Choosing to buy a home is one of the biggest decisions you’ll make in your life. It’s a complex ordeal that requires a lot of planning, and relying on my help and knowledge so that the process runs smoothly. To best prepare you for this, here is a general overview of what to expect and prepare.
The first step is always meeting with a trusted mortgage broker to begin the process of getting prequalified for a mortgage and to determine what you can afford. As for your down payment, the general rule of thumb is to save at minimum 5% of the purchase price of the home you’re planning to buy.
It’s important to partner with someone you feel completely comfortable with. I can help you find your dream home that meets both your needs and stays within your budget. I will set you up with viewing appointments and also help bring clarity to the complicated process of buying a home. My experience and knowledge will ensure your best interests.are represented.
Now that you have your team assembled, it’s time to visualize your dream home that best suits your current lifestyle. I’ll take the information from your list and create a customized home search using the Real Estate Board of Greater Vancouver’s search engine. This program is 24 hours ahead of the public sites, and will allow you to stay as up to date as possible when new listings come on the market. From there, I schedule appointments to view properties in person.
When you are ready, I will help you put together a competitive offer that I then present to the seller’s agent. I will negotiate the best deal on your behalf, and most likely our offer will come with a series of conditions we must fulfill before you formally decide to finalize the purchase. These conditions are known as “subjects” and I often view them as home work, no pun intended. An example of standard subjects to expect are outlined below:
From the point of an accepted offer, this gives your mortgage broker 7 – 10 business days to approve your mortgage. It’s important to note that your initial pre approval is different from your mortgage approval – the pre approval you do at the beginning of this process with your broker is approving your personal financial picture, whereas the next step for the broker once you have an accepted offer is approving the property itself.
There are a series of documents pertaining to the home you want to buy that you want to review and feel comfortable with before moving forward. Some examples include strata documents if applicable, the title to the home, and a disclosure statement with questions about the property that the seller has answered, as well as any city documents that may be available. We will go through these in detail together.
Having an inspection done on the home is so helpful for you to learn more about the condition of the home you want to buy, and is also a great tool to get to know the home better. In the event that major deficiencies are discovered, we have an opportunity to discuss and try and negotiate with the seller to come to a resolution that makes you feel more comfortable moving forward.
During the subject removal period, it is recommended to shop around and get a sense of what your property insurance will cost. These are examples of standard conditions you as a home buyer will want to have written into any offer, but every home is unique and your offer may require different conditions. Another common subject is your offer being conditional upon the sale of your current home, but this is particular to your own situation. At this point, congratulations are in order! Becoming a homeowner is one of the most financing sound decisions you will make. There are so many benefits to home ownership – building equity, stability, pride of ownership, the list goes on.
Through curated systems and a collective approach, we deliver a positive experience in one of the most significant transactions of your life. Establishing foundational relationships built on trust, education, transparency and fun, we are committed to supporting our clients in a successful real estate journey. Contact us today!