So, you want to buy a home?! I can feel the excitement in the air. As a first time home buyer you’re about to embark on a fun, stressful, and fulfilling experience that will end with you stepping on the first rung of the property ladder. There is a lot to know about the process, but don’t get discouraged – everyone has to start somewhere, and there is no obligation to buy if things don’t feel right. Are you wondering where to start?
Step 1: Find a Local Real Estate Agent to Work With
One of the best things you can do for yourself is to find a real estate agent that you connect with, and start a trusting relationship with them so you can benefit from their knowledge and skills. I know what you’re thinking – “you’re a real estate agent so of course you’re going to say that” – true, but using a Real Estate Agent isn’t a new concept, and given that the Vancouver market is quick moving and educated, you need to make sure you’re represented as well. Our job is to make sure you enjoy a successful purchase. Contact us to chat about what you’re looking for in a home, in a realtor and in an experience. We’ll set up a time to go through your expectations and ours (the only thing I ask is that you keep an open line of communication), along with details on the buying process.
Being the biggest investment you’ll ever make, there’s a lot more to finding a home than how much you like the space. Everything from financing, to history, to value, to construction, to unknowns, to contracts, to negotiation, to renovations and to moving in comes into play when deciding what to buy, and that’s where we’re the experts.
A lot of people say they don’t want to use a real estate agent because they don’t want to feel pressured or because they don’t want to pay for our services. Good news! Neither of these things are issues. As a Buyer, you don’t have to pay your agent. The listing agent splits a portion of their commission with us. If you think that because we work on commission, we’ll push you to buy something more expensive? Not true. The difference between a few thousand dollars in sale price is minimal in commission, and I would rather know I got you a great deal on a property that makes you happy. Besides, happy clients will refer us to their friends and family, which means a lot more to us.
If you’re worried about us being pushy – don’t be. The only time I’ll be pushy is if you want to buy a terrible unit in a bad building that’ll cost you way too much. I won’t let that happen to you. You’ll know when I think a unit or building is a great, but it’ll be your decision to dive into the offer process.
Step 2: Find a Local Mortgage Broker
Buying a home is a huge investment, and you need to know that you’re making a good financial decision based on your current lifestyle and future goals. Mortgage Brokers are the professionals you need to talk too about your financing in order to arrange a mortgage. Using a “Mortgage Calculator” on the internet can be helpful to give you a general idea of your affordability, but it doesn’t take into account details like your residency status, credit, profession, difference in interest rates, etc.
I have a lot of clients who speak with their bank about getting a mortgage, which is fine, but I encourage you to speak with a Mortgage Broker as well. Not only will a Broker be able to get you a similar deal to your bank, but they’ll probably be able to get you a better one through other lenders.
We are happy to refer our Mortgage Brokers so you can see what they’ll do for you. You (and your bank account) will be glad you contacted them. At the end of the day, if you chat with them and decide not to use their services, not a problem.
For more information, see my blog: Why Use a Mortgage Broker?
And that’s it! Once you do these two things, you’re all set, because myself and our Mortgage Brokers will guide you to your first successful real estate transaction. Contact us today. You can also follow LiveKitsilano on Twitter and Facebook!