Your first step in the home-buying process is to define the reasons why you want to purchase a new home. To stop paying rent? To start building equity? To have a place of your own? To raise a family? To move up to a bigger house? Determine the style of home you prefer and the Vancouver area in which you'd like to live. Be specific.
Develop a needs vs. wants list. Everyone has a picture of their ideal home. This home would include all the features you not only need, but have long desired. However, when it comes time to buying a home, these desired features constitute additional costs. While it's nice to think about having an artfully landscaped backyard, or built-in appliances, these are usually considered luxury items, which can add considerably to the price of your property.
Begin the list with items you absolutely need like adequate room, garage space and number of bedrooms. How much space do you really need? Does your situation require a one-level home, or are stairs acceptable? Basic needs should be considered first. After these have been established, you can consider additional features if you can manage these benefits financially. With such a list in your hands, you're less likely to be caught up in the excitement of the pursuit. You'll have a good idea of what you want, the features within your price range, and whether or not you can afford those additional items.
Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (Cambie Village, Main Street, Mount Pleasant); neighbourhood (older and settled or brand new). Check out the neighbourhoods you're considering, and ask around. What amenities does the area have to offer? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new home, so ensure you're well-acquainted with the surrounding area before purchasing.
Once you've narrowed down your list, you're ready to take the next step in the purchasing process: getting pre-approved with a Vancouver mortgage company. While getting pre-approved may sound daunting, it actually just involves getting an idea of what you can afford. When you're pre-approved, this means that a lender has reviewed your credit history, verified your assets and employment, and has approved your loan before you've found a Vancouver home to purchase.
Pre-approval gives you substantial leverage: sellers immediately see you as a serious buyer. Not only will you know the exact price range you can afford, but you'll also be able to negotiate a better deal and move more quickly when you see a Vancouver house you like. Depending upon market conditions, a seller may lean towards an unconditional offer, so you'll have less negotiating power if you have to wait for mortgage approval. Banks and financial institutions have developed many programs catered specifically to home buyers. Once you review your needs and objectives with a lending officer, you'll be one step closer to purchasing your home in Vancouver.
Contact us and we'll be happy to refer you to a Vancouver mortgage professional with an excellent reputation and track record for successfully acquiring loan approval for his/her clients.
It is a very time consuming process to view every home available that meets your needs. We can do much of the work for you, by establishing your needs, then reviewing a range of properties and advising you of potential matches. We have our finger on the pulse of housing trends and prices and access to the best possible resources and communication systems available today to help you locate homes on the Vancouver real estate market that match your specifications. A comprehensive knowledge of the available homes in your Vancouver neighborhood is one of our strongest assets.
Once you've been pre-approved and know what price range you plan to stay within, we can help you determine which properties fit your needs and wants, using the (MLS) Multiple Listing Service system.