Archive for August, 2013

Should I Have a Home Inspection

Sunday, August 25th, 2013

A home buyer should always have a home inspection when purchasing a home. A home inspection is an examination of a property to evaluate the overall condition of a home as well as the major systems and components. In other words, every inch of the home—inside, outside, under and over—from the crawl space to the chimney and roof.

What is Inspected

A typical home inspection includes a walk around the exterior of the home to see if there are any glaring problems, such as loose siding, dry-rotted window frames and cracks in the foundation. The inspector will also verify the roof is in good condition.

he home inspection will also include a check of all appliances to be sure they are working properly. Dishwashers, toilets, sink faucets, tubs and showers will be checked for water pressure, leaks, evidence of past water damage.  The furnace and hot water heater will be checked to ensure they are working properly and the inspector will probably ask the age of all appliances and systems.

Other interior systems the home inspector will check include electrical, HVAC, plumbing, insulation, floors, ceilings and walls, windows and doors. If the home has a fireplace, the inspector will verify it is clean, look for cracks or loose bricks in the chimney, ensure flashing is securely attached around the chimney and that a chimney guard is attached to prevent birds and small animals from getting inside. (Only Wood Energy Technology Training certified inspectors are qualified to inspect wood-burning appliances).

The home inspector will provide you with a detailed inspection report, including recommendations for repairs or improvements. When you receive the report (usually within 2-3 days) you can decide if you will ask the home seller to pay for any work you want done as part of your offer to purchase.

If you have any questions about buying a home talk to us, and we’ll walk you through the decision making process.   Call Justin at  604-736-1855.


Additional Expenses Home Buyers Should Budget For

Thursday, August 8th, 2013

Goods and Services Tax (GST)

If you buy a brand new home (new construction) it is usually subject to Federal Goods and Services Tax (GST). The current tax rate is 5% but a partial rebate may be available under certain circumstances. Our job as your mortgage broker is to help you figure out what programs you are eligible for.

Appraisal Fee

A professional appraisal will do a physical inspection of the property, carefully noting information about the number of rooms and the general condition and appearance of the home. Then the home will be compared to comparable properties and a value will be assigned. The cost for an appraisal is generally around $200.

Home Inspection

You should always have the property undergo a full inspection. The inspector knows what problems to look for and will issue a full inspection report. This will give you the option of declining to purchase, asking for repairs,  re-negotiating the price, or carrying through with your original offer to purchase.

Moving and Redecorating Expenses

An expense that isn’t often considered a “closing cost” is that of paying for a mover to transport your furniture and household items to your new residence. Also keep in mind you’ll want/need to buy home décor items and possibly furniture, fencing, and other items for your new home.

Electricity and Telephone Transfers

Home buyers should expect to pay about $75 each to have power and telephone services transferred from a former to a new residence.


If you are purchasing outside the city, on an acreage or private development you may also have to consider:

Tests for Water Quality

A water quality test will be required if you are purchasing a property that uses well water. The cost for this type of test ranges from about $100 for a “do-it-yourself” test to several hundred to pay a professional to conduct this test as well as a test to determine the flow rate of the well.

Septic Field Test

If the property you plan to buy has a septic field, it’s a good idea to have it tested for leaks or other problems. The cost for this test is about $300. If a septic warranty is included in your purchase agreement, you can avoid paying this fee.

Fuel Adjustment Expense

If the home you plan to purchase uses heating oil or has a propane burning fireplace, you will be required to pay the owner for a full tank of fuel at closing.

Our job is to get you the best available mortgage and to advise you on many of the cost saving programs you may be eligible for.


If you have any questions about buying a home talk to us, and we’ll walk you through the decision making process.   Call Justin at  604-736-1855.