So you’re hoping to join in the fun of the BC real estate market. Well you’ve come to the right place. We’re full of all the knowledge you need to buy with confidence. Buckle up, because I’ve got some real-talk tips for you first-time home buyers. I know you don’t have any clue on how to approach buying your first home, its not like they teach this too you in school and relying on your parents who bought their first (and probably last) home 20+ year ago when all it cost them was promise of good will and a couple bucks, isn’t a lot of help. That’s where we step in. So let’s dive into it all; from the basics to the more complicated.
It’s Never too Early (or too Late)
First thing to note is that it’s never too early to start the conversation, or in many British Columbian’s case, too late. The best first step is to reach out to a Realtor and mortgage broker.
Don’t just go off of who your parents used either – this is the single handed largest financial and emotional decision you will ever make, so make sure you interview Realtor’s and brokers and take full control. A trusted Realtor like one of our Boho Agents will have some great recommendations on mortgage brokers that will fit your particular wants and needs.
Knowing Your Budget
Alright, lets get real and talk about the meat and potatoes aka the money and budget. A mortgage broker can help define your budget and a Realtor can help present your options that work within that budget. There are always creative ways to get just what you’re looking for. It just takes an open mind. Maybe you’re finding yourself asking the question what’s the difference between a Mortgage Broker vs going to my bank? And that’s a solid question. We always suggest going to a trusted mortgage broker (and don’t worry we got a couple good ones in our back pocket!) Banks will only be able to give you the rates and deals they are offering where as a mortgage broker can give you rates and offerings from many different financial institutions. Its always better to have more options when it comes to money lenders.
Getting pre-approved is a crucial first step to this process. Also knowing the other costs associated with purchasing a property like property transfer tax, inspection fees, legal costs and your initial deposit. You want to make sure you’re not setting yourself up for a budgetary hangover later.
Refine Your Dream List & Tour Homes
Picture this: you, in your dream home, surrounded by the vibes that make your heart skip a beat. We call this ✨manifesting.✨ BC has a lot of hot spots with something that tickles the fancies for everyone. Dive into the neighbourhoods, feel the energy, and let your intuition guide you to the perfect spot.
Things to consider: your long term goals, daily life and flexibility. Prioritize wisely and focus on the BIG picture. Don’t let small things like paint colours or door handles sway your decision – focusing on the neighbourhood and bones of the property will help you save time and money.
Make an Offer and Negotiate
Once you’ve found the one, that’s when the work and knowledge truly come in to play. Your Realtor will draft up an offer after discussing all the the less exciting but more important details. The offer is a formal proposal outlining our intent to purchase the property. You will need a lawyer to transfer the title so this is a great time to have a solid lawyer you trust to help manage the paper work for when that offer gets accepted.
Below is what’s typically included:
- Deposit
- Subjects
- Subject Removal
- Offer Price
- Completion Date
- Possession Date
- Adjustment Date
- Offer Validity Period
PS. Take Advantage of Government Programs
Guess what? The government is here to throw some confetti on your home-buying fiesta. BC Home Owner Mortgage and Equity Partnership Program? First-Time Home Buyer Incentive? Don’t leave free money on the table. Explore these programs and so many more here – where we dived into the 30+ programs being offered to future and current home owners alike.
Subject Removal
Subject removal is a critical juncture in the home buying process. Once your offer is accepted (YAY!) you’ve already taken a significant step towards securing your dream home. The subject removal phase is the time where you and the seller have the opportunity to address the subjects, terms and conditions outlined in the offer.
Things like the home inspection, mortgage approval, reviewing critical documents like the property disclosure statement (PDS) and title and other subjects and terms that are specific to your purchase. The primary goal is for you and the seller (if need be) to fulfill all the subjects by the set date.
Prep for Move & Possession
The day has finally come! Time to officially take possession/ownership of your new home!
By this date your Realtor, lawyer and mortgage expert should be in full contact with you to ensure all the necessary paper work has gone through and to pass the keys alone to you.
Once you’ve gotten the go ahead, its time to load of the moving trucks, and unpack your belongings in your new house!
Get Your Hands on our First Time Buyers Guide
We go over all the jargon, detailed steps, tips and tricks to help purchase a property like a seasoned pro. So be sure to reach out to us by email for your copy.
