Buying before Selling your home

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Did you find that perfect home to buy but still have to sell?

When it comes to Buying and Selling Real estate we often get the question, should I be buying before selling my home?

A year ago, homeowners were buying before selling with confidence their home would sell quickly. As the Kelowna real estate market changes from a seller’s market to a more balanced market, homes are taking longer to sell.  So, there are some things to consider if you are buying before selling. New house keys-Quincy Vrecko and Associates

There are risks associated with buying before selling.  The most obvious would be owning two homes. Possibly even carrying two mortgages.  Not only could this be financially staining, but changing market conditions pose a risk.  

To lower the risk when buying before selling, Kelowna Realtor, Tracey Vrecko, suggests making an offer on a home with a subject to the sale of your existing home, with a time clause…

 

In simple language……Your offer to purchase would be condition upon selling your home.  

 

So how does this work?

A “traditional” offer is written with all the common terms and conditions.  Then, an additional condition is added to the contract that allows you time to sell your home.  Additionally, Buyer and seller will need to agree to;

A timeframe to sell the existing home (a common time frame is 30 days)

A time to remove this condition, called “time clause” in the event of another accepted offer ( the average is 48 hours)

Stopwatch -Quincy Vrecko Kelowna Real EstateWhat are the risks?

When the offer is accepted, (known as a “time clause offer” or an “offer subject to the sale of”), the home remains on the market and is still available for sale to other potential buyers.

In the event an offer presented and accepted while your current offer is still active, you will receive a notice invoking the “time clause”.  You will have the agreed upon time (usually 48 hours) to remove all of your conditions or your offer will be void and the second offer will take effect.  

Sounds complicated…. Not really.

“This is a really good option for buyers looking into buying before selling.  It is the peace of mind that you are not committed to owning two properties at once.”  Says Vrecko.

Buying and Selling real estate can be complicated.  This one of many examples where hiring a professional real estate agent is important.  A real estate agent can guide you through this process and offer advice to ensure a successful purchase and sale of your home.  

Quincy Vrecko Team photo on dockCall the team at Quincy Vrecko and Associates with any questions related to real estate.  The team has extensive knowledge of the Kelowna real estate market and would be happy to help.  Read some of our success stories from our past clients. 

 

Contact us

Okanagan Real Estate Series: Lakeview community

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The Okanagan is home to amazing real estate with incredible views of the lake.  Each lakeview community has a different surrounding making each view unique. 

We are real estate professionals in the Okanagan specializing in lakeview homes, therefore we are the best team to take you on a tour of the Okanagan.   On this journey we will give you our perspective of each lakeview community and explain the differences in these breathtaking views.

In this 3 part blog series, we will tour homes in Kelowna, West Kelowna, Peachland and Lake  Country. We will explain how each lakeview community captures the stunning beauty of Lake Okanagan in a unique way.  All beautiful and captivating. From sunrise to sundown, to the twinkle of the lights at night reflecting off the water.  

First of all, we start our tour of homes in Kelowna

Upper Mission

This area was cleared out by the Okanagan fires of 2003 as a result, is now one of Kelowna’s fastest growing communities.  High in the hills of Kelowna, this Lakeview community features mainly newer homes with vast panoramic views of Lake Okanagan.  These lakeviews are primarily of Lake Okanagan and the growing community around it. Because of the south and west facing views, it  makes this Lakeview community popular for the sun seekers looking to soak in the Okanagan sun.  While some of the north facing views get a glimpse of downtown Kelowna.

views of Kelowna Lakeview community-Quincy Vrecko Luxury Real Estate

Glenmore

The Lakeview community of Glenmore is nestled up against Knox Mountain.  A popular mountain for hiking, biking and sightseeing right in the heart of Kelowna’s downtown.  This small lakeview community has a mix of old and new homes. There are some of the best waterfront properties in Kelowna found in this area.  Most homes here offer big, west facing lakeviews from Peachland to Vernon.  

 

Dilworth

Established in the 90’s Dilworth is still building homes today.  Dilworth mountain is in the centre of Kelowna making lakeviews quite unique.  This lakeview community has some of the most diverse views of Lake Okanagan. Depending on the position of the home, these lakeviews can encompass both city and Lake Views.  A more lively night view with lights twinkling for miles.

Wilden

Wilden is a newer lakeview community located north of Glenmore.  This area has a more rustic feel with the lakeview through the towering evergreen trees.  This area is on the other side of Knox mountain and features newer, craftsman style homes.  

East of Kelowna
Lakeview community Upper Mission-Quincy Vrecko Luxury Real Estate

South East Kelowna

East of Kelowna, this lakeview community seems like it is miles from the city yet it is only minutes away.  Surrounded by acreages, orchards, vineyards and golf courses, the views are serene. Mainly larger homes in the area, and only few with these prime Lakeviews.  Therefore, the ones that do are picturesque. Lake Okanagan is framed by the lush rolling hills of South East acreages. Truly a spectacular setting to view the lake.

Ellison

Ellison is mainly a flatter residential area and farming community, also home to the Kelowna International Airport.  The views in this lakeview community are found in the homes perched above the flats of Ellison. These lakeviews are just a portion of the views captured in this area.  The lake is off the distance over the city of Kelowna, the vast orchards and large acreages in the area. An active night view as planes land of the tarmack of YLW.

Lakeview community Black Mountain-Quincy Vrecko Luxury Real EstateBlack Mountain

There are mainly newer homes in this lakeview community.  The furthest distance from the lake, the west facing view is complex with a mix of city, mountains, orchards, golf courses and farms.  The higher up the mountain you go, the more vast the view gets, as a result, you get a little bit of everything from this lakeview community.

 

Above all, depending on what view you are after, there is a lakefront community that will capture it.  Our next series will explore West Kelowna lake views.  

Quincy Vrecko and Associates specializes in Premium Properties and waterfront homes that feature incredible lakeviews.  As a result, our team of professionals can find the best lakeview community that suits your lifestyle.

How to Successfully Handle an Offer for your Okanagan Property

When you put a for sale sign up on your Okanagan property, it’s safe to say, you are looking for a good offer. The problem that we see nowadays is Kelowna home sellers take one look at the price and if it is not up to what they want, they just decline and walk away. Well, we are going to look at three things you should do in order to successfully handle an offer for your Okanagan property. It’s much more than just a price tag.

Review the conditions

couple reviewing conditions on contract

Review all the conditions

An important part of your offer is the conditions. Is it subject to sale? Is it subject to financing? It’s important to take a look at every condition on the contract as that may affect your answer to accept or not. The way the conditions are written can really determine how strong of an offer it is. This is something your Kelowna realtor should review with you in detail!

Review the dates

Have you purchased a Kelowna home and have a closing date for that property already? If you need to be out of your Kelowna home by a certain date, let your Kelowna realtor know. This can make the moving process go by a lot smoother. Move from one house to another! No need for you to own two Kelowna homes at the same time!

buyer and seller shaking hands on a deal

Don’t be too quick to throw in the towel

Don’t be too quick to throw in the towel

When you get an offer on your Okanagan property, don’t throw in the towel too quickly! Remember, even though it may not be the best offer to start, it’s a starting point for negotiation! Take the time to review it with your Kelowna real estate agent and if it is worth negotiating, it may end up being an offer you want to accept!!

If you are looking to sell your Okanagan property, contact Quincy Vrecko and Associates! Our team is made up of knowledgeable and dedicated real estate agents who have helped plenty of Kelowna home sellers list and sell their homes. We can help you too! All you have to do is pick up the phone, we will take care of the rest for you! Call 1-778-760-2860 for your free market evaluation today!

How to create privacy for your Kelowna downtown condo

If you live in a Kelowna downtown condo, you know what we mean when we say that privacy is minimal! If you are living in a Kelowna downtown condo and you are looking to create some privacy, you’ve come to the right place! Check out our three tips of how to create privacy for your Kelowna downtown condo!

Add bookshelves

Kelowna downtown condo with bookshelf in living room

Add a bookshelf

If you are looking to add some privacy to your Kelowna downtown condo, one way to do it, is to add bookshelves! Carefully stage the bookshelf so that it doesn’t make your small Kelowna downtown condo look crowded! Adding a bookshelf to your Kelowna downtown condo, will not only add that extra bit of decor but will also separate rooms and add that privacy you are longing for.

Take advantage of privacy screens

Another easy way to add privacy to your Kelowna downtown condo, is to add privacy screens. These screens are easy to use and can easily block off a section of your Kelowna downtown condo! Tick off “add privacy” on your to do list with ease! Voila, a simple task and you’ve got the privacy you have been waiting for! 

large green plant in Kelowna downtown condo

Add greenery to your condo

Tall plants

A modern approach to adding some privacy to your Kelowna condo is by adding tall plants. Adding tall and green plants are a great way to add privacy and every home needs a bit of nature! There are plenty of great large plants to purchase, a few of our favourites are aloe Vera, palm and rubber trees. These great plants are easy to maintain and great to add to your downtown Kelowna condo.

If you are looking for a Kelowna condo, contact the team at Quincy Vrecko and Associates. Our team of dedicated real estate agents can help you find exactly what you are looking for. We have helped many Kelowna home buyers purchase real estate in Kelowna and we can help you too! All you have to do is pick up the phone, leave the rest to us! Call 1-778-760-2860 today!

Property Transfer Tax – What? How? When?

Purchasing a home is a huge financial decision, be it your first Kelowna home or your fifth. There are many extra costs associated with buying a home that need to be considered, particularly the BC Property Transfer Tax. Many homebuyers ask what is it? How can I plan for it? Are there any exemptions?

What is the Property Transfer Tax?

The BC Property Transfer Tax is a one-time payment based on the fair market value of the home you are buying, ie. the purchase price. This Property Transfer Tax is charged every time you make changes to a property’s title, which is the case when you are buying a home, or even if you are just purchasing an interest in a property. The revenue collected is used by the provincial government to pay for essential services like education and health care.

property transfer tax faq quincy vrecko real estate

Know how to calculate your property transfer tax.

How is it calculated?

The BC Property Transfer Tax is calculated in an increasing scale depending on the value of the Kelowna property you are purchasing:

  • 1% on the first $200,000 of the purchase price
  • 2% on the value of the property above $200,000 up to and including $2,000,000
  • 3% on any value above $2,000,000
  • as of February 21, 2018 a further 2% is charged on the value greater than $3,000,000

Example:  The current median home price in the Central Okanagan is $672,500

1% on the first $200,000 = $2000

2% on the value above $200,000 = $9450 ($472,500 x 0.02)

Total Property Transfer Tax = $11,450

Is there any way I can avoid it?

The Property Transfer Tax can add up quickly on your Kelowna home purchase. The good news is that there are some exceptions and exemptions to this tax.

First time home buyers are exempt from the Property Transfer Tax if the value of the home is less than $500,000, and they are Canadian citizens or permanent residents that plan to use the property as their primary residence. If two individuals are purchasing a property together and only one qualifies as a first time home buyer, you may apply a partial exemption to the percentage of the value of the home that the first time home buyer will own.

Newly build homes may also be exempt from the Property Transfer Tax. If the value of the new home is less than $750,000, and the buyers are Canadian citizens or permanent residents that plan to use the home as their primary residence, they may apply for a Property Transfer Tax exemption.

You can find more information on exemptions on the BC Property Transfer Tax info page.

 

The experienced team of Kelowna real estate agents at Quincy Vrecko & Associates are well versed in the Property Transfer Tax and prepared to guide you through all facets of the Kelowna home buyer process. Contact us today to get started.

 

Building new? Lower Mission Lots For Sale

With the city constantly growing it is no surprise that the Kelowna real estate market is not slowing down. A brand new home in Kelowna is a hot commodity. If you’re looking to build in an established neighbourhood like the Lower Mission your options are limited. Here are your options for Lower Mission lots for sale.

A New Development

lower mission lots for sale in new development

The Orchard in the Mission site

There is a rare new development of Lower Mission lots for sale creating a lot of in Kelowna Real Estate. The Orchard in the Mission offers 103 single family home lots for sale. Lake, meadow, and mountain view building sites are available.

This collection of Lower Mission lots for sale run north from DeHart Road just east of Gordon Drive. Covering 23 acres of a former apple orchard the Orchard in the Mission will include dedicated walking trails, parks, and bespoke landscaping. More information on these Lower Mission lots for sale can be found here.

Purchase a “Tear Down” and build new

A “tear down” home is a property where the style or age of the home makes it more desirable to destroy it and build new. As parts of the Kelowna real estate market age we are seeing these listings more and more. This is a popular option in established neighbourhoods like the Lower Mission. While they are marketed as homes for sale, we would still consider them as Lower Mission lots for sale.

Subdivided Lots

Lower mission lots for sale quincy vrecko

Lot currently listed with RE/MAX Kelowna

Within established neighbourhoods it is becoming common for larger lots to be subdivided into smaller parcels and listed as Lower Mission lots for sale. These smaller lots allow you the opportunity to build a brand new Kelowna home within an established neighbourhood.

Current list prices for this type of Lower Mission lots for sale range from $485,000 and up to over $1 million dollars. More than $5 million will get you one of the subdivided lakefront Lower Mission lots for sale.

 

 

The team at Quincy Vrecko and Associates is ready to assist you in your search through Lower Mission lots for sale. Contact the team at 778-760-2860 for all of your Kelowna real estate needs.

Kelowna Schools – What you need to know!

The end of summer means a transition to cooler days but more importantly for Kelowna families it also means back to school. For both new and prospective Kelowna residents having a knowledge of Kelowna schools is important for your family. For elementary aged children three of the highest ranked public Kelowna schools sit in three of the most popular Kelowna neighbourhoods for families.

Casorso Elementary

kelowna schools

Welcome to Casorso School

Located in the Lower Mission neighbourhood, Casorso Elementary is one of the best of public Kelowna schools. Offering both an English and French curriculum to it K-6 students Casorso Elementary also offers a unique photography program to its grade 5 & 6 students.

Established in 1973 and named after a family of early settlers, the school has had a number of substantial renovations and upgrades, most recently in 2000.

The Kelowna schools catchment for Casorso Elementary begins at Lanfranco and runs south to Radant, straddling Gordon Drive. The school feeds into KLO Middle School for grades 7-9 and Kelowna Secondary for grades 10-12.

Chute Lake Elementary

kelowna schools chute lake quincy vrecko real estate

Kettle Valley’s Chute Lake Elementary

Built in 2009 this newest of Kelowna schools for elementary ages is located in Kettle Valley. The catchment area encompasses all of the Kettle Valley neighbourhood as well as parts of Upper Mission.

Chute Lake Elementary educates children in grades K-6 and their grounds are connected to Chute Lake Park. This creates lots of green space for outdoor play and special field events.

After grade 6 students move on to attend Okanagan Mission Secondary School for grades 7-12. For secondary level Kelowna schools Okanagan Mission is consistently ranked in top spot.

North Glenmore Elementary

North Glenmore Elementary

As its name suggests this school is located in the North Glenmore neighbourhood. The Kelowna schools catchement area for North Glenmore elementary includes large parts of the Wilden neighbourhood, all of McKinley Beach, as well as parts of the Glenmore neighbourhood.

North Glenmore was established in 1964 as a 2 room school house and has seen considerable growth since then. With a rapidly expanding population the demand for Kelowna schools increase so much that the school as seen numerous expansions, including a 2 storey addition completed in 2001.

Almost unique among Kelowna schools North Glenmore Elementary educates students in grades K-6 as well as offering a pre-school program for younger students. As they age students are fed into Dr. Knox Middle School, and then on to Kelowna Secondary school.

 

Looking for more information about Kelowna schools and neighbourhoods? Have a look at our neighbourhood guide or give as a call at 778-760-2860. At Quincy Vrecko and Associates our experienced team of Kelowna realtors is always happy to help.

First-time Kelowna home buyers quickly learn this

If you are a first-time Kelowna home buyer, it’s safe to say, you will learn a few things after your first time purchasing a Kelowna home. So what may these things be? What should you remember for your next Kelowna home purchase? Check out these three things that first-time Kelowna home buyers learn when they purchase a home.

Save for unexpected costs

piggy bank for money

Save for unexpected costs

When trying to budget for what a home is going to cost, it’s easy to forget all of the little costs that come with it! There are so many little fees that come with purchasing a Kelowna home that you need to prepare for. For example, lawyer fees, moving expenses and home inspections! Ensure that you are prepared next time and have some extra money tucked away for these unexpected costs.

Understand your needs from your wants

First-time Kelowna home buyers have an idea of what they want for their first home. With social media, it’s easy to get carried away on your “wants”. It’s important to understand the difference between needs and wants. Trends come and go! Was the “want” really a “want”? Or did you just want it because it was a popular trend at the time? Understand what you need and decide what you want and go from there!

meeting with real estate and client

Hire a Kelowna real estate agent

Hire a Kelowna real estate agent

If you purchased your first Kelowna home without a Kelowna real estate agent, your second purchase will be completely different. Forget the stress that came with trying to find a home, forget the paperwork and forget all the worry of trying to understand the process. Trusting a Kelowna real estate agent to make this process as smooth and stress free as possible is your best option for your next purchase!

If you are looking to purchase your second Kelowna home, contact the team at Quincy Vrecko and Associates. Our knowledgeable real estate agents are ready to assist you with your upcoming purchase! We make things as smooth and stress free as possible. All you have to do is pick up the phone, we will take care of the rest for you! Call 1-778-760-2860 today!

Beat the Heat with Indoor Kelowna Home Activities

Well it’s no surprise, summer is here and it’s hot! The warm weather doesn’t look like it’s leaving us anytime soon either… With the heat in full swing, there are only so many times you want to jump into a pool or run through the sprinkler to cool off! If you are looking to beat this heat, check out our three indoor Kelowna home activities!

Feather Volleyball

feathers used to play volleyball

Play feather volleyball

If you need a great way to entertain a large group of kids or you want an activity all your kids can play together, try feather volleyball! This great version of volleyball can ensure nothing gets broken in the house, that’s for sure! In order to play feather volleyball, all you need is one large feather. You can purchase these feathers at a craft store. The trick is? No hands! You must only blow the feather around your Kelowna home using the air from your lungs! How fun!

DIY: Ice cream in a bag

What a great treat for your young ones! If you are looking to beat this heat, try to DIY ice cream in a bag. All you need to make ice cream in a bag is, a large ziploc bag, a small ziploc bag, ice, sugar, vanilla, cream and some salt! There are great recipes online to make it perfect! If you don’t want to use plastic, there are great alternatives. You can buy a ice cream ball. Place all the ingredients in the special ball and get your kids to kick it around in the basement for 20 minutes! Check online for some great ice cream balls to purchase!

bathtub toy floating in water

Sink or float?

Sink or Float?

Fill up the bathtub with cold water and play a game of sink or float! Have your kids go around the house and gather items that can get wet. Have them each say if they think the item will sink or float! If they are wrong? They have to go get the item in the cold bathtub! What a great way to cool off and play a fun game of sink or float?

Well, there you have it! A few great ways to beat the heat in your Kelowna home! If you are looking for a home in Kelowna for you and your family, contact the team at Quincy Vrecko and Associates! Our team of real estate agents have helped many Kelowna home buyers relocate to this beautiful city! Don’t wait, summer is almost gone! Purchase your Kelowna home and enjoy this beautiful weather! Call one of our team members today by calling 1-778-760-2860!