Local Kamloops News

Thinking of buying your own place? It’s normal to feel a little overwhelmed. After all, it’s the biggest purchase you can make. In an effort to remove some stress from the equation, here are a few tips from the experts.

Don't forget to read our buyers advice pages..

What to do when you’re a first-time home-buyer:

1. Get pre-approved.

Some real estate agents won’t even work with you until you’ve been pre-approved for a mortgage. This is an important first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford.

Plus, there may be problems with your credit that you don’t know about.

“Sometimes people are just unaware that they may have like a Sears card that they forgot to cancel and it’s

Housing sales and prices are up over 2015 and the trend seems to be continuing into 2016

Listen to the CBC report here

© http://www.cbc.ca/beta/news/canada/kamloops/housing-market-in-kamloops-appears-to-be-busy-1.3433589

BCREA 2016 First Quarter Housing Forecast Update

Vancouver, BC – January 28, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to edge back 6.2 per cent to 96,100 units this year, after reaching 102,517 units in 2015. Strong consumer demand is expected to push MLS® residential sales up by 2 per cent to 98,000 units in 2017.

Housing demand in the province is being supported by a relatively robust economy, leading to strong employment growth and rising wages. In addition, net interprovincial migration is on an upswing as many Albertans look to BC for job opportunities. BC home sales are forecast to

Projects that can increase -- or decrease -- the value of your home

Canadians are investing in home improvement like never before.  While most plan to spend reasonable sums, others say they'll go all out: luxurious materials, home theatres, a Jacuzzi on the patio...even $60,000 kitchens are not that unusual! But how much of their investment will be recovered when their house sells?

Homeowners tend to embark on renovation projects to meet their needs, improve their quality of life or simply pamper themselves with a little luxury. But even if you're renovating primarily for your own sake, you should try to assess the post-project increase in the value of your house, just in case you ever want to sell. There is also the fact that a renovated house will

When friends, family become partners

With home prices moving ahead at a healthy clip, people are choosing to purchase a property with a friend or relative.

A lot of individuals, particularly younger adults, feel as if they have been priced out of the market so go in with a friend or a sibling to purchase the property. I see that as a trend that is going to gain momentum.

However, whether you are purchasing with a friend or relative this is essentially a business deal.

If you're looking at buying a property together, friends are no different from business partners. Consult a lawyer and consider what you are doing, the parties could enter into an agreement ... they should consider that they are business partners. The business is owning a

Buying a new home can be a very exciting process with a happy end result.

But let's be honest: it can also be quite the roller-coaster ride. In reality, few of us are able to delve into our bottomless pockets, find our dream home and then move in the following day - no matter how much we would love to.

Over the years, I've come to notice certain patterns in home-buying behaviour. While most buyers begin the search with a firm idea of the type of home they are looking for, it's surprisingly common for them to change their minds mid search.

Some buyers may realize they are no longer eager to mow a large lawn, while others may discover the detached home they have dreamed of is actually beyond their reach.

Buyers should be encouraged to become

A shortage of available homes for sale has certainly made it easier to sell a vacant home. 

However, the same pitfalls that relate to selling empty houses more quickly, and at best price remain. For sellers who have experienced a job change or other event which requires they move and leave a vacant and unfurnished home behind to sell, there are often issues requiring special consideration. That's because many folks buy on emotion and have a hard time warming up to an empty house.  A lived-in home can be much more appealing.

Empty homes often present an echo when you walk through them, and because doors and windows aren’t opened to allow air to circulate, odors can accumulate.

So, you are selling a vacant home, what can you do to create an edge

Need to use the rental suite income of a home to qualify for a big enough mortgage? Here’s how to maximize the mortgage

How much of a mortgage do you qualify for? You went to your bank and they told you $xxx,xxx – are they right? Your dream house costs a bit more, so is there any way to get the extra funds? If the property has a rental suite, and you have a good mortgage broker on your side, the answer is likely “yes”.

We have all heard the term “mortgage helper”. In fact, 25 per cent of detached houses in BC contain a rental suite and this rises to almost 40 per cent in the Lower Mainland. In Vancouver alone there are 26,600 rental suites (out of about 47,000 detached homes), and this accounts for roughly 20 per cent of all the rental stock in the

Got your property assessment and want to appeal, theres not much time left if you want to this year. IF you think that something is wrong it's always a good idea to check this year's property assessment against last year's for any kind of discrepancy.

BC Assessment determines values for all properties in BC so municipalities can tax property owners based on a single province-wide set of standards. Tax rates differ from one municipality to another because they're set by the local governments, so even if the valuation of your home goes down, you could still pay more tax. BC Assessment isn't responsible for that, only for the value it sets for your home. Your property is assessed according to its value on July 1 of the previous year.

So how do you

Wait… What’s that on the ceiling? Is that a crack? Is the ceiling about to cave in? What does it mean?

Cracks in the foundation, ceiling or walls are worrying. Sometimes they’re signs of trouble, while often they’re just cosmetic issues.

The simple ones are do-it-yourself projects. However, in certain cases you’ll need professionals to handle the repair: They’ll keep the problem from getting worse.

Faulty Foundation

Vertical foundation cracks that are narrow and shallow are often just indications that concrete is curing or the house is settling. These happen naturally. Though small cracks are typically not serious, check them every couple of months to see if they expand.

Even if cracks are not yet big enough to pose a structural concern,