Buying your home
Buying a home is one of the most important decisions you’ll ever make. So it’s always best to get all the help you can get. Here are some steps to consider.
- Are you ready to buy?
You should already have saved some of your down payment and you should be good at managing debt like credit cards or student loans. A mortgage is a financial responsibility that also requires constant upkeep.
- Decide how much you can afford
Use this simple equation to consider what you can expect after you’ve saved for your down payment. 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).
- Decide what you want to buy
First, decide where you want to live (urban, suburban, rural) and then decide which neighbourhood suits you best and what type of home (detached, attached or apartment) you want. Whether or not the property is new or a resale may also affect your costs.
- Find the right REALTOR®
Your REALTORS®, like Agnes & Stephen, run an incredible search tool called the Multiple Listings Service® (MLS® for short) which contains information on property listings. We can send you listings that fit your criteria and together, you can draw up a short list and visit a handful of homes to make an informed and wise decision.
- Sell your current home
It’s the age-old question, do I sell my home before I buy, or do I buy my new home before I sell? It’s natural to want to buy your new home first so you have the security of knowing where you’ll be living. But there are advantages to selling first and buying later:
- You’ll know how much your house is worth, so you can be more confident of how much you can spend
- There’s a chance you won’t have to make your offer subject to financing
- You might be able to arrange a long closing to give you time to look
- It could be a stressful situation, but it’s also stressful to own two homes!
Look at the section 10 steps to selling your home for useful tips.
- Add some specialists to your team
A mortgage broker may be able to get you the best possible rates. A notary public or a lawyer will help you understand the many legal documents that come with buying your home. A home inspector can save you from unpleasant surprises when you move in.
- Make your offer for you
Agnes & Stephen are expertly trained and will prepare an offer for you. If you have any concerns or hesitations about the terms in the document, we will explain this in details.
- Arrange a mortgage
Talk to your financial institution for their expert advice. We can also refer you to a reliable mortgage broker.
Information from Real Estate Board of Greater Vancouver