Purchasing the Home of Your Dreams
You’ve made your choice. You’re ready to make a purchase. So, what’s next?
Purchasing a home may seem daunting and a difficult task. There’s a lot to consider and to do. As a result, having someone you can rely on to make the process go as smoothly as possible and provide expert advice is critical.
Since 2005, we’ve been assisting residents of Coal Harbour and Metro Vancouver area in finding their dream homes and guiding them through the entire process – from determining what you can afford to showing you homes that match your wants and needs to presenting an offer and closing the sale.
It’s all about assisting you in locating the ideal home in the ideal neighbourhood at the most competitive price. It’s all laid out for you in eight simple steps below:
1-Choosing to Purchase
First and foremost, you must decide whether or not you want to purchase your dream home now.You must be prepared to buy a home, and we are here to assist you. Here are a few points to think about:
- Define your needs and wants – make a list of the things you absolutely must have, such as the number of bedrooms and bathrooms your family requires, proximity to schools and work, and storage requirements. Then make a wish list of extras like a pool or deck, a finished basement, or a mud room. This will come in handy when you start looking at houses down the road.
- Educate yourself on the different types of home ownership – make sure you understand the differences between freehold (it’s all yours), condo (you look after the the inside and pay fees to an association to look after the common areas and maintenance), co-op (similar to condos, but instead of “owning” your unit, you buy shares in the entire building and pay maintenance and repair fees) and Leasehold (own the property but not the land).
- Be aware of market conditions – supply and demand can differ from one neighbourhood to the next, and from one region to the next. Knowing the market can therefore help you get more bang for your buck. As your real estate agent, we can help and assist you.
2-Finding the Right Real Estate Agent
Purchasing a home is a deeply personal and emotional experience. As a result, your relationship with your real estate agent must be based on mutual respect, trust, and expertise. They will, after all, be your eyes, ears, and voice throughout the procedure. They owe it to you to act in your best interests and to be completely transparent and accountable to you.
We will be assisting you in the following manner:
- Inform you about the current state of the market
- Compare and contrast your wants and needs with your budget
- Assist you in finding homes that meet your needs
- Collaborate with other professionals you’ll need throughout the process
- Represent you in negotiations with the seller
- Assist you in resolving any particular issues and problems that may arise
- Double-check that all required paperwork is complete, accurate, and that all deadlines are met
3-Understanding the Financing Process
The key to success, as with many things in life, is to plan ahead. So, before you go shopping, figure out what price range you can afford. Here are some things to remember:
- Down payment – this is the amount of money you’ll need to pay as a percentage of the total cost of a home. The more money you put down, the less money you’ll have to pay in monthly payments and interest over time.
- Knowing how much house you can afford – there are three factors that determine how much house you can afford: your monthly mortgage payment, your down payment, and the amortization period (or length of time it will take to pay off the loan).
- Getting pre-approved – knowing how much you can spend on a home before you start looking will save you much time and allows you to figure out what you can afford before starting your search. You’ll also be safe from any interest rate increases in future as most banks hold rates for you for certain amount of time
4-How to Choose the Right House to Purchase
Choosing the Right House to Purchase
Now is the time to go out and find your ideal home. Most people start with a neighbourhood in mind, but a good agent may suggest alternatives you hadn’t considered. Here are some things to think about as you begin your home search:
- Choosing the Right Neighborhood – Do you require proximity to schools, public transportation, highways, or your place of employment? When it comes to deciding where to live, those are important considerations. Not to mention the convenience of other amenities such as parks, grocery stores, doctors, and recreation centres. Drive around the neighbourhood and take a look at the other houses. Are they well looked after? Of course, We as your agent will be able to provide you with information on local property values and how they’ve changed over time.
- House hunting – while the hunt can be exhausting, it can also be a lot of fun. So, when you go to someone’s house, bring a companion – a spouse, a parent, or a friend – because two heads are better than one. Don’t be afraid to pose some difficult questions about the house. Take photos or videos with your smartphone so you can refer to them later. And do you recall making a checklist? Now is the time to use it.
- Look at open houses with fresh eyes – curb appeal is important, but don’t get too caught up in the bells and whistles. Look for things like new/old doors and windows, water leaks, squeaky floors, soggy areas around the yard that indicate poor drainage and could lead to a wet basement, missing shingles, lighting, and so on. Although you’ll have a home inspection later, it’s not a bad idea to start with your own observations.
5-Making or Presenting an Offer to Purchase
You’ve discovered your true love. When making an offer, however, it’s critical that you don’t let your emotions get the best of you. Keep in mind that real estate is a long-term investment. Fortunately, we as your estate agent are here to assist you in putting together an Offer to Purchase and going over all the details with you. Here are a few things to keep in mind:
- Not all offers are the same – the price, deposit, terms (which include financing details), conditions, specific items included or not included with the home, and the closing date are all important considerations. After that, you can make a “firm” offer, which means you’re willing to buy the house in its current condition. You could also make your offer “conditional” on things like a home inspection, financing approval, or the sale of your current home.
- Negotiation may be necessary – the seller may accept, reject, or counter your offer based on factors such as price, closing date, or other conditions. While receiving a counter offer can be nerve-wracking, rest assured that your real estate agent has plenty of experience to assist you. Make sure what you’re asking for is fair and equitable; be polite and collaborative; stick to your “needs” while being flexible with your “wants”; and know when to walk away, no matter how difficult it may be.
6-Before Buying a House, Here’s What You Should Do
You’ll need to enlist the help of a few professionals, in addition to your real estate agent, to get you to the finish line and ensure that the investment you’re about to make is sound. Your real estate agent can connect you with these individuals and provide recommendations. Here are a few key individuals with whom you should speak:
- A home inspector is a must-have to avoid any unpleasant surprises down the road. A home inspector will inspect your home for structural damage, including the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement, and more; and then prepare a detailed written report outlining all of their findings.
- A lawyer or could be notary (if simple closing) – when it comes to complex legal documents, you’ll need the help of a lawyer who is familiar with Canadian real estate law to ensure that you and your investment are safe. A real estate lawyer will review the purchase and sale agreement, conduct a property title search, ensure that your home complies with current building and zoning codes, verify that utilities and property taxes are current, review the mortgage agreement, and prepare all necessary paperwork for closing.
7-Closing on a Home you Purchased
Closing day is when you take possession of your new home for the first time. It is, without a doubt, an exciting time. However, there are a few things to keep in mind before you take possession of the keys:
- Closing costs – these include mortgage application fees, inspections, legal fees, insurance, registration, and more, and must be paid by or on the closing day.
It’s possible that all of these costs are making your head spin. But you can rest assured that we will assist you in navigating all of this and getting you to your final destination in the most stress free way….
8-Home moving tips & Ideas
The time has come. And there will be just as much excitement as sore backs. However, by planning ahead of time, you can make moving day less painful. Here are some pointers for a smooth transition:
- Create a moving checklist that outlines a schedule for tasks that must be completed in the weeks leading up to moving day. (refer to attached)
- Make packing easier by clearly labelling boxes with the rooms to which they will be delivered. You might even want to give the movers a floorplan so they know exactly where to take them.
- Ask for quotes from reputable moving companies that are competitive.
- If you own your current home, cancel your cable and utilities, and give any rented appliances (such as a water heater or furnace) to the new owners. While you’re at it, make sure your new home’s gas, electricity, cable, and phone are all connected.
- Notify your key contacts of your change of address, such as your employer, Canada Post, doctors, friends, pharmacy, and so on.
- If you have children, talk to them about why you’re moving and reassure them that the friends they’ve made will be able to stay with them. Inquire about their opinions on matters such as what colour to paint their rooms. Make it interesting for them.
- Plan an easy meal for moving day, such as ordering takeout. It’s stressful enough moving without having to cook on top of it.
Congratulations. You’ve all settled into your new residence. Welcome Home!