70 - Friday, May 11, 1990 - North Shore News Tips on getting best real estate deal WITH INTEREST rates on the rise and the GST about to take a big bite out of new home sales, a solid base of knowledge will help first time home buyers get the best value for their money. Buying your first house should and can be a positive experience, says Don McDougall, broker/owner of RE/MAX. Performance Realty in Vancouver. ‘‘An educated approach is your best defence against hidden costs and an unpredictable market,’’ says McDougall. In the absence of federal government programs designed to assist first-time home buyers, it is becoming more and more difficult for families to enter the housing market for the first time. By the time they are able to produce a downpayment, the hurdles that they face and the financial surprises that they encounter, are often enough to turn first time buyers away. But it doesn’t have to be so, says McDougall. ‘‘By following a pre-established list of dos and don'ts, a first time buyer can get through the home buying process happily and successfully; it does not have to be the har- rowing experience of which we hear so often.”’ McDougall says that lack of preparation is the single largest problem faced by most first time buyers: ‘‘Not knowing what comes first ... beginning the home buying process without knowing ex- actly what you want and can afford ... these are the types of things that can create seemingly insurmountable problems.”’ McDougall suggests a simple, straightforward list of dos and don’ts that will give every first time buyer a leg up on the market and that will ensure a start in the right direction. © Shop for financing Before you fall in love with a house you can’t af- ford, seek the advice of a real estate professional. They are trained to work with you to determine the size of loan for which you qualify. Because realtors have extensive experience in finding people homes, they also have developed an ex- pertise in the area of mor- tgage financing. Your realtor is well equipped to direct you to the lending institution that can best serve your needs. Once you have found the home you want, you must then make a formal foan application to the lending institution. Generally speak- ing, you will be allowed to spend up to 30 per cent of your gross household income on mortgage, property taxes and utilities. Your realtor can help you familiarize yourself with the B.C. Home Mortgage Assistance Program, design- REAL ESTATE ed to help British Colum- bians who don’t have a downpayment big enough to meet usual mortgage re- quirements. The province guarantees up to $12,000 on the applicant’s first mor- tgage. This allows an indi- vidual to borrow as much as *Estabiish your geographical comfort zone Know the areas in which you are interested. Drive around several neighborhoods or suburban towns that you think might interest you. Check out all “You may find the perfect home in the perfect area, but if you Shudder every time you approach the house, chances are that you won’t be any happier two months after you move in.’”’ a 95 per cent of the purchase price of the home and still qualify for mortgage _in- surance. © Know your housing re- quirements Establish your minimum requirements. Perhaps you really want three bedrooms, but would settle for two if other priorities were met. For a family with young children, a main floor family room might be a priority, but would you be willing to forgo that feature if it meant an over-sized, fenced backyard? Know the dif- ference between features that you hope to find and features that you must have. #710-333 BROOKSBANK AVE. : PARK & TILFORD CENTRE 988-2022 ERY facilities; restaurants, shopp- ing malls, movie theatres, sports centres, schools, playgrounds, churches. Consider talking to the local police about the crime statistics in the area. Talk to the local residents about the area; what problems have they encountered? What do they like best about the area? Investigate taxes and zon- ing for the areas in which you are interested. A realtor can fill you in on these points, and direct you to the right source for any addi- tional information you may want. . e Be prepared to spend time Don't try to rush the pro- cess. By the same token, don’t waste your valuable time. Your realtor will carefully consider your requirements and your requests and, based on that information, show you a selection of homes that meet your unique needs. Your reaitor will make sure you undersiand the market conditions in the area in which you are looking. By looking at a suitable selection of homes, you will be able to make an inform- ed, educated choice. eKnow your esthetic priorities As superficial as it may sound, you may find the perfect home in the perfect area, but if you shudder every time you approach the house, chances are that you won’t be any happier two months after you move in. Don’t be afraid to tell your sales representative that you love cedar-sided, split-level homes or that you cannot stand brick. You'll save both your sales rep and yourself time and effort. By the same token, be flexible on points that can be easily corrected. If you find the perfect house except for a fence that you cannot live with, investigate the cost of having the fence removed before dismissing the transaction out of hand. Recognize the difference Service Guaranteed CECELIA GRIFFIN between things that you canrst change, except at great expense, and changes you can make with minimal expense and maximum satisfaction. A different col- or of paint may be all that stands between you and your dream home. ® Determine the cost of upkeep One of the many benefits of buying a previously own- ed home is that you know most of the bugs have been worked out, provided the house has been well main- tained. There is no such thing, however, as a maintenance free home. Your realtor should do everything possible to ensure that the homes which you are shown are in the best possible condition and will point out areas that may need special attention after you move in. In addition, some buyers like to have a professional engineering firm conduct an inspection. For a nominal fee, usually in the neighborhood of .1 per cent of the agreed upon purchase price, the engineering firm’s representative will give you a reasonable idea of what ma- jor repairs you can expect over the short, medium and long terms. The inspection should cover all major systems See Determine Page 7 DANIELLA! WILLIAMSON|.. POPULAR YORKWOOD HILLS * 3 levels/3 bedrooms/fenced private patio * Updated kitchen & bath/nicely decorated e Compiex offers pool, sauna & playground Close to school & bus. yet quiet & on a very private setting. CECELIA GRIFFIN 988-2022 (24 hr. pager) LOCATION © 4 bedrooms/2 2 bathrooms « Sunken family room off kitchen © Private yard with lane access & parking Within walking distance to shopping, recreation, bus route & all the benefits of city living. CECELIA GRIFFIN 988-2022 (24 hr. pager} DELBROOK DAZZLER EXCELLENT $188,000 MORTGAGE @ 11.75% * Situated on almost “% acre * incredible FOREVER VIEW! © POTENTIAL “IN-LAW” SUITE 4131 DELBROOK AVE. $335,000 CALL KAREN 988-2022 (24 hr. pager) BLUERIDGE!! This immaculate split level family home features 4 bedrooms, 3 baths, a private landscaped yard and much more! See you Sunday. 1038 BERKLEY ROAD DANIELLA WILLIAMSON 988-2022 DEEP COVE TUDOR ASSUME $149,000 MORTGAGE @ 12.25% ENJOY THE CHARM OF DEEP COVE Breathtaking views of Indian Arm * 3 levels/2 bedrooms « Vaulted ceiling & skylight ¢ Insuite laundry & lots of storage © Beatifully decorated/woodburning fireplace #17-2151 BANBURY ROAD CECELIA GRIFFIN 988-2022 (24 hr. pager) DEEP COVE CONTEMPORARY West Coast lifestyles « 4 bedraoms/2% bathrooms * Oak kitchen with eating are © 2 cat garage/security system Close to schools, parks & beach! CECELIA GRIFFIN 988-2022 (24 hr. pager) LET'S MAKE A DiZAL!! Vendor says sell. 3000+ sqft. in beautiful Grousewoods. Excellent assumable mortgage & toom for nanny! 5564 SWORDFERN PLACE $319,000 CALL KAREN 988-2022 (24 hr. pager) * 3 large bedrooms/2 bathrooms ® Family room off kitchen * Large 70x120 landscaped yard © Water & mountain views from patio 712 HUNTINGDON CRESCENT . | CECELIA GRIFFIN 988-2022 (24 hr. pager)