Buying a home is a big, life-altering decision, which can be quite the rollercoaster. Which is why before you get too far into the process of even looking for a home, that you understand everything that’s involved.
As the saying goes, knowledge is power, and that’s especially true in the buying process. To help make the buying process flow smoothly, here’s a breakdown of the 9 key steps to buying a home:
- SECURE YOUR FINANCING
First consider, why you want to buy? It’s important that you assess the financial responsibility of carrying a mortgage and do so in the context of your current financial situation. Also, you want to look at how much you realistically can put down as a down payment. A good way to do this is to get a pre-approval. If you work with a mortgage broker you’ll be able to better evaluate your financial situation and determine a budget.
- ARE YOU WORKING WITH A REALTOR®?
A REALTOR can help you save both time and effort in the search for a property as they have intimate knowledge of the ins and outs of different properties, blocks and neighbourhoods. As your real estate team, we can help guide you so you get the best options for your budget and avoid surprises after the fact.
- DEFINE YOUR GOALS, NEEDS AND BUDGET?
Get clear on your goals for your home, your needs in terms of amenities, location and other key factors. Its important that you understand the budget you have to work with. Start by considering what neighbourhood best suits you and what type of home you want. Do you want a condo, a townhouse or house? What’s within your budget in your desired neighbourhood? You’ll also want to consider if you want a new property or re-sale as that will impact the price.
- CONDUCT YOUR HOME SEARCH?
Realtors run an incredible search tool called the Multiple Listings Service (or the MLS for short), which contains information on property listings. Once we get clear on your needs versus wants and establish your budget, we will set you up on a personalized listing search. From there, we’ll narrow down which properties are of interest and visit a handful of homes so you have a clear picture of what’s available.
- DO YOU HAVE TO SELL YOUR CURRENT HOME?
Do I sell my home before I buy, or do I buy my new home before I sell? It’s natural to want to buy your new home first so you have the security of knowing where you’ll be living. But there are advantages to selling first, buying later – especially if you can arrange a long closing so you have time to find the right-for-you property. If you sell first, you’ll know how much your house is worth and exactly how much you can spend. In this scenario, you won’t necessarily have to make your offer subject to financing.
- KEY PEOPLE TO INVOLVE
As you go through the process, there’s more than just you and the realtor involved. Some key people you need on your team are:
- A mortgage broker may be able to get you the best possible rates.
- A notary public or a lawyer will help you understand the many legal documents that come with buying your home.
- A home inspector can save you from unpleasant surprises when you move in.
As your real estate team, we can make multiple recommendations for each.
- MAKE AN OFFER AND NEGOTIATE SUCCESSFULLY
You’ve visited the properties and found one you love. Now it’s time to write an offer. We will prepare the offer for you, negotiate on your behalf and walk you through each step of the way, so there are no surprises. It can be nerve racking and we are here to help you navigate the process.
- CLOSE THE DEAL AND MOVE IN
Your offer has been accepted! Congratulations! If your offer has subjects then the typical subject removal period is 5-7 business days. If subjects in the contract are not met, then the sale will be void. As subjects are met and approved, the buyer must remove them and then pay the deposit as set out in the terms of the contract. Once we remove subjects, we’ll work with your chosen notary public or lawyer to do most of the closing work. Once the closing work is complete we will distribute the keys and you can move in. Welcome to your new home!
If you’re ready to buy a home in Vancouver, we’d love to get together for coffee to see if we’re a fit. Book your coffee session now.