Home Buying Process

Comox Valley Home Buying Process

Moving can be very exciting but it can also be very stressful as there are so many things to remember to do! Don’t despair; whether you are doing it on your own, asking friends for some help, or hiring professionals, here is a quick guide to help you get through the buying process.

Avoid 9 critical mistakes that could cost you thousands of dollars when buying your home!

Don’t “low-ball” your initial offer

Vendors tend to give less of a counter offer (closer to list price), if they feel insulted. Understand the current market value of the home and comparable SOLDS.

Get Pre-approved

A pre-approved mortgage can be done for 90 days for FREE. You can usually negotiate your mortgage rate between 1/2-1% off the posted rates with your lender.

Have your agent arrange a home inspection

A home inspection with a qualified engineer costs about $300.00 (approx). It could very well be your best money spent. You want to know exactly what you are bidding on.

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Avoid buying the most expensive home on the street

The most advantageous situation is to purchase the worst home in a good area, rather than the best house in the worst area. “Location, Location, Location” is true!

Prepare a down payment of at least 25%

When you have a down payment that is almost 25%, it is usually less expensive to arrange a first and second mortgage and save on CMHC insurance fees.

Arrange an accelerated Bi-weekly payment plan on your mortgage

On your mortgage, you will save the most money if you opt for an accelerated Bi-weekly payment plan, or if you double up one payment per year. This will shorten your amortization periods by over 6 years!

Thinking about making the move to the Comox Valley?

If you’re thinking about moving to our amazing area of the island, contact us today for more information and what to do next.

Take advantage of tax credits

Place up to $20,000.00 per person of your down payment in a short term RRSP to be held for at least 90 days, or until closing.

Try and stretch to the maximum you can afford

When you have a down payment that is almost 25%, it is usually less expensive to arrange a first and second mortgage and save on CMHC insurance fees.

Be sure to check into your lawyer’s fees ahead of time

These are separate from disbursements. Ask your agent, who will be able to refer you to reliable professionals.

Thinking about making the move to the Comox Valley?

If you’re thinking about moving to our amazing area of the island, contact us today for more information and what to do next.

Locally own and run real estate agency. Serving the Comox Valley and surrounding areas.

For all of your Comox Valley real estate needs, our 70+ expert agents are here to guide you along the way to buying or selling your home.

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Our Office

Royal LePage in the Comox Valley
121-750 Comox Road
Courtenay, BC V9N 3P6

Phone: 250-334-3124
Toll Free: 1-800-638-4226
Fax: 250-334-1901
Email: royallepagecv@shaw.ca

Property Management Division
Phone: 250-897-1300
Fax: 250-897-1330
Email: propmanadmin@shaw.ca

Comox Valley Home Buying Process