Go Back   North Shore Mountain Biking Forums > NBR - Not Biking Related

NBR - Not Biking Related Anything you feel like chatting about. PROFANITY, ABUSE, OR PORN WILL NOT BE TOLERATED!

Reply
 
Thread Tools Rate Thread Display Modes
Old 04-16-2012, 04:39 PM   #1
bkoz
Registered User
 
Join Date: Jan 2008
Location: Kamloops
Posts: 246
Rep Power: 1726583
bkoz has achieved FLOW. bkoz has achieved FLOW. bkoz has achieved FLOW. bkoz has achieved FLOW. bkoz has achieved FLOW. bkoz has achieved FLOW. bkoz has achieved FLOW. bkoz has achieved FLOW. bkoz has achieved FLOW. bkoz has achieved FLOW. bkoz has achieved FLOW.
First Time Home Buyer

Some of you may have noticed I started the "moving to Kamloops" thread.

I am looking at buying my first house there.

Does anybody have some first time buyers advice? What about some good resources to learn some more about the process?

Be forewarned that I in no way take responsibility for the housing market crash that will inevitability happen the day after I sign the papers.
bkoz is offline   Reply With Quote

Old 04-16-2012, 04:46 PM   #2
connor
Freetarded
 
connor's Avatar
 
Join Date: Mar 2003
Location: Po Mo, yo..
Posts: 9,850
Rep Power: 7200183
connor has achieved FLOW. connor has achieved FLOW. connor has achieved FLOW. connor has achieved FLOW. connor has achieved FLOW. connor has achieved FLOW. connor has achieved FLOW. connor has achieved FLOW. connor has achieved FLOW. connor has achieved FLOW. connor has achieved FLOW.
Ask DaveM about finding a Realtor with a good rep..
__________________
Quote:
Originally Posted by _dw
Is there a Vancouver in Taiwan?! I had no idea!!
Quote:
Originally Posted by Strongbad
Nothing sums up my life's achievements like my stuffed corpse, suplexing a cougar.
connor is offline   Reply With Quote
Old 04-16-2012, 04:51 PM   #3
Geologyboy
One Man Wolf Pack
 
Geologyboy's Avatar
 
Join Date: Mar 2006
Posts: 3,856
Rep Power: 251493
Geologyboy has achieved FLOW. Geologyboy has achieved FLOW. Geologyboy has achieved FLOW. Geologyboy has achieved FLOW. Geologyboy has achieved FLOW. Geologyboy has achieved FLOW. Geologyboy has achieved FLOW. Geologyboy has achieved FLOW. Geologyboy has achieved FLOW. Geologyboy has achieved FLOW. Geologyboy has achieved FLOW.
Purchasing a house has two speeds, very slow and then super fast. Just be prepared for how quick things will move once you find a place to make an offer on. If you have a friend who knows anything about building houses, have them do a casual inspection on top of your paid home inspection. They will probably notice very different things. Also good luck!
Geologyboy is offline   Reply With Quote
Old 04-16-2012, 04:56 PM   #4
Lady Gravity
meow?
 
Lady Gravity's Avatar
 
Join Date: Nov 2002
Location: Heaven on earth for biking
Posts: 18,305
Rep Power: 5328297
Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW. Lady Gravity has achieved FLOW.
one thing i learned - if you're buying a place that's been a rental, write something into the contract that it has to be in the same condition as when you inspected it to purchase. i had a 2 month delay between closing and moving in, and the condition had dramatically changed.
Lady Gravity is offline   Reply With Quote
Old 04-16-2012, 05:48 PM   #5
MikeO
Blue Run BEAST
 
MikeO's Avatar
 
Join Date: Aug 2009
Location: North Vancouver
Posts: 317
Rep Power: 1082436
MikeO has achieved FLOW. MikeO has achieved FLOW. MikeO has achieved FLOW. MikeO has achieved FLOW. MikeO has achieved FLOW. MikeO has achieved FLOW. MikeO has achieved FLOW. MikeO has achieved FLOW. MikeO has achieved FLOW. MikeO has achieved FLOW. MikeO has achieved FLOW.
Get your finances sorted out before you even start seriously looking. I'd likely suggest using a mortgage broker over your bank unless you have a great realtionship with your bank. Shop around and spend some time looking into it but most times mortgage brokers will get you the best interest rates.

Get a handle on what exactly your costs are when buying. Property transfer tax (you're exempt as a first time up buyer up to $425K), mortgage insurance costs if you don't have 20% of the purchase price to put down (5% minimum downpayment), inspection costs (shouldn't exceed $500 in Kelowna), surveys (if needed), etc. It's better not to have any surprises in the end. Buying a house is stressful enough.

As I first time buyer you won't pay property transfer tax up to a $425,000 purchase price. There's a partial exemption if the price falls between $425-$450K. It's not much but every little bit helps. If you weren't exempt you would have to pay 1% on the first $100K and 2% on the balance. You pay this on the buying side only.

Stay away from buying new if possible to avoid the HST. There are HST rebates available but you're still better off buy a home that doesn't invole HST.

Try and find a realtor through a referral. Even better, if you can get a couple different referrals, go for coffee with each of them and see who you relate to better and see who would be the best fit for your needs.

There's a lot to know about different tax credits and incentives as well.

Get educated and have fun! Good luck!!
MikeO is offline   Reply With Quote
Old 04-16-2012, 06:31 PM   #6
Tmack
Registered User
 
Join Date: Aug 2009
Posts: 1,707
Rep Power: 8649399
Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW.
Also if you have any RRSP's you can withdrawal them tax free and pay them back over 15 years. Kind of nice to have access to that money if needed.
Tmack is offline   Reply With Quote
Old 04-16-2012, 07:29 PM   #7
DarylMac
Born again Grom
 
Join Date: Oct 2008
Location: Burnaby
Posts: 1,073
Rep Power: 5989415
DarylMac has achieved FLOW. DarylMac has achieved FLOW. DarylMac has achieved FLOW. DarylMac has achieved FLOW. DarylMac has achieved FLOW. DarylMac has achieved FLOW. DarylMac has achieved FLOW. DarylMac has achieved FLOW. DarylMac has achieved FLOW. DarylMac has achieved FLOW. DarylMac has achieved FLOW.
If I was in your shoes and moving from Edmonton to Kamloops I would probably try and rent for the first 6 months to a year just so I'd have a better understanding of the neighbourhoods and get a better idea of where I want to live.

Buying your first house is cheap in comparison to any subsequent real estate purchases.
DarylMac is offline   Reply With Quote
Old 04-16-2012, 07:39 PM   #8
HIBuLlitT
Only 20 yrs till I retire
 
HIBuLlitT's Avatar
 
Join Date: Feb 2005
Posts: 8,920
Rep Power: 3211247
HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW. HIBuLlitT has achieved FLOW.
Quote:
Originally Posted by Geologyboy View Post
Purchasing a house has two speeds, very slow and then super fast. Just be prepared for how quick things will move once you find a place to make an offer on. If you have a friend who knows anything about building houses, have them do a casual inspection on top of your paid home inspection. They will probably notice very different things. Also good luck!
This can't be stressed enough. All the other crap is pretty easy and straight forward IMO...
interest rates, house prices, what you can afford and such.
But, you get a house that has an issue you may not know about it till you go to sell and
they new buyers are smart enough to hire their own inspector. DON'T ask you agent to get
an inspector for you. A good inspector is more important than a good RE agent. While I
haven't been screwed yet, there were some things I've found in my present house that I
would have been a bargaining chip when making an offer, or reducing the price on the offer
I originally made.

Your house will cost you at least $200,000 (probably closer to $400K), spending $200-
300 for a proper inspector is nothing. If he/she finds a major issue or even a minor
one that would make you not want the house, it's worth it.

Remember a inspector that is hired by a RE agent is working for the agent (for all intents
and purposes). Basically an inspector that finds a lot of issues will not be hired by
that agent again, and if he makes a habit out of it, no agent will hire them.

Remember your agent wants to sell you a house, they want to make a sale. They really
don't care about saving you money, just giving you the "perception" that they did.
Do your own research...mls.ca is a good place to start. Look at what people are asking
and what kind of houses they're asking. Make your offers accordingly. Read freakanomics
to give you a better idea of RE agents incentives and motives. They're not malicious
just greed driven.
The less you pay, the less they make.

The average person will spend more time researching ski's or a new phone than they do
a house purchase. It's seems so overwhelming most people put all their faith in their
RE agent and think he/she will do everything to help them. While most RE agents aren't
as greasy as car salesmen, their motives and incentives are.
__________________
.
.
.
.
"i surf because, i"m always a better person when i come in"-Andy Irons
.
.



.
HIBuLlitT is offline   Reply With Quote
Old 04-16-2012, 08:14 PM   #9
Poz
9-5 ruins lives
 
Poz's Avatar
 
Join Date: Jul 2004
Location: Kelowna
Posts: 4,525
Rep Power: 8602586
Poz has achieved FLOW. Poz has achieved FLOW. Poz has achieved FLOW. Poz has achieved FLOW. Poz has achieved FLOW. Poz has achieved FLOW. Poz has achieved FLOW. Poz has achieved FLOW. Poz has achieved FLOW. Poz has achieved FLOW. Poz has achieved FLOW.
A year ago I was in a very similar situation as you are now, except with kelowna.

I cannot stress enough how much I recommend renting first, you don't know the neighborhoods yet and renting is a cheap way to find out. We lucked out when we rented and ended up in a great neighborhood, we had no idea it was at first though. We bought 8 months later last November and actually ended up buying across the road from the apartment we were renting. We luckily had an open lease on our rental so we didn't have to break it and lose cash, regardless I would gladly give up a couple months rent just to get to know the area before investing heavily into it.

Buying a place is a big deal and I personally feel i wouldn't give it the attention needed if I factored in moving to a new community at exactly the same time. As already stated things move pretty slow at first but then BAM! One day you wake up and the ball is rolling down the hill pretty fast and then you have the keys to your new digs.
__________________
Quote:
Originally Posted by chupacabra View Post
I am all for capitalism, but it's like riding a tiger, strong and fast but if you don't have a firm grip on that fucker's ears he will bite your head off and then make sweet love to your neck hole.
Poz is offline   Reply With Quote
Old 04-16-2012, 10:09 PM   #10
Norman
Finance ninja
 
Norman's Avatar
 
Join Date: Sep 2001
Location: Vancouver
Posts: 9,197
Rep Power: 666
Norman has achieved FLOW. Norman has achieved FLOW. Norman has achieved FLOW. Norman has achieved FLOW. Norman has achieved FLOW. Norman has achieved FLOW. Norman has achieved FLOW. Norman has achieved FLOW. Norman has achieved FLOW. Norman has achieved FLOW. Norman has achieved FLOW.
Quote:
Originally Posted by Tmack View Post
Also if you have any RRSP's you can withdrawal them tax free and pay them back over 15 years. Kind of nice to have access to that money if needed.
With interest rates the way they are now, that's not a good idea.

Taking away from your retirement at say 7% so you pay less on a mortgage at 4% is silly.
__________________
My photos | Green Avocado


Life's tough, it's even tougher if you're stupid.

Guns kill people just like pens cause spelling mistakes, cars create drunk drivers and spoons create fat people.

PM me to learn how to use credit card bonuses to fly for free.
Norman is offline   Reply With Quote
Old 04-16-2012, 10:18 PM   #11
gooch
Team JRA
 
gooch's Avatar
 
Join Date: Nov 2002
Location: Whistler
Posts: 23,012
Rep Power: 595144
gooch has achieved FLOW. gooch has achieved FLOW. gooch has achieved FLOW. gooch has achieved FLOW. gooch has achieved FLOW. gooch has achieved FLOW. gooch has achieved FLOW. gooch has achieved FLOW. gooch has achieved FLOW. gooch has achieved FLOW. gooch has achieved FLOW.
Quote:
Originally Posted by Norman View Post
With interest rates the way they are now, that's not a good idea.

Taking away from your retirement at say 7% so you pay less on a mortgage at 4% is silly.
^ good advice, there are 10 years out there at 3.99% right now, killer deal
__________________
meh
gooch is offline   Reply With Quote
Old 04-16-2012, 10:26 PM   #12
heckler
Skookum
 
heckler's Avatar
 
Join Date: Oct 2003
Location: The Darkside
Posts: 16,310
Rep Power: 21474851
heckler has achieved FLOW. heckler has achieved FLOW. heckler has achieved FLOW. heckler has achieved FLOW. heckler has achieved FLOW. heckler has achieved FLOW. heckler has achieved FLOW. heckler has achieved FLOW. heckler has achieved FLOW. heckler has achieved FLOW. heckler has achieved FLOW.
Quote:
Originally Posted by Poz View Post

I cannot stress enough how much I recommend renting first
I totally agree, having moved across the country, not even knowing there were bike trails on the North Shore. Imagine how different life would be had I bought a place in ditchmond just to be close to the (now) temporary job I had. I'm so glad to have rented on the shore and realized the price was worth paying.
heckler is offline   Reply With Quote
Old 04-16-2012, 11:01 PM   #13
in_a_bath
The Scotsman
 
in_a_bath's Avatar
 
Join Date: Feb 2009
Location: Vancouver
Posts: 806
Rep Power: 3097830
in_a_bath has achieved FLOW. in_a_bath has achieved FLOW. in_a_bath has achieved FLOW. in_a_bath has achieved FLOW. in_a_bath has achieved FLOW. in_a_bath has achieved FLOW. in_a_bath has achieved FLOW. in_a_bath has achieved FLOW. in_a_bath has achieved FLOW. in_a_bath has achieved FLOW. in_a_bath has achieved FLOW.
Quote:
Originally Posted by Poz View Post
I cannot stress enough how much I recommend renting first, you don't know the neighborhoods yet and renting is a cheap way to find out.
This is gold. It is really easy to rationalize what makes a new place great and what won't make it suck as a place to live. Especially when you are moving somewhere new.

I rented in Burnaby when I first moved to Vancouver and ended up spending my entire life on the Skytrain trying to get places because, while it was cheaper than the city, it was not near anything I wanted to do.
in_a_bath is offline   Reply With Quote
Old 04-17-2012, 09:49 AM   #14
Tmack
Registered User
 
Join Date: Aug 2009
Posts: 1,707
Rep Power: 8649399
Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW. Tmack has achieved FLOW.
Quote:
Originally Posted by Norman View Post
With interest rates the way they are now, that's not a good idea.

Taking away from your retirement at say 7% so you pay less on a mortgage at 4% is silly.
I was more talking about having extra cash for the 'oh yeah by the way's' that come with buying property, (lawyer fees etc.)
Tmack is offline   Reply With Quote
Old 04-17-2012, 05:13 PM   #15
KenN
I'm with the pedalphiles
 
KenN's Avatar
 
Join Date: Nov 2002
Location: eNVy
Posts: 14,422
Rep Power: 21474851
KenN has achieved FLOW. KenN has achieved FLOW. KenN has achieved FLOW. KenN has achieved FLOW. KenN has achieved FLOW. KenN has achieved FLOW. KenN has achieved FLOW. KenN has achieved FLOW. KenN has achieved FLOW. KenN has achieved FLOW. KenN has achieved FLOW.
Quote:
Originally Posted by MikeO View Post
Stay away from buying new if possible to avoid the HST. There are HST rebates available but you're still better off buy a home that doesn't invole HST.
You are aware, aren't you, that the new rates for new housing HST rebate came into effect on April 1? This takes a lot of the sting out of the HST.

Also, when buying a newly built home, you can write the offer so that the offered price is inclusive of HST so that you control exactly what is paid. Whether the buyer or the builder then gets the HST rebate is a point of negotiation.


Kn.
__________________
When one person suffers from a delusion, it is called insanity.

When many people suffer from a delusion, it is called religion.
KenN is online now   Reply With Quote
Reply
Sponsored Links

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Home, a free movie of our planet from the sky Janus NBR - Not Biking Related 2 06-06-2009 01:42 AM
It's Time to Back Our Troops enduramil NBR - Not Biking Related 0 09-21-2006 10:31 PM
A letter home... switch NBR - Not Biking Related 28 12-22-2003 04:37 PM
Time meter. damian NBR - Not Biking Related 1 09-25-2003 07:17 AM
girls first time bikeaddict NBR - Not Biking Related 16 09-17-2003 01:25 AM


All times are GMT +1. The time now is 05:32 PM.