Buying a Home
Buying a home, whether it’s your first or fifth time, is an exciting life event – but things can get complicated if you venture into the process without a professional to handle all of the heavy lifting.
Choose a real estate agent that’s right for you.
There are many ways to find a good agent. Personal recommendations from friends and colleagues are often helpful. If someone outside the real estate business recommends someone, you can be pretty sure you are onto a winner. Here are some traits to look for in your real estate agent. Ask yourself: Is he or she:
- Current? Is the agent up-to-date with the latest housing trends?
- Connected? Does the agent have the contacts who can assist in every phase of selling your home?
- Knowledgeable? Is the agent familiar with the current market?
- Organized? An agent must pay close attention to your specific needs, communicate well
- Personable? Agents who are sincerely interested in helping you will “go the extra mile with a smile.”
- Tenacious? Successful agents possess a strong work ethic.
- Honest? Professional real estate agents build their reputation on high standards of business practices.
- Self-motivated? Successful agents work hard because if it benefits their clients, it benefits them.
- Creative? Sometimes, it takes creativity to properly showcase a home.
- Tech-savvy? Someone with social media setup, website, user-friendly home search options.
Know your budget: explore mortgage options, and get pre-approved.
Getting pre-approved for a home loan can be a daunting experience. First, find a mortgage lender that you’re comfortable with. If needed, your real estate agent might be able to provide a referral. Your lender will check your financial standing to determine how much you can borrow, how much you can afford, and which loans might be right for you. Applying for a mortgage requires a written application and supporting documentation; it can be a slightly intimidating process and there are a few things you should be ready for when meeting with your mortgage lender:
- They will check your credit score: Credit scores are ranked on a scale of 300- 900 and the higher the better.
- They will check your employment history: Lenders ask for a list of your past employers, how long you’ve been with your current employer, and what your annual salary or take-home pay is.
- They will check your assets and debts: Be prepared to show your past tax records, recent bank statements, and current debt amounts, including credit card debt, car loan, or student loan. Lenders want to know your debt-to-income ratio to know if you can make each loan payment with the income you earn.
Identify homes you like and schedule home tours.
As a home buyer, you can expect to see an array of different home styles and designs. what’s most important is that you choose a home that complements your lifestyle and your income. To narrow down your choices:
- Know your budget and stick to it.
- Determine a desired location.
- Consider how many bedrooms, bathrooms and square feet you need.
- Decide which amenities are must-haves versus like-to-haves.
- Consider your needs for outdoor space, like a yard or balcony. Your agent will coordinate showings for properties you’d like to see in person.
Make an offer.
An offer is a formal, legal agreement to purchase a home and is legally binding once accepted by the seller. Offers to purchase a home can be made conditional on factors such as financing or a home inspection. If any of the conditions are not met, you can change or cancel the offer, even if the seller has already accepted it. You will need to present a deposit along with your offer. The amount varies based on the home’s purchase price and the market.
Get a home inspection.
Inspections generally cost a few hundred dollars but will bring to light any major issues or concerns with the home. The Purchase Agreement can be contingent on the outcome of the inspection, so if you don’t like what you find you can withdraw the offer and keep looking.
Close the deal.
This is the last step of the real estate transaction, once all the offer conditions outlined in the Agreement of Purchase and Sale have been met and ownership of the property is transferred to the buyer. Once the closing period has passed, the keys are exchanged on the closing date outlined in the offer. Closing Costs: The costs associated with “closing” the purchase deal. These costs can include legal and administrative fees related to the home purchase. Closing costs are additional to the purchase price of the home.
Remember to update utilities and transfer services.
Move into your new home!
You will need to pay the balance owing, including down payment, legal fees, property transfer tax and any other adjustments to your lawyer or notary. On completion day you officially own your property, there are a few things that will happen:
- Your lender provides the mortgage money to your lawyer or notary.
- Your lawyer/notary pays the seller and registers the property in your name with the Land Title and Survey Authority of BC.
On possession day you are finally able to enjoy your new property whether it is a move in ready home, a new renovation project, a weekend cottage or a commercial property to locate a business. You’ll obtain the keys to your property!
Feel Free to Contact Me
If there is anything I can help you with, or if you simply have questions, please feel free to reach out to me anytime. I look forward to hearing from you.
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(778) 720-0220
Phone number
(778) 508-9966
leanna@maslyukrealestate.com
202 – 15388 24 Ave. Surrey, BC V4A 2J2 Canada
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