Buying your first home is a dream come true! It takes time and planning, but it all falls into place when you have the right real estate agent working with you. They know the ins and outs of the real estate business, and they will make sure nothing falls through the cracks. They work closely with first-time homebuyers to help them identify what they want from a home in Vancouver and their price range.
Talk about Wants and Needs
Finding a dream home in Vancouver is easier than you may think. Spend some time finding the best real estate agent to assist you. They should be skilled, easy to communicate with, and driven to help you find the best home for your wants and needs. They should spend time talking to you about different options.
Such a real estate agent should be patient and answer all the questions you have. While they deal with real estate transactions day in and day out, it is all new to you. With their expertise and your desire to own a home, it can be a great outcome. Share with them what the home has to offer. For example, you may want at least 3 bedrooms and 2 bathrooms. You may want a yard for the kids to play in.
Do you have certain neighbourhoods of Vancouver where you wish to live? Perhaps there are schools or activities there that are important to you. Maybe you want to live close to where you work so you don’t waste time everyday commuting back and forth. Next, make a list of the wants you have for a home. These are extras that you wish your home offered, but they won’t be a dealbreaker if they are lacking.
Some of them common wants include a separate bath and shower in the bathroom. Another common one is a fireplace. If you entertain often or do work from home, an office or dining room may be something you are interested in. Extra storage space is often something homebuyers in Vancouver look for. They don’t want a home that is cluttered.
Pre-Approval for a Loan
After you find your agent, they can help you get pre-approved for a loan. A common mistake is seeking funding after you find the home of your dreams in Vancouver. This can be a huge let down if you can’t get the money for it. With the pre-approval process, you know if you are approved and how much. This helps you and the agent find potential homes that fit your requirements but also within your price range.
You will need to provide a variety of documents for the pre-approval. This includes verification of income, they will conduct a credit check, and they may ask for other information based on your variables. Provide what they ask for timely so they can proceed with processing your home loan application. As a first-time homebuyer, you may qualify for some incentives and a lower interest rate. Your real estate agent and the potential lender will review what is offered with you.
Identify what is Available on the Market
Now is the fun part of finding your dream home in Vancouver! Your agent will share with you any homes on the market they feel fit your requests. Take your time to look at the pictures and information they send to you about them. If any of the homes grab your attention, schedule a time with the agent to view the home in person.
Don’t rush your decision, buying a home is a huge commitment! If you aren’t thrilled with anything on the market, be patient. New homes are added to the list of options all the time. Sometimes, homes that have been on the market will drop in price, and that can put them on your list of prospects. You will know when you find the perfect place.
Make an Offer
When you identify the home you wish to call yours, your agent can help you make an offer on it. If your offer is accepted, the process to complete the contract will ensue. You already know you are approved for the financing so there isn’t anything stressing you out. You will be advised of the closing date. On that date, you complete the final paperwork, you receive the keys, and you can move it. You will officially become a first-time homebuyer in Vancouver that day!