How to Buy Your First Home in Vancouver Presentation by Geraldine Santiago
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This document summarizes a first-time home buyer seminar presented by Geraldine Santiago. The seminar provides tips on how to save money when purchasing a first home, including doing research on the housing market, working with a buyer's agent, comparing similar properties, focusing on needs over wants, and negotiating strategically. It also discusses common buyer mistakes like purchasing based on emotion. The seminar aims to help first-time buyers understand the home buying process and make wise purchasing decisions.
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How to Buy Your First Home in Vancouver Presentation by Geraldine Santiago
- 2. Geraldine Santiago ■RE/MAX Crest Realty (Westside) ■Exclusive Buyer’s Agent Designation
- 3. Seminars ■ Free to the public ■ Offered at all community centres ■ Guest speakers ■ Professionals ■ Helpful tips ■ Free advice ■ Referrals ■ Information on trends, grants, payment options ■ Resources
- 4. Community Centres ■ Douglas Park Community Centre ■ Trout Lake Community Centre ■ Renfrew Park Community Complex ■ Roundhouse Community Centre ■ Dunbar Community Centre ■ Riley Park Community Centre ■ False Creek Community Centre ■ Killarney Community Centre ■ Mount Pleasant Community Centre
- 6. EXPERTS Ask a first-time home buyer expert
- 7. Mission Statement Help my clients get the best possible price for their home.
- 8. BUY SMART (NOT WITH YOUR HEART!—and save money!)
- 9. BUY SMART Show you examples Of how to SAVE $20,000
- 10. LESSON 1 DO YOUR HOMEWORK FIRST
- 11. TYPE OF MARKET? ■ BALANCED? ■ BUYER’S? ■ SELLER’S? www.cmhc-schl.gc.ca
- 12. SELLER’S MARKET 1. MORE BUYERS THAN SELLERS 2. LESS PROPERTY TO CHOOSE 3. LIMITED CHOICES 4. COMPETING OFFER* 5. BIDDING WAR*
- 13. HOW DO YOU GAIN AN ADVANTAGE?
- 15. GET READY GET AN AGENT EXCLUSIVE BUYER’S AGENT DESIGNATION
- 16. No two agents are alike
- 17. GET READY ■ KNOWS THE MARKET ■ MAKES APPOINTMENTS TO VIEW PROPERTIES ■ MLS 5 DAYS SOONER EXCLUSIVE BUYER’S AGENT DESIGNATION
- 18. YOUR AGENT ■ SEVICES ARE “FREE” ■ AVAIL OF THEIR SERVICES ■ AVAIL OF TECHNOLOGY ■ PROVIDE YOU WITH NEW LISTINGS EXCLUSIVE BUYER’S AGENT DESIGNATION
- 19. GET READY BUYER’S KIT INCLUDES-- •SAMPLE CONTRACT OF PURCHASE AND SALE •LIST OF DO’S AND DON’TS •CHECKLIST FOR BUYERS •BUYER’S RESOURCES •BUYER’S SERVICES •10 IMPORTANT QUESTIONS TO ASK ABOUT A PROPERTY “SCRIPT MY BUYERS”
- 20. REALTOR’S ROLE OFFER TO PURCHASE ASSIST WITH FINANCING ASSIST WITH SUBJECT REMOVALS LAWYER OR NOTARY SET UP A BUILDING INSPECTOR TO COME IN SECURE FINANCING 1 2 3 4 COMPLETION/P OSSESSION 5 6
- 21. MY MISSION SAVE MONEY KNOW COMPARABLES SHOW YOU HOW TO CHOOSE WISELY BUY SMART 1 2 3 4
- 22. But you have to learn from what I say tonight and practice it!
- 23. LESSON 2 What type of property increases faster?
- 24. If you had $350,000…. ■ Detached home ■ 3 bed/2 bath ■ OT (50 years) ■ Unfinished basement ■ Needs work ■ Repainted ■ Needs updates
- 25. If you had $350,000…. ■ Townhouse ■ 4 bedrooms/2 baths ■ Sundeck ■ 1993 ■ $100.00 maintenance
- 26. If you had $350,000…. ■ Apartment ■ Richards street ■ 2 bedroom/2 bath ■ Gas fireplace ■ Sauna, Recreation Centre ■ $239.00
- 27. Which would you choose? 1. Detached homes 2. Row/townhouse 3. Apartment unit
- 28. Detached Home ■ 2780 Napier Street ■ $262,000 SOLD ■ March 24, 2003 ■ OT ■ 3 bed/2 baths ■ 1500 square feet
- 29. Townhouse ■ Fraser area ■ January 2004 ■ $319,000
- 30. Apartment Unit ■ Richards Street ■ 2 bed/2 baths ■ 880 square feet ■ $182.00 maintenance ■ List : $289,700 ■ Sold: $290,000 ■ February, 2003
- 31. What is a “better buy”? 1. Detached homes
- 32. Lesson 3 New vs. old condo
- 33. Resale vs. New condo ■ 10 year old building ■ Maintenance charges are higher ■ Absence of warranties ■ Less expensive
- 34. Resale vs. New condo ■ New ■ 2-5-10 warranty ■ Cost of everything new ■ GST
- 35. Older condo ■ Healthy contingency (reserve)fund ■ Pro-active strata council ■ Owner occupied ■ Restricted rentals ■ Maintained building ■ Roof, plumbing
- 36. What is the better buy? Presence of warranties but only a few years old.
- 37. Lesson 4 Have realistic goals.
- 38. Desires and Needs Ask yourself what your top 3 needs are
- 39. First time home buyers Choose one goal you want to achieve
- 40. Desires=$$$$$$ ■ Balcony, patio or deck
- 45. NEED ■ PRICE OR ■ LOCATION OR ■ NO. OF BEDROOMS
- 46. FIRST TIME HOME BUYER ASK YOURSELF WHAT IS THE ONE THING YOU WANT TO ACHIEVE WHEN PURCHASING.
- 47. First time home buyers ■ Baby steps ■ First home vs. second home ■ Build equity ■ Fix-it-up
- 48. First-time home buyers ■ Realistic about goals and expectations ■ Practical ■ Restricted to price points
- 49. LESSON 5 SHOP LIKE “INVESTORS”
- 50. BUY SMART! SAVE MONEY! SHOP BY COMPARISON
- 51. SHOP BY COMPARISON COMPARE APPLES WITH OTHER APPLES AND SAVE MONEY!
- 52. SHOP BY COMPARISON Which would you choose? $1.00 $1.50
- 53. 989 Beatty 16th floor 455 square feet $129.00 maintenance fees Parking stall Northwest facing Studio Murphy Bed $205,900 SHOP BY COMPARISON
- 54. 989 Beatty 18TH FLOOR IS CHEAPER MORE SQUARE FOOTAGE LESS MAINTENANCE CHARGE HIGHER FLOOR DIFFERENT SIDE OF THE BUILDING $19,000 DIFFERENCE BUY SMART! COMPARISON
- 55. 989 Beatty BUY THE LEAST EXPENSIVE PROPERTY IN THE BUILDING $19,000 DIFFERENCE BUY SMART! COMPARISON
- 56. 989 Beatty LESSON 4 “SHOP LIKE INVESTOR” SAVE MONEY,MAKE MONEY BUY SMART! COMPARISON
- 57. BUY THE LEAST EXPENSIVE PROPERTY ON THE BLOCK WITH THE SAME GENERAL COMPARISONS BUY SMART! COMPARISON
- 58. EAST 44TH 5 BEDROOMS KILLARNEY 2 BATHROOMS UNAUTHORIZED SUITE 1810 SQUARE FEET $385,000 BUY SMART! COMPARISON
- 59. EAST 44TH 5 BEDROOMS KILLARNEY 2 BATHROOMS LEGAL SUITE 2474 SQUARE FEET $374,000 BUY SMART! COMPARISON
- 60. EAST 44TH “BETTER BUY” LEGAL SUITE * 2474 SQUARE FEET DIFFERENCE $16,000 *POSITIVE VALUE (+$3,000) BUY SMART! COMPARISON = $19,000
- 61. SHOP BY COMPARISON LOGIC SAYS $1.00 $1.00 $1.50 HEART SAYS $1.50 CORNER GROCERY SAFEWAY
- 62. BUT, MANY BUYERS OVERLOOK DOLLARS AND SENSE! BUY SMART! COMPARISON “SENSE AND SENSIBILITY”
- 63. LESSON 6 SENSE AND SENSIBILITY
- 64. Statistics on purchasing 95% of Buyers purchase on emotion— (Buy smart, not with your heart!)
- 65. BUYERS HAVE A LOT OF EMOTION! MOST BUYERS WILL PURCHASE THE HIGHER PRICED PROEPRTY IN A COMPARISON.
- 66. STAGING COMPANIES ■PROPERTIES THAT LOOK ROUGH COMMAND 10-15% LOWER ■AND SELL 30% SLOWER THAN STAGED PROPERTY
- 71. BUY SMART! SENSE AND SENSIBILITY DO NOT BUY “LOVE AT FIRST SIGHT”!
- 72. LESSON 7 LEARN THE PSYCHOLOGY OF NEGOTIATING!
- 73. WHAT DRIVES THE PRICE UP? BUYERS!
- 74. WHAT DRIVES THE PRICE UP? NEGOTIATIONS START AT THE VERY FIRST VIEWING!
- 75. PSYCHOLOGY 101 ■ DON’T LOOK INTERESTED ■ DON’T BE EAGER ■ TELLTALE SIGNS ARE SMILING ■ TAKING PHOTOGRAPHS ■ ASKING TO SEE THE PROPERTY AGAIN
- 76. DON’T ■ ASK TO SEE A PROPERTY WITH FRIEND/FAMILY MEMBER ■ DON’T RUB YOUR CHIN ■ DON’T NOD YOUR HEAD ■ DON’T SAY POSITIVE THINGS ■ DON’T SAY, “THIS WILL BE ALMA’S ROOM”. ■ DON’T SAY, “MY ARMOIRE WILL FIT HERE.”
- 77. DON’T FREELY GIVE AWAY YOUR BARGAINING POSITION
- 78. LESSON 8 LEARN RETURN ON INVESTMENTS (ROI) IN REAL ESTATE
- 79. BUY SMART 1.Kitchen upgrades 44% 2.Gas fireplace 11% 3.Bathroom tubs 56%
- 80. BUY SMART 1.Carpet -38% 2.Wall removal –22% 3.Hot tub –40% 4.Repaint -29%
- 81. LESSON 9 Whenever possible, use rebates, refunds and rewards!
- 82. ■ 1% /100,000 2% balance ■ $275K or less ■ 70% + mortgage loan ■ Mortgage term must be one year + ■ First home, anywhere in the world Property Purchase Tax Exemption
- 83. GST Rebates on new homes ■ Under $350k, 4.48 ■ Gradual rates $450K 7% ■ Excise Act of Canada Canada Customs and Revenue Agency www.ccra-adrc.gc.ca
- 84. Home Owner’s Grants Home Owner Grant ■ Provincial program in British Columbia ■ $470.00 a year tax relief ■ Principal residence
- 85. Home Owner’s Grants Surrey-Home Ownership Assistance Program ● $15,000 for first time home buyers ● $51,500K or less annual income ● www.gvrd.bc.ca/services/housing
- 86. CASH BACK PROGRAM (604) 76-HOUSE
- 87. Lesson 10 Location, location, location
- 88. If you don’t buy the “area” Don’t buy the home!
- 89. First-time home buyers ■ Downtown ■ Yaletown ■ Gastown ■ Kitsilano
- 90. LESSON 11 In any type of market condition, PLACE AN OFFER!
- 91. PLACE AN OFFER ■ GOOD PROPERTIES ■ GOOD LOCATION ■ GOOD PRICES DON’T LAST!
- 92. Lesson 12 Learn the difference between a seller’s agent and a buyer’s agent.
- 93. Two types of agents ■ Seller’s agent (represents the seller) ■ Buyer’s agent (represents the buyer)
- 94. CAN REPRESENT BOTH THE SELLER AND THE BUYER
- 95. DUAL AGENCY ■ HOW CAN ONE AGENT REPRESENT ONE? ■ HOW CAN ONE AGENT HAVE BOTH PARTIES’ INTERESTS AT THE SAME TIME?
- 96. Lesson 14 Protecting your own interests.
- 97. Contract of purchase and sale Instrument that allows both parties to communicate in writing.
- 98. Contract of purchase and sale ■ Subject conditions ■ Dates: completion and possession ■ Acceptance time ■ Any issues you want addressed: (garbage, fixtures or chattels, inclusions and exclusions, etc.)
- 100. Choose qualified professionals. 1. Go through an interview process 2. Research 3. Look at their web sites, testimonials, referrals. 4. No two professionals are alike.
- 101. BUY SMART! GERALDINE SANTIAGO www.geraldinesantiago.com Help my clients get the best possible price for their home.