We’re more than just insurance. Here you’ll find tips and tricks for your insurance, and what we bring into our local communities.
Looking to Buy a Home or Investment Property?
Buying a home can be one of the largest financial decisions you can make. Maxxam Realty is here to answer any of your questions, making the process easy and transparent. Here’s how…
BUYING WITH MAXXAM REALTY
Let us help you every step of the way. When purchasing a home, you are faced with a multitude of decisions! The primary one is whether you are actually prepared to purchase a home. Locating the perfect home is not always an easy task, and obtaining a mortgage loan can be a complex and tiring process. Although, once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.
While at your side each step of the way, We will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. We will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale that match your specifications, and help you through the myriad of details attending the actual purchase.
We are always familiar with the current homes on the market, and we know neighborhood values well, so we can help you determine which properties are fairly-priced and in good condition before you start your search.
YOUR FIRST STEP
Your first step to buying a home is to first ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house? Next, list what kind of home you'd like and where you would like to be. Be specific. Separate the "must haves" from the "want to haves."
Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban neighborhood, country); community (north, south, east, or west side); neighborhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Ask yourself how many minutes you are willing to commute to work.
Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.
YOUR NEXT STEP: LOAN PRE-QUALIFICATION
Once you have addressed the above needs, your next step in the purchasing process is to get pre-qualified with a mortgage company. This can be done over the phone or even online in a matter of minutes.
Call us and we will refer you to our in-house mortgage professionals that has an excellent reputation and track record for successfully acquiring loan approval for their clients. Maxxmortgages is a full-service lending company.
WE WILL FIND THE RIGHT HOMES FOR YOU
Once you've been pre-qualified and know what price range you want to stay in, we can help you determine which properties fit your needs by using the (MLS) Multiple Listing Service system to locate them.
We have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can even search our listings here at our website.
WE WILL HELP YOU EVERY STEP OF THE WAY
We will help you complete your financing and inspections, and close on the transaction. Our top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful.
Maxxam Realty Ltd.
Let's discuss your next home sale or purchase, with no obligation.
Give us a call at 250-940-3133
How to Build an Earthquake Preparation Kit
BC is the province that gets the most earthquakes every year. Learn to build an earthquake preparation kit and what you can do to protect your home.
British Colombia has the highest number of earthquakes on average per year in Canada. In fact, several earthquakes of at least magnitude 6 have been felt every year in BC over the past 10 years. As a BC resident, you should be prepared for an earthquake in the future because, apart from causing significant property damage, it can trap you inside your home and cut short your supply of basic necessities. With that being said, here is a comprehensive list of how to build an effective earthquake preparation kit that ensures your survival for 3 to 7 days.
With adequate preparation, the earthquake is not as scary as it sounds.
What exactly do you need to survive without access to electricity, water, and food?
Non-perishable food and a manual can opener
Bottled water, at least 4 litres per person per day
Seasonal clothing with sturdy footwear
Personal toiletries, with medication and an extra pair of glasses if needed
A radio, either hand-cranked or with extra batteries
A flashlight, either hand-cranked or with extra batteries
Cash in small bills
A whistle
A blanket or sleeping bag
Garbage bags and moist towelettes
A first aid kit
A dust mask
A copy of your emergency plan and any other important documents
How will your home be impacted in an earthquake?
An earthquake will seriously damage your home by causing costly breakages to its structure and furnishings. Your belongings moved by the earthquake may also be damaged or broken.
Insure your home with Maxxam Insurance
Adding an earthquake coverage to your existing home insurance policy will help protect your home from a total loss in the event of an earthquake. An earthquake coverage can help you and your family to restore your home in the aftermath of an earthquake. Call 250-391-8809 (Victoria) or 604-524-9277 (Burnaby) to chat with a home insurance expert about your earthquake coverage today!
get help today
Talk to one of our experts about your coverage today.
First-Time Home Buyers' Checklist
Buying a house for the first time can be nerve-racking because it comes with huge costs and responsibilities. Keep this checklist in mind to ensure that you are fully prepared to buy a new home for the first time and start a new chapter in your life!
Owning a home means that you have a strong financial foundation to provide a decent life for yourself and your loved ones. As one of the biggest decisions that you will ever make in your life, buying a house for the first time can be nerve-racking because it comes with huge costs and responsibilities. Keep this checklist in mind to ensure that you are fully prepared to buy a new home for the first time and start a new chapter in your life!
Step 1: is owning a home right for you?
Does your current lifestyle really require that you own a home? If you are someone who has lived in your parents’ house and rented all your life, you may not be aware of the real costs of homeownership.
Some costs to consider:
Upfront costs
Down payment, closing costs, and any applicable taxes.
Ongoing costs
Mortgage payments, property taxes, insurance, utility bills, condominium fees (if applicable) and routine repairs and maintenance.
Major repairs
Large and expensive repairs such as roof replacement or foundation repair.
Some questions to ask yourself:
-Are you financially stable?
-Do you have the financial management skills and discipline to manage this large investment?
-Are you informed of all of the costs and responsibilities that come with owning a home?
-Are you prepared to dedicate the time to maintaining your home regularly?
Buying a home for the first time is exciting, but having everything in order is equally tough.
Step 2: are you financially prepared to be a homeowner?
As a first-time home buyer, you need to make sure that you are aware of your financial situation before you start looking for a home. Here are some calculations that can tell you if you are ready:
Calculation A
1. Figure out how much you spend monthly on these four categories.
Household expenses Loans and debts
□ groceries □ credit cards
□ tuition □ car loans
□ clothing □ personal loans
□ gifts □ lines of credit
□ housing maintenance □ student loan
□ child care
Entertainment expenses Saving and donations
□ dining out □ RRSP
□ spectator events □ TFSA
□ magazines and books □ saving accounts
□ hobbies □ charitable gifts
□ travel
2. Subtract that number from your total monthly net income (the amount of money your household earns monthly after taxes and deductions). The difference the amount of money you have left each month after expenditures.
Calculation B
How much can you afford?
Affordability rule 1
As a general rule, your monthly housing costs should be no more than 32% of your average gross (before-tax) monthly income. This percentage is known as your gross debt-to-income or gross debt service (GDS) ratio.
Housing costs include:
-Your monthly mortgage payment (principal and interest)
-Property taxes
-Heating expenses
-50% of condo fees (if applicable)
-50% of homeowners association fees (if applicable)
-100% of the site rent for leasehold tenure (if applicable)
Affordability rule 2
As a general rule, your monthly total debt load should be no more than 40% of your average gross (before-tax) monthly income. This percentage is known as your total debt-to-income or total debt service (TDS) ratio. CMHC restricts homebuyers to a 42% TDS ratio to qualify for an insured mortgage.
Your monthly debt load includes:
-Housing costs (amount calculated in rule 1)
-Car loans or leases
-Credit card payments
-Line of credit payments
-Other mortgage payments
Calculation C
Figure out the upfront costs.
□ Down payment — the part of the home price that is paid when you make an offer to purchase
□ Home inspection and appraisal fees
□ Insurance costs — including property insurance, mortgage loan insurance, etc.
□ Land registration fee — based on a percentage of the purchase price of the property
□ Prepaid property taxes and utility bills — you may have to reimburse the seller for bills paid in advance
□ Legal or notary fees
□ Potential repairs or renovations
□ Moving costs
□ GST/HST/QST on the purchase price (for newly built homes) or on the mortgage loan insurance (if applicable)
Step 3: financing your home
If you think you can afford your home based on your calculations, you are ready to meet with your mortgage lender or broker to discuss your financing options and confirm that you are financially prepared to buy a home. They will discuss mortgage terms and interest rates and will explain what your next steps to make sure that you get approved for a mortgage once you find your new home.
Looking for a first mortgage? Contact Maxx Mortgages for a free consultation! We will offer you valuable insight as we walk you through the process and find you the best mortgage that is tailor-made for you.
maxx mortgages
The experienced mortgage advisors at Maxx Mortgages are committed to making the mortgage financing process simple.
It’s better to get pre-approved for a mortgage before starting to look for a home. A pre-approved mortgage lets you know your affordability, your interest rate, and what your monthly mortgage payments will look like. Getting pre-approved can help you narrow your search down to a specific home type, size or neighborhood.
Bring the following list of documents when you meet with your lender or mortgage broker. This will help them decide whether you are qualified for a mortgage.
□ Contact information for your employer and your employment history
□ Proof of address and your address history
□ Government-issued photo IDs with your current address
□ Proof of income for your mortgage application
□ Proof of down payment (amount and source)
□ Proof of savings and investments
□ Details of current debts and other financial obligations
Lenders and brokers will look at your credit history when determining if you qualify for a mortgage. Before you apply, it’s a good idea to get a copy of your credit report to ensure there aren’t any mistakes or surprises.
Step 4: finding the right home
What does your dream home look like?
Our Victoria real estate team have spent the majority of their careers in Greater Victoria and have the intimate knowledge required for providing you with the best advice and assistance in local real estate and property investments. Contact our experts for your first home purchase!
maxxam realty
Your local Real Estate Experts, showing you the beauty of Vancouver Island, and tips and tricks when it comes to buying and selling a home.
-Location: Do you enjoy the hustle and bustle of downtown, or do you prefer a quiet suburb or countryside? Does the neighbourhood have a look and feel that suits your style? Do you want to live close enough to grocery stores, school, work, and public transit without the necessity of a car?
-Size: How many bedrooms or bathrooms do you need? Do you need space for a home office, a garage, or extra storage?
-Special features: Do you need an air conditioner or a swimming pool? Do your family members have allergies, environmental sensitivities or other special requirements? Do you want your home to be environmentally friendly?
-Lifestyle: Which stage of life are you at currently? Are you planning to have children, have teenage children who will move away soon, or close to retirement? Do you want to live near parks, community centres, churches, or family and friends?
Step 5: making an offer and closing the deal
Your offer should include:
-Your legal name, the name of the seller and the address of the property
-The purchase price (the amount you’re offering to pay)
-The amount of your deposit
-Any extra items you want included in the purchase such as window coverings or appliances
-The closing date, which is the date you want to take possession of the home (usually 30 to 60 days after the agreement is signed for existing homes and longer for newly constructed homes)
-A request for a current land survey of the property
-The date the offer expires
-Any other conditions that must be met, such as a satisfactory home inspection or lender approval of your financing
Before closing the sale, you need to get home insurance and present proof to your lender.
Maxxam Insurance represents Canada’s top insurance companies. As your first-class insurance specialists, we will help you find a plan that will meet your budget and coverage needs. A sound residential insurance policy can give you peace of mind against unforeseen loss or damage. Contact us for a free quote!
home insurance
When it comes to residential insurance you can count on our experienced brokers to deliver a comprehensive and competitive policy that is tailor-made for you, your family, and your property.
Tips to Prevent Household Floods
If you live in an area that is prone to flooding, you should be knowledgeable about how to prevent household floods because they could severely destroy your house structure and personal belongings and cause insurmountable loss. Here are some tips to help you effectively prevent household floods in BC.
Knowing how to prevent household floods can save you lots of money and stress.
Although floods are common in BC and can occur at any time of the year, they happen most frequently in spring and early summer due to heavy rain and melting snow. They can also be caused by storm surges, ice jams or damage to structures like dikes or dams. If you live in an area that is prone to flooding, you should be knowledgeable about how to prevent household floods because they could severely destroy your house structure and personal belongings and cause insurmountable loss. Here are some tips to help you effectively prevent household floods in BC:
Seal the cracks
One easy trick to prevent household floods is seal the cracks in your foundation walls and basement floors from inside of your home.
Install window wells and covers
Window wells and covers are designed to block debris and moisture from reaching your basement windows. Well covers and plastic sheeting can serve as extra protection from flooding.
Add a weeping tire or foundation drain
A weeping tire is important to household flood prevention because it is used for underground water collection and ensures that your house has proper drainage.
separate your weeping tile from the sanitary or storm sewer drain and install a sump pit and sump pump
Weeping tile connected to the sanitary or storm sewer drain increases water flowing into the municipal sewer system when it rains heavily, which is why you need a sewer backup. Ensure that you plant a sump pump (in its own sump pit) to move water to the surface where it can safely flow off.
Avoid dumping fats, oils, and grease down your drains
Dispose of these substances with your organic waste to minimize blockages.
To protect your home from unforeseen financial losses due to flooding, contact Maxxam Insurance to get a tailor-made home insurance coverage!
home insurance
Maxxam delivers a comprehensive and competitive policy that is tailor-made for you, your family, and your property.
The Specialists of Home Insurance
Buying home insurance can prove to be overwhelming. With all the different insurance companies and different policies, you may find yourself stuck between where to go and who to go to. That’s where we come in!
MAKE PEACE OF MIND YOUR PRIORITY
Buying home insurance can prove to be overwhelming. With all the different insurance companies and different policies, you may find yourself stuck between where to go and who to go to. Especially if your mortgage lender is looking for proof of coverage to bind. That’s where we come in!
An Insurance company will direct you through some of the key features of a policy, but for the most part you’ll want to read through it from beginning to end to really understand exactly what you will be getting. However, how likely is it that you will read every word of an extensive policy? Where do you even begin?
Most insurance policies are written with confusing language, and it may seem like they’re only that way to confuse and overwhelm you. So, what is there to do about this? You may buy it and file it, or spend all your spare time researching every nuance of this contract. Both of those options sound equally unappealing.
So, let’s start from the beginning…
Why do you even need Home Insurance?
In most cases, home insurance is required because of mortgage financing requirements. The lenders will make this a required term of the contract to protect your home, (and their investment) in event of damage caused by unforeseen circumstances.
So, while you may not have a choice in having home insurance, you do have a choice in where you get it from. There are several avenues to choose from; online, cooperate agencies and specialty brokers. How do you make the decision?
Maxxam Insurance is different, we’re local to you — Vancouver Island made. Our brokers make buying Home Insurance easy, we use simple language to help you truly understand what you’re covered for and what you’re signing for! With insurance that is tailored to you, we have the option to look through multiple insurers to find you the best possible rate.
So, when you go shopping for home insurance, go to the specialists. Maxxam Insurance’s team of experienced and reputable Insurance Brokers know the market inside and out, and can give you the best advice for all your needs. We can arrange the coverage that is right for you, and if you ever need assistance, you know who to call!
home insurance
Let’s find you the best possible rate.
Whether you’re a first-time homeowner or you’re getting ready to downsize, there’s a lot to think about when you’re buying a new home.