Checklist for Buyers!
Buying your own home for the first time is a big step for most people. It is an exciting and life-changing decision after all. That is the same reason why you should be extra careful and do specific research on what you should do to avoid any regrettable decisions. Here are some tips that you need to remember:
Be ready - Get pre-approved and be prepared to move quickly. Your realtor is there to hold your hand and ensure you understand everything. The Greater Victoria market will move quickly and you don’t want to be upset if you miss your dream house because your financing wasn’t started or you were gun shy.
Do your research - if you are trying to buy a property, it would be wise to make sure that you do your research on any property that you’re interested in. Does the zoning fit for what you are looking to do with the property? Are you going to grow out of it within a year or less? Does the neighborhood have good schools, bus routes, shopping, or views that you are looking for?
Do your due diligence: Hire your team. You will need an inspector, a lawyer, a mortgage broker, an insurance broker, and if it's a strata - using a company like a condo clear who looks at all the strata minutes and depreciation reports and makes sense of it for you - can be incredibly valuable.
Understand your mortgage - this is a common mistake for a lot of first-time buyers. You have to be sure that you fully understand your mortgage. There are a lot of times wherein a buyer does not understand or care about the mortgage terms as soon as he or she heard the word approved. Understand what your term and conditions are and what the penalties are if you were to port your mortgage to a new lender if a better rate came about in a few years. If you’re unsure, ask. Your mortgage broker has a duty to ensure that you understand what you’re signing.
Exhaust all your options - It's smart to use a mortgage broker over a bank as they can engage several lenders and compare their rates. The goal is for you to get the best possible deal that you can. Sticking with one lender will set you at a disadvantage.
Once you have removed subjects - Hire a moving company, companies book up well in advance and you don’t want to have to move your entire home via your honda fit. Have BC hydro set up your account for you for the day of completion, it is no fun trying to move-in in the dark! Book your internet and cable company to come within a day or two of possession so you can get back on the grid as soon as possible.
Remember, this is not an exhaustive list, I would be happy to answer any questions you have about the process of purchasing a home.