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MARKETING DESIGN & PHOTOGRAPHY

Lulustudio.ca | Vancouver . Canada

gvrealtors.ca

1. Are you ready to buy?Be realistic about your situation and understand what you can afford. You should have your down payment and you should be good at managing debt. The cost of buying a home = one-time costs (down payment, legal fees, inspection fees and taxes) + monthly costs (mortgage, utilities, maintenance, insurance and property taxes).

2. Getting a mortgageNegotiate interest rates and mortgage terms with different lenders and get pre-approved for a mortgage before you start house hunting. This determines the maximum amount of money you can borrow.  How much you pay for a mortgage depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can read our  Glossary  to see common mortgage-related terms.

3. Your Realtor® advisesThink of your Realtor as your guide through what’ll most likely be the largest transaction of your life. Your Realtor advises and assists you at every stage of the process, navigating potential pit-falls.

4. Finding a homeDecide where you want to live, which neighbourhood suits you best, and what type of home you want and what you can affordRealtors work from a powerful business system called the Multiple Listings Service® (MLS®), which contains detailed information on property listings. Your Realtor can send you listings that fit your criteria and together, you can draw up a short list of possible homes. You can also use Realtylink.org – Metro Vancouver’s best way to search for homes. Owned and operated by the Real Estate Board of Greater Vancouver and its Realtor members, Realtylink.org is powered by the MLS®.

5. Other costsOn top of your mortgage, there are other costs to buying a home, including legal fees, Realtor fees, moving costs, disbursement fees, and utility fees.

Embarking on the journey to buy your first home in Greater Vancouver is a thrilling prospect. While the mar-ket can seem complex, a well-prepared buyer is an em-powered one. Here are five essential things to know as you take the first step onto the property ladder.