Mandana Tehrani - You've Found a Home

First, have a good understanding of where you stand financially today.
That means finding out whether there’s enough money for a down payment — a minimum of five per cent of the home’s purchase price. It’s also important to look at what other debts you owe and how stable your employment is.
And the down payment is just one cost to consider. Potential home buyers should set aside another 1.5 to three per cent of the purchase price to take care of closing costs.

Once the papers have been signed and the property is yours, it’s not just the mortgage payments that you have to worry about after that.

Can you afford property taxes, condo fees, heat, electricity and repairs?

When you own a home, you can’t call the landlord. Guess what? You’re the landlord.

You have to create a cushion in your monthly budget to provide for these additional costs.

At the end of the day, if you continue renting, you’re building someone else’s future.

Sometimes it does make sense to rent if you’re moving around frequently for work or if the money simply isn’t there.

I would say, yes definitely it would make sense to rent, but always with the plan to build toward home ownership.

Long term renting to me does not make any sense if you can build towards owning something. So build up your down payment and buy a property that suits you best. When you are ready or if you have any questions, call me at 604-551-4129.

Minimum Standards of  Coverage Required: 2-5-10

Home warranty insurance on new homes includes

•  a minimum of 2 years on labour and materials (some limits apply),

• 5 years on the building envelope, including water penetration, and

• 10 years on structure.

The 2-year labour and materials coverage is broken
down as follows:

Any defect in materials and labour:
• 12 months on detached homes and on non common
property in strata units (includes feesimple homes)
• 15 months on common property of strata
buildings
Defects in materials and labour related to the
delivery and distribution systems (electrical,
plumbing, heating ventilation, air conditioning, etc.):
• 24 months for all buildings.

You are about to negotiate a contract for the purchase or sale of real estate in British Columbia. The effect of conditions on the contract allowed either party having the condition to perform more careful examination of the property and to have others answer questions if necessary, prior to completion. Once conditions are removed, the contract is firm and the parties must complete. All contracts for the purchase and sale of real estate must be in writing otherwise they are merely discussions and are not enforceable. 

ONCE YOU SIGN THE CONTRACT, YOU CANNOT CHANGE YOUR MIND & DECIDE NOT TO GO AHEAD.

Ask your realtors about subjects and conditions you would like to include in the contract.

MANY BUYERS BELIEVE THAT BY WRITING A CONTRACT WITHOUT CONDITIONS, THEY HAVE A BETTER CHANCE OF GETTING THEIR OFFER ACCEPTED. HOWEVER, BUYERS MUST BE AWARE THAT THERE IS RISK IN THIS STRATEGY AND BUYERS AND SELLERS ARE ALWAYS CAUTIONED TO ENSURE THAT THE CONTRACT THEY SIGN TRULY REPRESENTS THEIR INTENTION.

Buying a home is one of the biggest emotional and financial decisions you'll ever make. In order to make the process of home buying smooth, take followings into consideration.

First, ask yourself; How stable am I financially? Do I have necessary financial management skills? Am I ready to take the responsibility of all the costs of owning a home such as mortgage payments and maintenance or strata fees?

Second, try to buy a home that meets most of your needs for the next 5 to 10 years. Here are some factors to consider:

a) Size; think about how many bedrooms/bathrooms you need and whether you need space for a home office.

b) Location; this is a critical factor. A home with everything you need but in the wrong location, is probably not the right home for you. Ask yourself; How easy will it be to get to where I work? How much will the commuting cost? Where will my children go to school? How will they get there? Do I need a safe walking area or recreational facility, such as a park, nearby? How close would I like to be to family and friends?

c) Lifestyles and stages; disregard of what type of home you choose, try to have a clear idea of your needs today as well as your possible future needs. Here are some questions you might ask: Do I need a home office? Do I plan to have children? Do I have teenagers who will be moving away soon? Am I close to retirement? Will I need a home that can accommodate different stages of life? Do I have an older relative who might come to live with me?

When you're ready to find a new home in Vancouver, get in touch. It will be my pleasure to help you find the one that's "just right" for you. Just give me a call at 604-551-4129 or drop me an email at mtehrani@sutton.com.

The purchase or sale of a home here in Vancouver is a major financial transaction. And yet, sometimes trivial considerations take prominence.

I've seen people walk away from homes they wanted over such things as a refrigerator, a porch swing, or a lawn mower. Once it was a bathroom medicine cabinet. The seller's Grandfather had made it for her so she wanted to take it with her – and the buyers refused to buy the house without it.

The fact is, these little disputes can become emotional struggles, with neither side willing to give in.    

To avoid such situations, sellers should clearly list what does or does not sell with the house. If there's something that has sentimental value – such as that medicine cabinet or Grandma's antique chandelier – they should remove it and replace it before the first buyer comes in.

Sellers should also realize that buyers may actually need them to leave essentials, such as the kitchen appliances. If funds are tight for the down payment and closing costs, they might not be able to replace them after closing. If you're a seller, consider that possibility before saying no.

Buyers, on the other hand, need to be mindful of what is or isn't included in the sale. If they want a lawn mower or a piece of furniture that's clearly not included, they can ask, but should stay focused on the fact that it's the house they want.   

It's sad to see a buyer walk away from a home that they would love and enjoy just because the seller isn't willing to include something that wasn't for sale in the first place - and they let their emotions get the best of them.

So if you want to buy or sell a home here in Vancouver, stay focused on your goals. Don't let trivial matters get in the way.

Once we've listed your home you need to begin preparing for moving day.

Now is the time to pull things out of closets, cupboards and other storage spaces, deciding which things will go with you to your new home and which will not.

You may have friends and family who want some of those items, and of course they should have first chance to take them home. What to do with the rest depends upon your personality and the time you have available.

Many homeowners opt for a yard sale – or, if the home is already in escrow, a moving sale.

This does take some organization and some time – after all, each item does need to be priced! You can either take the time to do it yourself, or ask us for a recommendation. We know service providers who will take charge of your sale for a percentage of the receipts.

If you simply don't want to deal with it, choose a charity and donate those items. This is an easy route to take, since you can drop off a box or two at a time. And – should you decide that some furniture isn't going with you, many charities have trucks and will pick up those large / heavy items.

Disposing of those no-longer-needed items will simplify moving day and make life easier as you move into your next home – so get started as soon as your home goes on the market.

Once you've listed your with me ... get ready to move.

Several things should happen before you look at any homes for sale.

First, you should meet with a lender and become pre-approved. Then you'll know how much you can spend based on your qualifications.

Next, you should sit down with your own budget and decide if you WANT to spend that much. Remember, the lender doesn't know about your hobbies and lifestyle preferences. You want to own your new home. You don't want to become a slave to it.

And then… you think about where you work and where you like to play. If you have medical issues, think about where your doctor and hospital are located. Based on those facts, decide where in Vancouver you want to live.

Driving too far to get to any of the places you go regularly is a huge drain on both your time and your finances. So choose the location, and refuse to even look at homes that are more than a few miles from that location.

Are you ready? Call me!

I'll be pleased to help you find a home that fits your budget – and your preferred location.