Metro Vancouver’s First-Time Homebuyers’ Guide
Want to buy a house, but don’t know where to begin? To help you out, we put up a special guide for first-time homebuyers.
The rising cost of housing puts the dream of homeownership out of reach for far too many British Columbians. Saving enough for a small down payment on a first house might require years of hard work and sacrifice. What then?
There are a lot of things to think about and questions to ask before diving headfirst into Canada’s priciest home market.
∙ “Where do I look for my first real estate agent?”
∙ How can I outbid other bidders?
∙ Which is better: a brand-new apartment or an older one?
∙ When looking for a condo, what warning signs should I be aware of?
∙ For example: “What other fees might I expect to pay for a home?”
∙ Can I get first-time homebuyer assistance?
To answer these and other questions, Post media reporters and editors in Metro Vancouver and around the nation have compiled a First-Time Homebuyer’s Guide. Explanatory pieces on the property market and the home-buying process from journalists at the National Post and the Financial Post complement the local coverage.
The material of this article is a curated compilation of narratives and films created for those who are thinking about making the largest purchase of their lives.
Barry Choi: Thinking about buying a home? These are the steps to take
Many people in Canada have the dream of eventually owning their own house, but this doesn’t happen quickly. In order to realize the American dream of home ownership, there are a few things you must do and remember.
10 terms first-time B.C. homebuyers need to know
There are a lot of things to consider when purchasing a house for the first time, from finding a broker and browsing the Multiple Listing Service to calculating monthly mortgage payments. Then there’s the jargon, like “amortisation” and “variable mortgage rate,” to study up on.
A first-time homebuyer’s guide to the Lower Mainland real estate market, including a glossary of 10 essential phrases.
We contacted Mariko Baerg from Bridge well Real Estate Group to assist us distinguish between first payments and final payments, as well as between the dates of completion and possession.
How to find your first realtor: 3 things to look for
As exciting as it is, purchasing your first home may bring on a lot of stress. One of the first things you can do to ease the stress is to hire a real estate agent. There are over 14,000 real estate brokers operating in the Greater Vancouver area; how do you pick the best one?
“It’s a really intense connection for the period you’re working together,” Mary Cleaver, a realtor since 2011, has stated. A lot is at risk.
The buyer and the agent will have to meet for an introduction session, go to open houses, check documentation, discuss the property, and submit offers. This might take weeks or months. Having a good connection with someone is essential.
Cleaver said, “Whether this is your first time purchasing or your tenth, the things you’re searching for are the same.” A person’s “competence,” as in whether or not they are capable of completing the task at hand, and “capacity,” as in whether or not they are willing to take you on
Old, newer or newest? The pros and cons of purchasing an older vs newer condo
The laundry room may be the deciding factor for some customers.
Kristi Holz of Stillhaven Real Estate Services said that the lack of an in-suite washer and dryer might be a deal breaker for some potential renters.
It shouldn’t be an issue if a potential buyer is interested in a condo in a relatively recent building. A communal laundry room is a common amenity in older buildings, so keep it in mind if you’re trying to decide between an older, newer, or brand-new property.
When determining whether to purchase a condo in a new or old building, it’s important to weigh a number of factors, from the building’s facilities to its location.
5 tips if you end up in a bidding war
Your ideal house exists, and you’ve discovered it. So have at least 15 other individuals.
In an oversaturated market, buyers have little choice but to choose amongst several competing offers. There have been more than a few heated bidding fights in the Lower Mainland lately, as desperate homebuyers let their emotions get the best of them. They claim that the outside world is a jungle.
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Keeping calm is essential in Vancouver’s home market for this reason. When you’re not the only one who thinks a house is perfect, there are steps you can do to make the purchase process less stressful. To help us out in the Greater Vancouver bidding wars, local realtor Amy Trebelco gave us some advice.