So you’re looking to buy your next home? 

Home ownership is a rewarding and invigorating opportunity to create your own personal haven. There are a few steps to home ownership, and the entire process can take two weeks or it can take many years, whatever is right for you. As always, I preach education as the most important aspect of success, and reading this guide is a great first step.

Work With a Professional

Buying a home is a huge financial investment! Would you deal with a large lawsuit without the help of a lawyer? Make sure you get the best experience working for you. A REALTOR® is also associated with selling costs, not the buying costs.

Know What You Can Afford

Whether you connect with a mortgage broker or realtor first is really interchangeable. Some Buyers choose to learn the details of the financial possibilities first, whereas others like to focus on the real estate possibilities. Regardless, when you’re getting professional guidance, you’re on the right path. 

Owning vs. Renting

For some home ownership is a goal and a choice that is very important to them, for others it's an investment strategy. Whatever your reason for wanting to purchase a property you have to decided if it's something that you want to consider. Are you happy renting or do you want to own your own property?

Search Inside Your Criteria

Some lifestyle considerations to make: Do you need a second bedroom, or would a den be enough? Will you ever need to rent? Older with character? New and up and coming? Near the water? Near a skytrain? Long commute to work? In a good school catchment? Near a dog park? Open floor plan? Big kitchen, or small kitchen and big living room? Is outdoor space necessary? Sunny and south facing, or facing the Mountains in the North? What about parking? Do you want a fireplace?

Viewing Properties

You’re welcome to go to Open Houses anytime, and I’ll join you if I’m not hosting an Open House of my own. We will also schedule property tours, where we can see multiple homes at one time so you can compare and so I can educate on different construction styles and what to look for during viewings. 

Understanding the Process

It's my job as your REALTOR® to intrinsically understand the purchasing process so you don't have to. You can rely on my professional experience and candid relationship with you to guide you into the best property for you and your family.

Steps Involved in Buying a Home:

1. Start Working with a Real Estate Agent

This will be the biggest decision of your life, don’t hesitate to employ a professional to ensure you make the right decision. I meet a lot of Buyers who start looking at properties before talking to a Realtor, and though that’s within your rights, it’s not in your best interest. 

2. Pursue a Mortgage

Knowing what you can afford is (obviously) a very important step in this process. Connect with a Mortgage Broker who can walk you through the financial side of buying a home and submit your pre-approval so you know how much you can afford.  The Mortgage world is constantly adjusting to new Government policies, new lender policies, changing interest rates and unique client situations. Mortgages are complicated and require a good Mortgage Broker to help you understand your options and take advantage of opportunities. I can happily connect you with a Mortgage Broker.

3. Plan for the Purchase Costs and Home Ownership Costs

Every purchase will have some one time costs and then ongoing monthly costs to consider. All of these costs should be considered prior to purchasing so you know what’s expected of you and can feel comfortable going forward. Such as: Home Inspection, Appraisal, Survey, Legal Fees, Title Insurance, Property Transfer Tax and more.

4. Start Searching

Think about your list of criteria, your “must haves” and where you want to live. This step requires some significant lifestyle decisions, and don’t worry you can adjust your criteria as you start to learn more about your options. I have some clients who start you with a really specific and then open it up as they realize what’s possible, and others who start with an open ended search and narrow down as they realize what’s important.

5. Offering on a Property

So you’ve found a fantastic property, I’ve done some initial due diligence to ensure the home is in good repair and your initial questions have been answered – it’s time for your offer to purchase. We’ll talk about the comparable listings and sales, a negotiation strategy and what I know about the Seller.

6. Doing your Due Diligence

Now that we have an accepted offer, it’s time for your final due diligence. During the subject removal period – the amount of time you have for due diligence is until the “subject removal date” on the contract – we’ll go through all the property documents, bring in the home inspector (I can give you referrals to thorough inspectors), and you’ll work with your mortgage broker to ensure your financing is officially approved. If you learn anything from the documents, during the inspection or regarding your financing that you don’t like, you can terminate the contract and walk away from the purchase, or ask for a price reduction.

7. Making your Purchase Official

Once all of your questions are answered and your financing is approved, you can remove the subject clauses on the contract to create a firm offer. All that is required to remove the subject causes is to sign a few forms prepared by me, and submit your deposit! I’ll meet up with you to collect the bank draft. The deposit is held in trust by my brokerage (office) until the Completion Date, at which time we send it to the Lawyer who packages the deposit with the rest of your down payment and mortgage funds and sends it to the Seller to complete the purchase!

8. Preparing for your Move

Now that the purchase is official, we’ll be waiting for the Completion Day and Possession Day! On the possession date at 12pm (or whatever time is in the contract), we’ll meet at the property to ensure everything is as expected (i.e. is it clean? did they leave specific pieces of furniture?). Finally, you can start moving in!

9. Celebration!

On the Possession Day, you’ll finally get the keys! We’ll do a walk through of the property to make sure it’s clean and the appliances work, and then you can start moving in and planning your first shindig. It’ll be a whirlwind few days for you, but oh so exciting! This is your chance to create a lovely space that inspires and supports your lifestyle with the opportunity to create new routines. 

Get In Touch

Simon Myara

Phone: 604.671.5771

Office Info

Sutton Group Westcoast Realty

301-1508 West Broadway Ave  Vancouver,  BC  V6J 1W8  

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