be flexible enough with the timings. Also, regardless of the buyer’s decision, take it feedback from them regarding the price and condition of the house. You can adjust your bid accordingly.

Note: Due to the COVID-19 pandemic, it is not advised to pursue an offline home tour. The buyers can set up an inquiry to ask for a virtual tour.

Review the purchase offers: If your house is priced reasonably, you may come across a lot of purchase inquiries. Review all the inquiries, even if some of them are too low. Filter out the best buyers and negotiate with a counter offer. Always use facts and data to support your house’s price while negotiating. It will promote the potential buyer to consider your home.

Get a home appraisal: Always do your research before getting a home appraisal done. Make a list of all the renovations done to the house.

In the case you get a home appraisal below your expectations, ask your agent for the possible alternatives. The agent may give some insights about the benefits of your house to retain the contract.

Home Inspection: Get a home inspection checklist from your agent and verify if your home complies with all the requirements. You should know in advance what the inspector wants to see. If the contract mentions inspection of any area of the house, hire a reputed company to examine and do the needful. 

You are also obligated to get the repairs done as a part of post-inspection negotiations and obtain the additional inspection certifications asked by the buyer. This will also prepare the house for the buyer inspection which takes place a few days before closing.

Provide property disclosure documents: As a seller, you are required to reveal the defects or material discrepancies (if any) which may affect the house safety. These should be acknowledged in writing prior to the closing.

Document approval: Once you are through with all the formalities, you will be required to sign all the legal documents approving the sale of your house. 

Closing the transaction: These procedures are followed by the last step of closing the transaction. The due mortgage balance is paid along with the agent’s commission. Settle all the closing costs and make sure to obtain your profit from the deal.

The process of selling a house is certainly lengthy. You may have to wait for the right buyer for a long time. But once you will be done with all the procedures and formalities, it will all be worth it. Stay in there long and wait for the right deal to come at you.

For more help contact Top Realtor in Victoria BC - Shirin Purewal :

The outbreak of novel Coronavirus or the COVID-19 has drastically affected the global economy via its impact on every industry in one way or another. The real estate industry is not an exception to the situation. The Canadian real estate market got hit by the pandemic in one of its busiest month of the year.

Before the declaration of COVID-19 as a pandemic by WHO on March 11, the month of February showcased record-breaking sale in the Canadian real estate domain. With a 27% rise in sales, the spring buying season had started early this year. A similar case was observed in Toronto and Vancouver, where the transactions rose up to 45.6% and 44.9% respectively. This lead to a tight seller market condition. The national average home price surged up to 15%.

However, the current economic circumstances may create uncertainties in buyers regarding home purchases. The unsure income status and financial market downturn can pose a risk at the buyer’s ability to attain mortgage financing for their home.

Owing to the rising concerns of the public, the Bank of Canada declared two interest rate cuts in the month of March. Consequently, Canada’s 6 biggest banks lowered their prime rates which regulate variable mortgage rates. The banks also promised up to 6 months of payment deferral of mortgage payments and relief on credit products. According to Stephen Poloz, the bank’s Governor, the rate cut will aid in stabilizing the downturn rather than contributing to the froth.

Since the Ontario government considers real estate and brokerages as essential services, a different operating approach has been acquired amid the pandemic. The industry which thrives on one-on-one interaction and meetings between buyers, sellers and brokers are now shifting to digital solutions. Virtual home tours have come up to substitute traditional methods. Although the offices are closed, yet the real estate markets are as active as before. The brokers continue to assist customers throughZoom, FaceTime, emails, and phone call meetings.

According to Debbie Cosic, CEO and founder of In2ition Realty, certainly, the real estate industry is affected by COVID-19, yet the impact is not as adverse as one might think. He further added that while following social distancing, customers can go on a virtual tour for selling or buying houses and compare online. She concluded by saying that with the customers postponing house shopping, there might be a dip in sales. However, it is evident from the history that the situation is temporary in the long run.

Forbes also says that this time the real estate market won’t face the massive foreclosure and drop in home prices which happened after 2008. On the contrary, it is probable that till the end of the pandemic, the situation will be actually good for real estate investors.

As a conclusion, it is clear from the records and real estate data that the market fundamentals don’t fluctuate significantly in major urban centres. With the growing population and ingress of people in the big cities like Toronto, the real estate market is expected to compensate and resume on a greater pace once the COVID-19 pandemic comes to an end.

For more help contact Top Realtor in Victoria BC - Shirin Purewal :

Right now in the real estate world, we are witnessing what could be the “black swan” event that could quite possibly make an all-new paradigm come forward. In response to the far-reaching impact of the coronavirus, I believe real estate is going to go through a major rethink, as nobody could have predicted the crisis we are experiencing today.

Globalization has shown us what just-in-time manufacturing can do for a company, and now we will see what a pandemic can do to it. Consider the sidelined employees: Will they remain sidelined or employees? In our search for maximum profit, many of us thought the trend toward outsourcing vital manufacturing was a good idea to foster links to tie the knot of global trade tighter. Our supply lines are not of the just-in-time variety at the moment. A small problem with a parts supplier is not an isolated problem of the company that needs the parts, but also all associated with its use in the product made. No part means no sale, which in many cases means no paycheck.

A host of concerns crop up here. Just because there is a work stoppage, there is not a bill stoppage — or is there? Many municipalities are telling tenants and landlords that there is a freeze on both commercial and residential evictions. The same forbearance will be needed by the banks. If a property owner’s tenant may not be able to pay with cause, the effects will cascade. Conversations about density, co-living and mobility all have to be rethought. Liabilities associated with owning and operating real property just got more complicated. A very big question will be how much is anything worth.

With the instruction of social distancing comes numerous (and currently unanswerable) questions for various players in the real estate industry and adjacent arenas: building owners, co-living properties, micro-housing developers, retail owners and more. I believe we are going to see the value, usage and desire for real property go through a rework unseen in modern times.

This rework will entail getting our heads around our current issue. Later, property owners will need to review how space was utilized during the crisis and before. Were things workable from a technical standpoint outside the leased office dynamic or other business-related property? If so, we must learn how to adjust for unneeded space. I have already had clients call me regarding letters they received from tenants asking for reductions or abatements to their rent. These happen to be major tenants of the triple-net lease variety. The same questions will arise with furloughed employees. I operate a private money lending business and have had a capital source say they are no longer lending where there is a foreclosure moratorium. This is at the banks’ and lenders’ front doors.

I believe the government will have to give a tacit guarantee of a majority of the real estate-related debts and tenancies for a period of time that’s yet to be determined. In any event, the Fed and the government will have to do a lot of heavy lifting and reassuring to the public.

For real estate owners, the best thing to do right now is be very mindful of all proposals coming forth and understand your current position. Know what may affect the value of your property after things subside.

 Considerations must include:

• Liability amidst a pandemic: Here, you will need to consult your attorney or seek a referral to one versed in this area of law.

• How will any stimulus given to tenants be accorded to reflect abated or unpaid rent to the landlord? The same question applies to the mortgage holder and borrower. How to manage such a cash crunch is a question for all. Can tenant deposits be used to offset rent not paid? Speak with your legal team and gauge the mood of your tenants.

• How will business interruption insurance apply in this case? Will it? Call your insurance agent to find out.

• Will force majeure be used to terminate leases or other contracts? Review your active leases for exposure.

• Will the government impose orders that will impact your property? Since land is finite, you need to take keen note of any good deed that can affect your private property rights. Call your brokers and gauge their feelings. If a taking is on the table, how will value be established? Plug into your cities of interest and hear the discussions.

• If you have to reposition your property, what would be the highest and best use?

We are in flux right now. We will learn from this, but for now, I think we should keep a vigilant eye toward the real estate-owning future and the value therein.