VICTORIA · OAK BAY · SIDNEY · PARKSVILLE · VANCOUVER ISLAND

BUYING WITH CHERYL

A home can win you over in thirty seconds. The decision deserves much longer.

There is the home you picture, and then there is the home that has to work on an ordinary Tuesday morning.

Before we start chasing listings, we get clear on both. What does the home need to do for you? Where are you prepared to compromise, and which compromises would become irritating surprisingly quickly? What does the budget need to leave room for besides the mortgage?

Then we search with purpose.

We look past the photography and fresh paint to the things you will actually be living with: the street, the light, the layout, the parking, the strata, the future maintenance, the awkward staircase, the beautiful garden someone will eventually have to weed. We ask better questions, look twice when we should, and dig deeper when something deserves it.

So when a home begins to look like "the one" you've been waiting for, you are making the decision with far more than first impressions.

A Buyer's Brief

THE BIG PICTURE BEFORE YOU BEGIN

Before the search becomes serious, it helps to understand the landscape. A Buyer’s Brief distills the key decisions, conversations and practical considerations that shape a purchase, from financing and representation to showings, offers, due diligence and possession.

A concise introduction to what lies ahead, so you can begin with context, ask better questions, and recognize the right opportunity when it appears.

THE WAY HOME

THE RIGHT INFORMATION MATTERS. SO DOES THE MOMENT YOU RECEIVE IT

The Way Home is a series of client guides created around the natural stages of a purchase, from the groundwork through the search, the offer and the final steps home.

You will not be handed an oversized manual on day one. Each guide arrives when it becomes useful, with the information, questions and practical tools that matter at that point in the process.

We begin with The Groundwork, while the plans, numbers and priorities are still taking shape. The Search Is On comes with us once we are out looking, comparing homes and narrowing the field. When a property becomes a real possibility, From Offer to Owner takes over, walking with you through the offer, subjects, due diligence and the stretch from accepted to yours.

And when the keys are getting close, The Move Ahead will be there for the decidedly less glamorous business of actually getting from one front door to the next.

I want you to have something solid to reach for between conversations, showings and decisions, not just a stack of information you were handed at the beginning.

Frequent Questions from Buyers

How much home can I actually afford?

Your mortgage approval gives us one number. Your comfortable budget may be another.

Before we search, I want you to have a realistic picture of the full cost of owning the home, including the mortgage, property taxes, insurance, strata fees where applicable, utilities, maintenance and the cash you will need for the purchase itself.

A home should work with the rest of your life, not consume it. We can use your financing as the starting point and build the search around a number that makes sense for you.

Should I get pre-approved before I start looking at homes?

Yes. Ideally, before we start searching.

A mortgage pre-approval gives us a realistic price range, helps uncover financing questions early and means you are better prepared if the right home appears quickly.

If you do not already have a mortgage broker or lender, I can help connect you with someone so you can get that piece in place before we begin.

It is important to know that a pre-approval is not a final mortgage approval. Your lender will still need to approve the particular property you decide to buy.

What costs should I expect besides the down payment?

There are several costs buyers need to plan for beyond the purchase price and down payment.

Depending on the property and your circumstances, these may include B.C. Property Transfer Tax, legal or notary fees, a home inspection, insurance, adjustments for items such as property taxes or strata fees, moving costs and immediate repairs or purchases after possession.

Some buyers may qualify for Property Transfer Tax exemptions or other programs, so I would rather work through the likely costs with you early than have them arrive as surprises near completion.

I found a home myself. Do I still need my own REALTOR®?

Yes, if you want someone representing your interests.

You may find the property on REALTOR.ca, at an open house, through a friend or simply while driving through a neighbourhood. Finding it yourself does not change who represents whom in the transaction.

The listing agent represents the seller. If you already have a REALTOR®, contact them right away. DO NOT discuss your budget, motivation, negotiating position or what you might be prepared to pay with the listing agent or their open house host.

If you find a home you are interested in, send me the listing. I can review the property, arrange a viewing, look at the available information and comparable sales, and help you decide what you want to do next.

How do I know how much to offer on a home?

There is no automatic percentage above or below the asking price that makes an offer “right.”

I look at recent comparable sales, current competition, the property’s condition, listing history, previous price changes and what appears to be happening around that particular sale. We also need to consider whether there is competition from other buyers and how much the home is worth to you.

Then we decide on a price and terms you can stand behind, including where your limit is before negotiations begin.

Should I make an offer with subjects?

Subjects can protect you while you complete important due diligence before becoming firmly committed to the purchase.

Depending on the property, an offer may include subjects relating to financing, inspection, insurance, title or the review of strata documents, among others. Which subjects are appropriate depends on what you are buying and the circumstances of the offer.

In a competitive situation, buyers sometimes feel pressure to remove protections to make an offer more attractive. That is a decision we should discuss carefully, because a stronger-looking offer is not necessarily a better decision if it exposes you to risk you do not fully understand.

What should I look at before buying a condo or strata property in B.C.?

The unit itself is only part of what you are buying. You are also buying into the strata corporation.

Before removing subjects, we may review documents such as minutes, financial statements, budgets, bylaws, the Form B, insurance information and the depreciation report, where applicable. We are looking for more than the current strata fee. Upcoming repairs, special levies, insurance issues, pet rules, parking, storage and other restrictions can materially affect both the cost and enjoyment of the property.

A beautiful condo can still be the wrong purchase if the strata behind it tells a different story.

Have a question that is not here?

Buying a home comes with plenty of them. Send me yours.

ASK CHERYL