Property prices have increased 26% in the last year. With no sign of slowing down, it is a great time to invest in property.

Purchasing real estate, whether a small lot, condominium, single family home, or business, is a major step in everyone’s life. It’s not complicated, but be aware of the factors that you need to take into consideration.

Step 1 - Choose Your Realtor

As your guide, your realtor provides a depth of local knowledge and offers expertise on the market then smoothes out the purchase process. In British Columbia, realtors facilitate the purchase and sale of any property - not just those listed under their name or company!

Step 2 - Research, Research

Wander around town and have your real estate agent give you an exhaustive tour. Fernie contains distinct residential zones each with its own character. Each area offers unique characteristics and different access to entertainment and recreational activities. Your realtor will be able to keep you informed about market trends and growth in order to help you make informed decisions about your investment.

Step 3 - Your Mortgage

The majority of property purchasers need financing to make their dream happen. Today, there is a wide array of mortgage products available for homebuyers. Your realtor can provide you with several qualified lenders.

Step 4 - Select Your Property

Sit down with your realtor and realistically discuss your needs and desires. Do you want a house? Or does maintenance free condo living fit better into your lifestyle? Criteria should include location, price, property taxes and utility costs, and building type and projected use, residence or rental. Narrow your prospects. Visit each property with your realtor.

Step 5 - The Offer to Purchase

Your realtor will write an offer to purchase - Contract of Purchase and Sale. This sets forward the terms and conditions you offer regarding the purchase. Beyond the basic purchase price, the offer contains such important details such as the closing date, deposit requirements, specific property items to be included, and any contingencies to closing the sale.

Step 6 - The Home Inspection

In most cases, a Contract of Purchase and Sale includes a provision requiring a home inspection. Realtors view this as an essential step in protecting the purchaser. A qualified home inspector may pick up defects not easily seen by buyers. If there are problems with the home, the buyer and the seller then negotiate around the problem.

Step 7 - The Final Details

After you’ve reviewed and accepted your home inspection, the buyer and seller formally agree on the final purchase terms and the deal is turned over to legal counsel of the buyer’s choice to finalize the transaction details. At this point, the deposit, approximately 10% of the purchase price, is paid into trust of the realtor and the balance to close the deal is paid into a trust of the legal counsel.

Step 8 - Relax and Enjoy!

When your sale is complete, sit back and relax. Enjoy the view. Enjoy some of the outdoor activities that Fernie has to offer. Enjoy being welcomed by the people of YOUR town. Enjoy making this your home in Fernie.

Welcome to Fernie!