Kate Bell Real Estate

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It's not just the home your purchasing, you're also buying into a new neighbourhood! Make sure you consider these things before making the move:⁠
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Schools & School Districts - What schools are in your area? Are there high traffic areas on your commute? Is your new home situated near a school zone/pick up & drop off area?

Crime Rates & Safety - Would you feel safe walking alone in your neighbourhood?⁠
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Public Transport - Is public transport walkable? Is your home on a bus route or near a noisy bus stop?⁠
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Local Parks & Amenities - Do you enjoy playing tennis, going on hikes, or taking the dog to the park? What about working out at your local Rec Centre? Having these amenities in the neighbourhood can be a huge bonus.⁠
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Demographic of the Neighbourhood - Are the neighbouring homes well-cared for? Are noise levels going to be a problem from or for your neighbours?⁠
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If you want to chat more about what to consider when buying a home, shoot me a message! ⁠
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What are common closing costs?⁠
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Closing costs are the expenses that buyers are required to pay when purchasing a home. These costs are typically due at the time of closing and can vary depending on the location of the property, the price of the home, and the type of real estate you’re acquiring. Some common closing costs include:⁠
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1. Appraisal Fee: A professional appraiser assess the value of the property (roughly $350-450 - sometimes this amount will be covered by your mortgage broker).
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2. Title Insurance: Verifying that the seller has clear title to the property and protects the buyer from any claims against the property (roughly $200-400 - usually bundled with your legal fees).
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3. Home Inspection Fee: Professional inspection to identify any issues with the property that may need to be addressed (roughly $400-600 - due during the conditional period).
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4. Loan Origination/Administration Fee: The cost of processing the loan application - this amount typically ranges from 0.5% to 1% of the loan amount and may be charged if you will be holding a mortgage on the property.
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5. Property Taxes and Insurance: These costs cover the prorated portion of property taxes and insurance that are due at closing.⁠
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6. Legal fees: The fee for your lawyer to carry out the legal transfer of the property (roughly $1000-2000 depending on the complexity of the case).

7. Property Transfer Tax: In BC, property transfer tax (PTT) is a tax that must be paid by anyone who purchases or acquires an interest in a property. The current PTT rates are 1% on the first $100K, 2% from $100K-2M, 3% on remainder. ⁠
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Questions? Feel free to send me a DM! ⁠
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