December 5, 2012 | No Comments YetTags: buying home, canada, foreclosed properties, foreclosure, investment, real estate, realtor
Buying a new home in the Vancouver area is one of the biggest decisions that you are likely to make. There are many things that need to be considered before making this large purchase. Here are a few tips to help you through the process.
Amount to Invest
One of the first things that should be considered is how much to invest in the home. First, consider your current housing needs and whether or not they are going to change in the future. For example, if you are a young couple and planning on children, your housing changes will need when the child comes along. Next, consider how much that you can afford and whether you want to use the real estate as a type of investment or savings.
Determining how much you can afford can be a somewhat difficult process. It is best to consult with a mortgage broker for advice. The mortgage broker that is chosen should work independently from the various banks. One of the major advantages of using a mortgage broker is that they typically can provide you with a lower interest rate for your loan. It is best to obtain a mortgage broker at the beginning of the buying process as you will be able to lock in an interest rate. This is beneficial because if the interest rates go up while you are looking for your home you will keep the lower rate that is locked in. If the rates happen to go down while you are in the process, you will receive the lower rate.
Another important factor to consider when purchasing a home is the timing. It is important to consider whether or not the market is going to be going up or down, what the current interest rates are and also your own personal situation.
To obtain an idea of the real estate market and the expectations for it, talk to a busy real estate agent. Experienced realtors can help make a judgement on price trends based on several indicators, such as the number of purchase offers, showings, and from the general consensus from other real estate agents.
When starting the search for your home it is a good idea to make a list of the features that you desire in your home. Taking the time to really think about what you prefer in your home can be extremely beneficial during your search. If you are purchasing a house with another person each person should make their own list and these lists can be combined during the search.
Once the list is made, divide the features into groups of importance such as must have, will likely have, and is desirable, but not essential.
Some of things that should be included on your list are the type of housing that you want, the number of bathrooms, number of bedrooms, and locations. Location can be very important as this can increase the investment value of your home.
Using a Realtor
While purchasing a home on your own can be accomplished, typically using a realtor is recommended. A realtor can be extremely beneficial for many reasons. Realtors have access to more houses than you would find on your own. If you have been looking for a while and having difficulty finding a home, a realtor can help.
Realtors can provide you with current housing trends and selling prices for the area that you are looking to purchase a home in. In addition, they will be able to help during the negotiation process when trying to come to an agreement on the price of the home that you wish to purchase. A quality realtor will be able to get you the best possible price on the home that you want.
Realtors are experts in the housing market. They will be able to help you throughout the entire process of buying a home. When you stop to consider the fact that a home purchase is likely the biggest purchase that you will make during your life time, it is a good idea to have a professional on your side.
Taking the time to do a bit of research and using a realtor are the best tips for buying a home in Vancouver.