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Buying a home is exciting, but it's also a huge financial commitment. If you're new to the process or have questions about what to look for when buying your first home, we're glad you're here! Let's take a look at some of the most common questions first time home buyers have and how we can help you make an informed decision.
Get pre-approved for a mortgage. This is probably the most important step to take when you're buying your first home. A mortgage broker will meet with you and help determine what type of loan would be best for your situation, as well as give an idea of how much money they think you can borrow. You'll also get tips on how to improve your credit score if needed, which is helpful since most lenders will want to see proof that you have good credit before approving any loans or mortgages from them. Getting pre-approved means talking to a lender about getting approved before they actually give out any money; it doesn't mean that they've already given it! When looking at homes with this information in hand (and after doing some research) buyers should know their limits so that they don't end up overspending. On the contrary, making too many concessions just because something was cheap at first glance, may not turn out as expected later down the line due to unforeseen costs associated with doing repairs or renovations which seemed simple at first. When home buyers get pre-approved for a mortgage, they can then shop for homes knowing exactly how much money they have to work with. When you're looking at houses, the real estate agent will often ask how much you can afford each month in order to figure out what price range works best for you. Once you know this information, it'll make it easier when negotiating terms.
When you're ready to buy a home, the best thing you can do is find a real estate agent who will work for your best interest. A good realtor should be able to help you find the right home at an affordable price and negotiate with the seller on your behalf. They should also be willing to answer all your questions honestly and thoroughly so that there are no surprises later on down the line. Because most people think of their real estate agent as being like a friend or even family members, it's easy for them not only forget but also ignore these facts:
A good realtor will work hard at finding the right home for you, but this doesn't mean that's all they are going to do. They'll help you find a home that fits your needs and wants, so that when it comes time to make an offer on a property, you know exactly what needs to be done in order for it to be accepted by sellers.
You may be wondering why you would pay a commission when you're buying. The answer is simple, you're not: because the seller pays it, not the buyer! The seller pays their listing agent a percentage of the sale price as compensation for their efforts in marketing and selling their property, and from this compensation a portion is provided to the buyer's agent for helping facilitate the deal.
If you're thinking about buying a home, you may be wondering why it's not a good idea to just use the listing agent. The reason is simple: they represent only one party--the seller. Unfortunately, listing agents don't have your best interests at heart. They're focused on getting the most money possible for their client, and that means they may not be as willing to negotiate with you over issues like price or closing costs. By working with a real estate profession in your home search, one who's focused on helping you find the right house and negotiate the best deal possible, you gain support from an expert who can help you avoid costly mistakes.
Before you start looking for a home, it's important to be clear on what you need and what you want. Most first-time buyers will have a list of "must haves" that are non negotiable--things like a garage, yard space and fireplace. The rest of your wish list can be broken down into three categories:
Once you've determined what's important to you and what you can live without, it will be easier to shop for a home. You'll be able to focus on the features that are most important, which will save time and money.
When you're considering a new neighborhood, it's important to do your homework. The best way to get a feel for a neighborhood is by talking with people who live there. Ask friends and family members about their experiences in the area. If you don't know anyone who lives in the neighborhood, ask them where they would consider moving if they had to buy again today. You can also look up local crime rates on the internet or check with your local police department if you want more information than what's available online (or just want peace of mind). The next step is looking at schools' rankings--this will tell you which schools are nearby and how well they perform academically so that when it comes time for buying real estate, you'll have an idea of what options are available for families with children or those planning on having kids soon after purchasing their first home together as husband-wife couples without children yet but hoping someday soon!
When you purchase a home, there are many costs associated with the transaction that can be paid by either the buyer or seller. These fees are called closing costs and should be determined upon completion of your offer.
As a first-time home buyer, there's a whole lot to learn. There are basics like mortgages, realtors and the home buying process that you'll need to know before you get into the nitty-gritty details of your search. The following are some tips and tricks that will help you get started on the right foot:
We hope these tips and tricks have helped you get started on your journey towards becoming a first-time home buyer in BC. If you're still feeling nervous about the process, don't worry! There are plenty of resources out there to help you along the way: from Mortgage brokers with experience helping newcomers buy homes, to real estate agents who specialize in first-time buyers & know exactly what they need to be successful in their process (like us!).
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