Whether it’s your first home, a retirement or part-time residence, or a piece of property on which to build your dream home, buying real estate in a new and unfamiliar place is filled with challenges . . . local building regulations, island water and septic requirements, sloping coastal properties and many others.

Where do you start? Who can answer these questions? How do you select the right property and then negotiate the right price? The questions surrounding buying island real estate can seem endless.

The following steps will help you through the buying process:

Hire a local Real Estate Professional.

The first step is to find the right local realtor. A skilled and knowledgeable real estate agent will answer your questions and make you aware of things that you would never have thought of on your own. He or she will save you time . . . and money.

The agent is legally responsible for representing the buyer’s interest in a real estate transaction. The realtor explain the process to you.

The real estate professionals at Pender Island Realty are the most experienced on the Islands. They can guide you through every step of the home buying process.

Pre-qualify for a Mortgage. 

How much can you afford to spend on real estate? The mortgage lender has this answer and the financial institution that you come to terms with should be willing to pre-qualify you for a mortgage loan. This allows you to move quickly when you find the right home or property, especially when there are other interested buyers. It also tells the seller that you can afford to buy their property and that you are serious.

Shop around for Mortgage Rates and Terms.

Most buyers of real estate talk to a mortgage broker. A mortgage broker does not charge the buyer and they shop for the best rate available. Even half a percentage point difference can result in significant savings over the life of a loan. Consider the difference in the monthly payment on a $100,000 mortgage at 7.5% versus 8%. Just $35 per month. Over 30 years, that’s $12,600!

Decide what you are Looking For.

Now you know how much you can afford. The next step is to list your requirements; what you can't live without and, if you can afford it, the features you would enjoy. Search our listings page to see what is currently available on the market with the features you are looking for and in the price range that you can afford. Your Pender Island Realty agent can then show you the homes that meet your expectations and help you refine your list as you view these properties.

Visit your list of Properties.

You’re ready to visit your list of island homes. Ask your Pender Island Realty agent to arrange these showings. Bring along a note book and camera. Note how each property fits when compared to your needs and wants list. Ask your agent questions and record his or her answers so that you can refer to them when comparing various properties. Take pictures.

Ask your agent to point out features that may help the resale value of the individual homes that you are viewing. Might an ocean view open up across the street in the near future? Is a built-in hot tub a selling asset on an island where water conservation is important?

Rank the Properties you have Toured.

Revisit your notes immediately after a showing while your memories of the property are fresh. Make more notes, eliminate certain properties and rank your favourites. What did you like and what didn't you like? Remember that no home is perfect. By remembering this you avoid much of the anxiety that can come with buying a home. Don’t forget to have fun.

Make an Offer.

You’ve decided on the one you want; now it’s time to write a Contract to Purchase. Let your Pender Island Realty professional guide you through this detailed, legal process. You and the seller have different goals. Your agent’s experience and expertise will help facilitate a satisfactory outcome.

Arrange for a Home Inspection.

Once your offer is accepted, it’s time to arrange for a building inspection. Your realtor will provide you with a list of qualified building inspectors (see Resources). It's common to find problems, some serious and others just superficial. When asked, the building inspector will offer an approximate cost to repair the problem. If you negotiate “repairs” in the Offer to Purchase, ask for a “walk through” before finalizing the paperwork. Ask your real estate expert about home protection plans, which may save you money in the near future.

Closing the Deal.

Before your closing date, your agent will ensure that you’ve made all necessary deposits and completed the paperwork – including mortgage, title, homeowners insurance and any other paperwork required by local, regional or provincial governments. Your Pender Island Realty agent will be there to help you complete that closing checklist and avoid any last-minute snags or surprises.

Before Moving In.

Some moving basics: arrange to switch BC Hydro and telephone service into your names, clean or replace the carpet and notify Canada Post of your new address. 

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Selling Property on an Island - The Steps

The easiest and most effective way to sell your home or property on Pender Island is to enlist the expert direction of a Pender Island Realty agent. He or she will provide you with seasoned advice on how to show your property at its best which, in turn, will maximize the selling price.

A positive first impression

What will a prospective buyer see first? A well-kept yard, freshly planted flowers, a tidy, clutter-free deck and a fresh coat of paint welcome the prospective new owner. A stacked wood pile and a home that appears to have been well maintained give prospects confidence in your home. Clean up after your pet. Not everyone is a pet lover.

Highlight its best attributes – it pays

Prospective buyers would prefer to see how great your home really looks than have to listen to your agent tell them how great it could look "with a little work here and there."

The most reliable way to improve your home's appeal is to enlist the services of a home staging professional. He or she will help you get everything in order - from removing the clutter to providing a thorough cleaning and repainting of particular rooms. You will get his or her fee back, and more, in the final selling price.

If you opt to be the “stager” here are a few tips. Thoroughly clean and tidy every room. Touch-up any scuffed woodwork, and repair and repaint marked or damaged walls. Consider updating the hardware on kitchen cabinets, reaupholstering or adding a new slipcover to chairs or sofas and removing window coverings. Let the sun shine in! Place a vase of fresh flowers in the entryway.

Check all light bulbs. Burned-out bulbs suggests neglect or faulty wiring. Turn on all your lights, inside and out, when showing your home, especially in the evening. Soft lighting makes people feel welcome, and adds warmth and colour to a room.

This “prep” work will pay off . . . your home will take less time to sell and will sell for more money.

And there’s more you can do

Bathrooms sell homes, yours should sparkle. Discoloured sinks and dripping water faucets suggests faulty or worn-out plumbing. Repair damaged caulking in the tubs and showers. Put your best towels, mats and shower curtains on display.

Potential buyers are always looking for storage space. Make sure your closets, attic and basement are neat, clean and free of unnecessary items. The better organized a closet, the larger it appears. If any doors or cabinets stick in your home, now’s the time to fix them.

And make your home as safe as possible. Ensure that sidewalks, stairs, decks, flooring and sometimes dangerous throw rugs are safe to walk on.

Setting the price of your property

Once your home is in tip top shape it’s time to set a selling price. The Pender Island Realty agent that you have chosen will visit your home to view the property inside and out, take measurements and discuss your financial expectations. With this information in hand, he or she will undertake a Comparative Market Analysis.

He or she will compare your home to others with similar characteristics that have sold recently on Pender Island. He or she will return with a written document outlining a couple of pricing options and a plan for how Pender Island Realty will market the sale of your property.

If you must be present for a showing

It's best if you're not there but sometimes that’s just not possible. If you must be there, of course be friendly, but stay in the background and keep the conversation to a minimum. Potential buyers want to view your home with the least amount of distraction. Your Pender Island Realty professional is best able to articulate the virtues of your home and to answer the buyers questions in the most beneficial way. He or she know the buyers needs and what they want.

Never apologize for your home's shortcomings. If a prospect makes a negative comment about your home's appearance in your presence, let your experienced Pender Island Realty agent handle the situation.

If a prospective buyer wants to talk price, terms or other real estate matters when you are present, politely ask him/her to speak to the expert - your PENDER ISLAND REALTY agent.