Buying a home in Vancouver can be both an exciting and challenging endeavor. It's exciting because you'll finally move to one of the most livable cities in British Columbia and it's also challenging because you need to do your homework so you can make the most out of your investment.
Before you buy a house, be sure that you're well-prepared, not only financially, but also in all aspects.
Search for a reliable and professional real estate agent
An agent will be your guide in looking for a home that suits your needs. They will help you obtain essential information and data so you can buy a home aligned with your needs.
More than just helping you find a home, an agent researches the property's true market value so you can make a wise investment. They will also walk you through securing important documentation including your contract.
Other advantages of seeking help from an agent include assisting you in presenting an offer and setting you up auto-notifications of your listings.
Check your credit score
Another factor to consider before you purchase a home is your credit rating. You'll need to meet with a mortgage broker to prepare the initial documents.
Your credit score should be enough for closing costs. Pay off debt or save up before you decide to purchase a home as your credit report can have a great impact on your overall home buying success.
Get pre-approved
You'll know how much you can afford if you consider getting pre-approved. This way, you'll have an idea whether or not you have the budget or you still need more cash.
In most cases, sellers won't accommodate buyers that have not been pre-approved because of the risk involved. Be sure you are prepared to show the seller that you're a serious buyer by building your financial credentials.
Create a checklist of your needs and wants for your home
You'll also need to identify your priorities including the needs and wants for your future investment. You should also think of the aspects you're willing to compromise on.
Consider home shopping
Check out locations in Vancouver that you envision yourself living in. You can have your real estate agent book private tours for you.
With modern technology, you can now consider virtual tours as this is a convenient way of exploring your options.
Narrow down your options and prepare an offer
Once you've seen the properties suitable to your taste and budget, the next thing you should do is to write your offer. Coordinate with your agent so you'll know the important documents to prepare.
The agent will also help you make the best decision. Be sure to consult with your mortgage broker to check legalities or any red flags.
Discuss terms of the offer with your agent
Include essential points like items, removal dates, price and closing dates. The agent will present the offer to the seller.
Do some additional research during the subject removal
Once the offer has been accepted, consider working towards removing subjects before the subject removal date. Keep your agent in the loop during this process as they can review the strata documents, zoning, property disclosure statement and many others.
Hire a home inspector
An inspection clause is one of the subjects that should be included in the agreement so you need to make sure that you've chosen an experienced, trustworthy, and qualified inspector.
Once the inspection has been completed, the inspector will create the report that you need to read through. It includes the state of the property, upgrades and maintenance.
Eliminate subjects and submit a deposit
If you're already satisfied with each subject, you need to obtain financing before removing subjects and submitting your deposit.
Choose a lawyer to prepare the statement and facilitate closing
It’s important to understand the legal aspects of purchasing a home. You'll also need a lawyer for facilitating closing and notary.
Being well-prepared gives you an edge over other buyers. Not only will you make an informed decision but also ensure you get the best investment.