Buyer's Guide

Are you ready to buy?

Be realistic about your situation and understand what you can afford. You should have your down payment and you should be good at managing debt. 

The cost of buying a home = one-time costs (down payment, legal fees, inspection fees and taxes) + monthly costs (mortgage, utilities, maintenance, insurance and property taxes).

Getting a Mortgage

Negotiate interest rates and mortgage terms with different lenders and get pre-approved for a mortgage before you start house hunting. This determines the maximum amount of money you can borrow.  

Pre-approval of a mortgage is when your lender has reviewed all your financial information and has determined the maximum amount of money you can borrow. The advantages include that you:

  • know how much you can borrow, so you don't waste time looking at properties you can't afford

  • don't have to worry about rising interest rates while shopping for a home, as usually the mortgage borker will guarentee the current interest rate for 60 to 90 days

  • have an edge when you make an offer, because the seller knows you're more likely to get a loan

  • save time when you apply for your loan because you've already assembled your paperwork

Choosing the right Realtor for you

Whether you’re buying or selling a home, it’s important to understand from the outset how professional representation can help you at every step of the process.

 

Think of your Realtor as your trusted advisor. Your Realtor can help you navigate potential pitfalls and fill in knowledge gaps you may have when searching for your first home.

 

A Realtor is held to a higher standard than required by law. Realtors in Canada are bound by the REALTOR® Code. This code of ethics is another layer of protection on top of the Real Estate Services Act, which governs real estate licensees in BC

Finding a home

Decide where you want to live, which neighbourhood suits you best, and what type of home you want and what you can afford. 

 

Realtors work from a powerful business system called the Multiple Listings Service® (MLS®), which contains detailed information on property listings.

 

Your Realtor can send you listings that fit your criteria and together, you can draw up a short list of possible homes.

 

Offer to Closing 

Your Realtor will help you with the multitude of documents that you need to navigate when buying a home. They will also help draft an offer that the seller will either accept, counter, or reject. Once the offer is accepted, depending on the terms of your offer; you'll conduct an inspection, review documents, finalize your mortgage with your financial advisor/lender and change ownership of the property which is done at the Lawyer's/Notary's office. 

 

Buying a home is an excellent long-term investment. It’s also a milestone moment in your life. Having the expertise of a Realtor working for you will help ensure a smooth and successful experience for everyone involved.