Today's competitive market: It's a Buyers Market for sure
The Real Estate market in Victoria has seen dramatic changes over the last 4 years and it is even more important now to have a savvy Real Estate professional acting on your behalf. Let us help you find the right home.
24/7 access to the most up-to-date listings
Interested in seeing listings the moment they hit the MLS®? Just fill out the Home Finder and we will set you up with your own web page that you can access any time of day - or night. There's no commitment, and this site allows you to see the latest listings within minutes of being uploaded on the MLS®. And if you do choose us as your Real Estate professionals, we will keep you apprised of newly listed properties before they hit the MLS®.
We are familiar with current homes on the market, and we know neighborhood values well. Let us narrow your search by determining which properties are fairly priced and in good condition. This saves you valuable time as you begin your search - and prevents headaches in the long run.
The decision to buy
When purchasing a home, you're faced with myriad decisions starting with whether you're actually prepared for home ownership. Locating that perfect home is not always an easy task, and obtaining a mortgage can be a complex and tiring process. But once you've determined that you're ready to make the move toward purchasing your own home, the rewards are limitless. And we will be with you every step of the way.
The Foreman team make the home-buying process easier, more enjoyable, less time-consuming and less expensive than if you were to undertake this challenge on your own. We will help you locate and assess properties for sale that match your specifications. We will also help polish your image as as a preferred buyer - an important consideration from a seller's point of view. Of course, you'll need help to sort through the morass of details attending an actual purchase - and we will be there to guide you.
Your first steps: assessing your needs
Start by asking yourself why you want to buy a home. Is it to stop paying rent? To start building equity? To raise a family? To entertain business associates? To upsize to a larger home? Take a close look at what purpose your home will serve, and where you'd like to live. List the "must haves," then list the "want to haves." To make this easier, think of this process as zeroing in on a target - going from the general to the specific. Consider area (city/suburban neighbourhood/country); community (north/south/east/west side); neighbourhood (older and settled/brand spanking new); recreational and educational facilities and other community services such as transportation, day care, library, shopping and entertainment. Ask yourself what kind of commute you'd like.
Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and type of property. Do you want a newer home, or an older fixer-upper? Someday you or your heirs will want to sell; consider how long you expect to live in this particular home.
Your next step: loan pre-qualification
Once you've hammered out the general criteria of what you're looking for, your next step in the purchasing process is to get pre-qualified with a mortgage company. This can be done in person, over the phone, or even online in a matter of minutes. The Foreman's will be pleased to refer you to a dedicated mortgage professional with an excellent reputation and track record for successfully acquiring loan approval - and great rates - for potential buyers.
Finding "The One": The Foreman's track down your perfect home
Once you've been pre-qualified and know your price range, we will help you determine which properties fit your needs. Using the most up-to-date resources and communications systems available today, we will find those homes on the market that'll work for you.
Want a head start? Browse our listings on this website. Take a moment to add ForemanProperties.com listings to your bookmarks for easy - and frequent - reference.
From start to finish, Brandon and Janine help you every step of the way
Once you've found your dream home, we will help you through the stages of financing and inspection, and will close on your exciting transaction. Whether it's your first or fourth home, by making your home-buying experience as pleasant and cost-efficient as possible, The Foreman’s ensure a successful purchase. Your total satisfaction is our top priority.
Closing costs when buying a home
Despite today's attractive mortgage rates and wide selection of affordable homes from which to choose, you should keep in mind closing costs in addition to your down payment for that dream home.
These various charges can add up and for the most part they are all legally required payments in buying a property.
These payments include:
- Legal fees: since a lawyer or notary public is an essential part of your home-buying team, the work provided involves legal fees. Most legal fees include searching the title of a property, arranging a property survey if necessary, and handling other disbursements as required.
- Mortgage insurance and application fee: for any high-ratio mortgage, which is any mortgage in which 75 percent or more of the house's purchase price is covered by the mortgage, the lender requires mortgage insurance.
- Property insurance: this insurance covers the replacement value of your home and its contents. Most mortgage lenders will require proof that you have this insurance before processing a mortgage.
- Home inspection: a professional home inspector knows what to look for and can confirm or add to the information you have gleaned from the REALTOR® or your inspection.
- Property transfer tax: this provincial tax is payable at the rate of one percent on the first $200,000 of the fair market value and two percent on the balance. "Fair market value" is best described as the price that would be paid for a property on the open market. The actual purchase price is usually a good indicator of the fair market value. Some exemptions may apply, including for first-time home buyers.
- HST: When you buy a new home, the entire purchase price is taxable. You may, however, qualify for a partial provincial New Housing Rebate if you plan to live in the home yourself. Ask your REALTOR® for details. A "used" residential home is normally exempt from the HST. Remember that HST is also applied to the REALTOR®'S commission and most other transaction fees such as legal and appraisal costs.
- Extra charges: you may also be required to pay the costs of such things as heating oil in the tank, or other costs incurred by the seller, but included with the house, prior to the closing day.
- Hook-ups: there may be hook-up charges required for appliances and services such as telephone, TV cable, hydro and other utilities.
- Moving costs: don't forget the basic costs involved in moving from your old place into your new home, particularly if you use a professional moving company.
- You may also wish to check out the cost of buying mortgage life insurance. This insurance ensures that the mortgage balance is paid off if you or a co-borrower dies.