Your first home purchase is a fundamental and life changing moment that can only happen once. You need a sound approach, open communication, and a great REALTOR. All of these together will help negotiate and find your new home. Not ready to engage a REALTOR just yet? Just follow these steps to get yourself primed for this magical moment of purchasing Real Estate in Vancouver.
First step on the path to purchase is to sit down and ask the following questions:
- What kind of home do you and your family need? How many bedrooms, a master bathroom, a home office, multiple parking spots? Know your needs to help refine your search, making finding your home a smooth and efficient process.
- Are there any other life milestones coming up? Getting married, having children, teenagers leaving the nest? By having a grasp of upcoming events, you can purchase the right home that meets your current and future needs.
- Are there any special features or finishing that you’d like your future home to have such as a waste disposal unit, in floor heating, crown molding, or a concierge?
- Where do you want to live next? Are you a Yogi who wants to live by the beach in Kits, a trendsetter in Gastown, or after a quaint neighborhood in the suburbs? Remember to take into account your commute, distance to hobbies and activities, shopping and your lifestyle needs.
- What type of home are you looking for? A Detached rancher, a duplex, a live/work loft? Consider your lifestyle and decide on your future home and remember that you should plan to live this way for at least two years.
Second Step is to build your winning Real Estate Team:
- Choose a REALTOR who will help your find your piece of Real Estate in Vancouver by using the MLS system. They will help you write an Offer of Purchase, negotiate the purchase price saving your money, time, trouble and headaches. When choosing your REALTOR, ensure that you can work together, communicate well, and that you trust him or her as they will be your representative as you make your purchase.
- You will need a lender or mortgage broker. Both institutions and mortgage brokers will offer you the financing that you may require; however, unlike a lender, a mortgage broker can find a product by shopping all institutions and trust companies making sure they find a product that best suits your needs. If you do not know a mortgage broker make sure to ask your REALTOR as they will know many.
- A lawyer or notary is needed to help you complete the purchase, transfer title, and execute other matters of the contract. Ensure that your lawyer or notary is licensed and experienced in the Real Estate field to ensure that your transaction is smooth.
- You will also need a Home Inspector to ensure that your new home is in working order and there are no surprises awaiting you upon move in. Make sure your inspector is insured and experienced so you are aware of all the potential issues for your new home.
- Upon adjustment date you become the owner of your new home and responsible for any incident that may happen on the property. To protect yourself and new purchase it’s important to have an Insurance Broker who carries a list of products but most importantly home insurance.
- To ensure that you pay the right price for your home make sure you have an Appraiser who can coming in and appraised the subject property ensuring you pay the right price.
- If you’re buying property or a detached house you will need a land surveyor to get a current Survey or Certificate of Location.
Third Step: Get Started!
By answering the questions and figuring out your needs for your new home it will be time for you to build your Real Estate team and move forward with your purchase. Start searching listings by using our search tool, if you find anything you like write down the MLS numbers and keep them for your Realtor. Enjoy the moment and prepare yourself for the stress and the nerves, as you’re about to experience the fun ride of purchasing Real Estate in Vancouver.