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BUYING YOUR FIRST HOME?

Many first-time home buyers feel overwhelmed because there’s so much at stake. But it doesn’t have to be that way.

FIRST HOME BUYERS, WE’RE HERE FOR YOU!

The Mayne Brothers have helped many new home buyers find and close on their first homes, and we know what you need to achieve the same.

GET YOUR FIRST FREE HOME BUYER WORKBOOK & CHECKLIST

By booking a quick call with us, we can learn more about what is important to you in your next home.

WHAT YOU NEED TO DO WHEN BUYING YOUR FIRST HOME

Thanks for choosing us to help you with your first home! Here’s what the process usually looks like:

WHAT OUR BUYERS SAY

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MEET THE AWARD WINNING TEAM

Each Kelowna Realtor® at The Mayne Brothers brings a well-defined and unique skill set to our brokerage. We work cohesively and confidently to create the most effective possible relationship with our clients.

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By booking a quick call with us, we can learn more about what is important to you in your next home.

E. & O.E. The information contained herein is assumed to be correct but is not guaranteed by the listing agent or publisher & should be verified. All measurements are approximate and should be confirmed if important.

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FAQS FOR BUYERS

No, but many buyers choose to use one because they can provide expertise, access to properties, and guidance through the buying process.

The Property Transfer Tax (PTT) in BC is a tax paid upon the transfer of real estate. This is the current as of March 5, 2024.

  • 1% of the fair market value up to and including $200,000
  • 2% of the fair market value greater than $200,000 and up to and including $2,000,000
  • 3% of the fair market value greater than $2,000,000

 

Further 2% on residential property over $3,000,000

If the property has residential property worth over $3,000,000, a further 2% tax will be applied to the residential property value greater than $3,000,000. 

Yes, non-residents might face additional property taxes, such as the Foreign Buyers Tax, and may also have different tax implications upon selling the property.

This is an additional property transfer tax applied to foreign entities or taxable trustees. The rate may vary, but it’s important to consult current regulations or an accountant for exact details.

Once you remove all subjects/conditions and the deal becomes firm, backing out usually has consequences, often the forfeiture of your deposit. Always consult with a legal professional about contractual obligations.

Closing costs usually range from 1.5% to 4% of the purchase price. This includes items like the Property Transfer Tax, legal fees, adjustments, and more.

While not mandatory, it’s strongly recommended to get an inspection for peace of mind and to uncover potential issues with the property.

Strata properties are like condominiums where you own your individual unit and share ownership of common areas. There are monthly strata fees and specific rules (bylaws) owners need to follow.

Typically, buyers get pre-approved first to understand their budget. After making an offer, they finalize the mortgage with their lender. This includes providing documents, finalizing terms, and setting up payments.

No, there isn’t a standardized cooling-off period for resale homes. However, there may be a rescission period for new homes directly from developers.

With regards to this – there is only a rescission period and that is 3 days from the date of acceptance and there is a financial penalty of 0.25% of the purchase price if the buyer backs out of the offer prior to the 3rd day.

From the website Also known as the “cooling-off period,” this measure will give homebuyers up to three business days to rescind an offer on a home after the offer has been accepted.

The seller may choose the most attractive offer based on price, conditions, and other factors. It’s possible to be in a “bidding war” where buyers may increase their offers to outbid others.

Contact Us

Whether you are buying, selling, or just looking for some insight on the market, contact The Mayne Brothers by completing the form below or call us at 250-860-0303

E. & O.E. The information contained herein is assumed to be correct but is not guaranteed by the listing agent or publisher & should be verified.
All measurements are approximate and should be confirmed if important.

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