When you've decided you want to become a homeowner, it can be exciting to shop around for a new house and find a place you can enjoy living long-term. You may be ready to make modifications to the next place you live or enjoy settling down and making a financial investment that can pay off over time. If you're planning on buying a home in Vancouver, there are a few important facts a realtor in Vancouver wants you to know to ensure you're prepared.
Know You're Ready to Own a Home
It can be easy to underestimate how much financial and emotional investment it requires to own a home. Many people are unaware of how much money they need to set aside for a down payment or understand they should have stable employment in the last few years. It also requires knowing local laws and bylaws of the local area because you may not be able to do whatever you want on the property.Your Credit Score
Knowing your credit score is essential to determine if you need to improve it before applying for a home loan. Your credit score is one of the main factors lenders review when deciding if they're going to loan you money. Both TransUnion and Equifax Canada monitor credit history. Lenders like to see credit scores of 660 to 760. If your score is low, work on paying down credit card balances and making your payments on time.Your Financial Preparation
It's important to get pre-approved for a home loan before you start shopping around for a new house to ensure you're prepared to make an offer. Many people make the mistake of making an offer on a home before they get approved for a loan, which can make it easy to lose out on the house to another buyer. Some sellers may also not want to wait around for you to apply for the loan.Keep in mind that the lender will still need to approve the home you select. If the house is priced higher, it can be more of a risk and challenging to secure the loan.
Your Capability to Hire a Real Estate Agent
Many buyers make the mistake of shopping for a new home without a real estate agent’s assistance. Many people assume that the costs are high without realizing that the home’s seller is the one to cover the costs of the realtor in Vancouver you use.Agents are helpful because they're often aware of houses for sale that may not be listed on the market yet, which can allow you to have an advantage over other buyers. They can also help you with the negotiation process and work as the middle man to help you a better deal on the property while working with the seller. Keep in mind that you can't have more than one agent working with you.
In British Columbia, you need to decide if you're going to be the agent's client or customer. If you choose to be a customer, the agent will be responsible for selling you the house. As a client, they will offer their assistance as you work towards buying a home.
Your Online Research
A realtor in Vancouver will recommend looking online when you start searching around for a home. The internet offers faster results and updates quicker compared to newspapers or magazines. More sellers also utilize the internet than other marketing forms, allowing you to discover more listings available. In many cases, you can even contact the realtor directly through the ad for added convenience.You still want to visit the properties you like in person because they can look different than they do in the photos. Schedule to take a tour to ensure you can view the house’s quality and condition to determine if you can envision yourself living there.
Your Wants and Needs
Part of the home buying process is knowing what you want and need to ensure you can narrow down your top choices and select the best options available. Make a list of features you may desire, including an updated kitchen, an open floor plan, or a large backyard. Communicate what you want to your realtor to ensure they can find the best properties that meet your criteria.Also read: Find a Realtor You Trust in 30 Minutes Flat
Once you've narrowed down your top choices, take a second look at each house before making your final selection to ensure you feel confident in your decision. Take a close look at the materials’ condition in the building and look inside the closets and cabinets to get an idea of how much storage space is available.
