Choosing to buy a home is one of the most significant decisions you'll ever make. It's a complex process that requires careful planning and consideration. Whether you're a first-time home buyer, looking to downsize/upgrade, or a seasoned investor, Wilson and Martin offer an honest and personable approach that goes beyond the ordinary. Here is a general overview of what to expect and prepare.
Step 1: Know Your Budget | Get Pre-Approved
Before you start your property search, it's crucial to understand your financial situation and set a budget. Begin by determining how much you can afford for a down payment - minimum 5% of the home's purchase price. The mortgage calculator on my website can give you an idea on your monthly mortgage payment and closing costs. Next, schedule a meeting with a mortgage broker to determine what you can afford based on your income, expenses, credit score and other relevant factors. With a pre-approval, you will know the maximum mortgage amount you qualify for, your guaranteed interest rate, and your monthly payment requirements.
Obtaining a pre-approval not only gives you clarity on your financial parameters but also provides a competitive edge when negotiating with sellers. While both mortgage brokers and banks can assist you in securing a mortgage, it's worth considering the benefits of a mortgage broker, who can shop around with multiple lenders to find the best possible rate for your situation.
A REALTOR® encompasses more than just a licensed broker or real estate agent. As a member of the Canadian Real Estate Association (CREA), a REALTOR® adheres to a strict Code of Ethics, emphasizing professionalism and expertise. It's crucial to work with a REALTOR® who has your best interest at heart at all times; with whom you feel entirely at ease. Don't hesitate to ask numerous questions before making a decision on whom to work with. A competent and reliable realtor will appreciate inquiries and view the collaboration as a partnership.
At Wilson Chiu Real Estate Group, we will assist you in various ways, including:
- Determining your eligibility for government homeownership incentive programs.
- Referring you to a trusted mortgage broker to find the best fit for your situation.
- Providing insights into desired neighbourhoods by sharing information about nearby schools, parks, and amenities.
- Searching & identifying properties that meet your requirements and scheduling viewing with the sellers' agents.
- Accompanying you on the home tours to provide insight & feedback.
- Meticulously research and assess the fair market value of comparable properties & come up with a purchase price, completion date & other terms.
- Guiding you through complex contracts & documents on making an offer. Negotiating a purchase price and contract terms on your ideal home.
- Recommending qualified industry professionals, such as home inspectors, real estate lawyers, notaries, contractors, cleaning & moving company.
- Scheduling a home inspection with the inspector & seller's agent. Reviewing the inspection report with you and the inspector on any deficiencies, defects and safety concerns found. Re-negotiate with seller's agent depending on severity.
- Making sure all conditions are satisfied for subject removal.
- Deliver keys on possession day.
Some factors to consider for your search are:
- Type of home: single-family detached, semi-detached, duplex, townhome, apartment/condo.
- Neighbourhood: Consider commute time to workplace, schools, daycare. Availability of transit, walking/bike paths. Proximity to amenities. Atmosphere of the neighbourhood vibrant or quiet-residential area. School Catchment.
- Budget: Set a realistic budget for your home purchase, taking into account not only the purchase price but also additional costs such as closing costs, property taxes and maintenance fees. Remember to consider potential future expenses to repair, maintain and/or upgrade the property, and ensure that your budget allows room for flexibility.
- Size and Layout: Determine the size and layout of the home that best suits your needs. Consider factors such as the number of bedrooms and bathrooms, as well as the overall square footage. Think about how you will use the space now and in the future, and whether the layout accommodates your lifestyle and preference.
- Utilize Resources: In addition to the properties we have set up to tour with you based on our understanding of what you are looking for, you could also use the property search option on my website. It allows you to easily see properties on a map with walkability score and adding as many filters as you would like.
Prioritize Your Needs and Wants: Make a list of features that are essential to you in a home, as well as those that would be nice to have but are not deal-breakers. Prioritize your needs and wants to help narrow down your search and focus on properties that best align with your preferences.
Viewing potential homes that could be yours can definitely be the most exciting part of the purchase. We typically schedule 3-5 properties on each tour as we find that buyers tend to remember more about each property within this range.
Our job is to provide insight while maintaining transparent communications with you at every stage. If we identify any underlying issues with a property, we will disclose them to you even if we know it is the home you plan on making an offer. We also meticulously research and assess the fair market value of each property. We'll highlight both its advantages and drawbacks concerning resale value. Place your trust in us, and we'll ensure a real estate experience that is not only enjoyable but also yields exceptional results.
You've decided on the right property and are prepared to submit an offer. During this phase, it's natural to experience a mix of excitement and nervousness.
As your dedicated REALTOR®, we're here to expertly guide you through the intricate process of making an offer – a crucial step that could lead to the seller's acceptance, a counteroffer, or perhaps, regrettably, rejection. Employing Wilson and Martin's exceptional negotiation skills, we'll craft an offer that not only meets your needs but also stands out to the seller.
The essential subjects, terms & conditions that we typically draft up on the Contract of Purchase and Sale in a balanced market are financing, home inspection, title search, property disclosure statement, strata documents & strata insurance. Your deposit will be due upon acceptance or subject removal, depending on what's agreed on the contract.
Unless you prefer to meet in person for signatures, we send documents to sign electronically & securely through Authentisign.
Once negotiations are underway and an offer is solidified, it's time to take the next steps towards securing your dream home.
Firstly, you'll need to finalize your mortgage arrangements, ensuring approval from your trusted mortgage broker. With financing in place, we'll proceed to arrange a comprehensive home inspection, addressing any potential repairs that may arise – negotiations with the seller will be skillfully handled, ensuring your best interests are represented.
Upon the successful removal of any outstanding conditions, you'll find yourself on the brink of homeownership – a momentous occasion worthy of celebration! This pivotal step not only marks the acquisition of a property but signifies a profound shift towards a future filled with unparalleled rewards.
Indeed, becoming a homeowner is more than just a transaction – it's a transformative milestone that opens doors to countless opportunities. From building equity and attaining financial freedom to creating cherished memories, the benefits of homeownership are boundless, promising a lifetime of fulfillment and prosperity. So, let's indulge in this achievement together as we embark on this extraordinary journey towards homeownership. Congratulations – you've earned it!
As you approach the final stages of your homebuying journey, choose a notary lawyer to oversee the property transaction's completion and title transfer. They'll ensure all legal aspects are in order, guiding you through the signing process and facilitating the smooth transfer of ownership.
Prepare for your move by decluttering your current space, packing belongings carefully, and organizing for efficient unpacking. Consider having a moving company to assist. If you're moving into an apartment, notify the caretaker to book the elevator. Don't forget to arrange for mail forwarding with Canada Post to your new address and update your information with essential services (BC Hydro, Fortis BC, internet provider) to ensure uninterrupted service.
We invite you to share your experience with us by leaving a review on Google. Your feedback is invaluable and helps us understand how we've contributed to transforming your lifestyle and where we could improve. Your referrals are crucial to our business and serve as our main source of leads. We truly appreciate your trust and support!