Buying a home
Buying a home is one of the most important decisions you’ll ever make. Armed with knowledge, and guidance from the right REALTOR®, you can feel confident you’re making the right choice.
Are you ready to buy?
Be realistic about your situation and understand what you can afford. You should have your down payment and you should be good at managing debt.
The cost of buying a home = one-time costs (down payment, legal fees, inspection fees and taxes) + monthly costs (mortgage, utilities, maintenance, insurance and property taxes).
Getting a mortgage
Negotiate interest rates and mortgage terms with different lenders and get pre-approved for a mortgage before you start house hunting. This determines the maximum amount of money you can borrow.
How much you pay for a mortgage depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period).
Choosing the right Realtor for you
Think of your Realtor as your guide through what’ll most likely be the largest transaction of your life. Your Realtor advises and assists you at every stage of the process, navigating potential pitfalls.
To find a Realtor, drive through neighbourhoods that interest you and jot down names. Go to open houses, look at advertising, or ask friends and family if they’ve worked with a Realtor they like. Interview a variety and pick the one you who suits you best.
Finding a home
Decide where you want to live, which neighbourhood suits you best, and what type of home you want and what you can afford.
Realtors work from a powerful business system called the Multiple Listings Service® (MLS®), which contains detailed information on property listings. Your Realtor can send you listings that fit your criteria and together, you can draw up a short list of possible homes.
You can also use Realtylink.org – Metro Vancouver’s best way to search for homes. Owned and operated by the Real Estate Board of Greater Vancouver and its Realtor members, Realtylink.org is powered by the MLS®.
Other costs
On top of your mortgage, there are other costs to buying a home, including legal fees, Realtor fees, moving costs, disbursement fees, and utility fees.
Selling my property
Whether your upsizing, downsizing, or selling an investment property, the steps to sell are universal.
Choosing the right REALTOR®
The Realtor who helped you buy your current home is a good place to start. They already know your home and they know you. Alternatively, look for names on “For Sale” signs in your neighbourhood or ask friends and family. Interview two or three candidates and choose the one you like best.
Getting your home ready to sell
An attractive, well-kept home has a better chance of selling faster. Keep in mind that cluttered rooms make them look much smaller than their true size – try to create a feeling of spaciousness.
Minor updates, like improved lighting, can add value to your home . Think about how to highlight and improve your home’s best features.
Deciding when to sell and setting the right price
In real estate, timing influences what your home will sell for. How quickly you need to sell, whether it’s a buyers’ or sellers’ market, and seasonality all play a role in your home’s final selling price. Stay on top of market conditions to better understand today's real estate prices. For the most detailed knowledge, you’ll want to consult your Realtor.
The right asking price will attract attention and maximize your return. A Realtor helps you determine the best price to set for your home. They’re experts at assessing and marketing your home’s value. They’ll help you determine an evidence-based price for your home based on their knowledge, experience, and market research.
Add specialists to your team
It’s essential to have a notary public or a lawyer handle the various documents that change hands and ensure your best interests are always protected. If you’re looking for professionals, your Realtor likely has a collection of contacts they can recommend.