So you’re looking to buy a home….. home buying decisions shouldn’t be difficult, stressful or time-consuming. Also being born and raised in Vancouver has it’s advantages. Why not have it on your side when looking for a home?
Having lived and breathed the experience more than the average person does in a lifetime and prior to becoming a Real Estate Consultant, I’ve crafted up eight simple steps to help make looking for a home enjoyable, efficient, and stress-free. This means you are well equipped to head into any market condition (a buyer’s market in 2019 or a seller’s market in 2020 and 2021).
Step ONE: Financing – Get pre-approved
This is the most important step. Why go shopping if you do not know how much you can spend. You need to know what you can really afford. Current market conditions (multiple offers), Interest rates, financing products, and regulatory changes will have a direct impact on your purchasing power and how much you can borrow/afford. Selecting a trusted partner to help you fund the purchase via a Financial Institution / Credit Union / Mortgage Broker is a critical component. This step not only confirms how much you can afford but this also helps your Realtor negotiate the best and fair price for the home you will buy.
Step TWO: Decide Where & What to Buy
Where – location, location, location. This isn’t new but will lay the foundation for the first obvious step in finding a home. The area you selected where your future home will help determine your future neighbours, price band, school catchments to name a few. Next is, the what?
What – type & features of my home. What type of home can I see myself living in? Hint: condo, townhome, duplex, single family home with a yard? Next, is looking at the features of the home to select. What features are important to me and my family? Number of bedrooms? Number of bathrooms? Is parking important? Storage? Yard? Refer more to my exclusive buyer guide on questions to consider during the buying process.
Step THREE: Select the Right Realtor
As of 2019, there are close to 20,000 agents in the province to help serve and meet your needs. Selecting the right person to be part of your team is important. As your Realtor of choice, we will work as a team. This means, having open and honest communication, being transparent and having crucial conversations about one of the biggest purchase decisions you will ever make in your life. Depending on how the home search goes, we will be spending a lot of time together. More about me. Working alongside me will always result in a long term relationship – hopefully, you aren’t here just to buy a home. I’m here to help you and your family win.
Step FOUR: Become an Informed Buyer
Education and taking a market-data-driven approach will help you as a buyer make better decisions when it comes to selecting, analyzing, and then deciding on a home to move forward with. Current market conditions will affect the real supply and demand of inventory when looking for a home. Being objective and being able to compare between opposing forces will help keep you and your family on the right track.
Step FIVE: Make an Educated Offer
Once all of the analysis of market data and alternatives have been considered it’s time to make an offer. Besides the fiduciary duties I owe to you as your client, your educated offer will be comprised of more than just the price. Other key conditions that suit your needs and wants (e.g. a convenient time to move in and out) will also factor into the offer.
Step SIX: Conditions, Home Inspection, Waivers
Your offer has been accepted! Depending on the current market conditions, a number of tasks still need to be satisfied before the deal is firm. Some key activities could include the hiring of a qualified third party inspector to assess the current state of the property to help determine immediate and future repairs, arranging for any other specialists to offer professional advice such as surveys & environmental tests, or confirming legal representation and completing the final review and assessment of strata documents.
Step SEVEN: Moving Preparations
Let’s be frank. Moving is stressful. However, many things can be planned for an easier transition into your new home. You should always start way earlier than you think. Other things to consider and plan for include: determining the remaining down payment and closing costs, home insurance (have this on completion date not possession date), movers (obtain quote & confirm date), legal, utilities (Internet, hydro & gas), & mailing address changes (Canada Post mail forwarding service).
Step EIGHT: Move-in
Congratulations on your new home! All of that hard work and time invested to find your perfect home has been paid off. You deserve some time to yourself. Sit back, relax and invite friends and family over for some food and drinks.