Tips for buyers


Secrets for buyer's direct from the horse's mouth!


1. Location.

First-time buyer, investor or existing homeowner, you need to understand the best locations for your investment. If your an investor, a condo near public transit or a university is always good.


2. Know your credit rating.

Do not just assume your credit is in order. Before proceeding with a lender check your credit and make sure there are no outstanding issues that may hold you back after finding your dream property. In addition if there is a mistake with your credit from an old bill for example this can be easily rectified in most cases. You can call either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166 to check.

 

3. Don't rule out heading out of the city.

Young families are heading out to buy affordable and newer resale homes. Sometimes it pays to go further depending on what you're looking for. If you value the space more and have a strict budget then buying downtown Vancouver most likely wont do.


4. Know your true price range.

Meet with one or more mortgage lenders to get pre-approved and understand what your true price range is. Often times in this market especially under 1 million dollars Condos/Townhomes in the lower mainland, if you go to make an offer the odds are you will be in a competing scenario. A good tip with this market is if your budget is 500k for example then its not a bad idea to also look at properties priced around 50-100k under that budget. The harsh reality right now is that the majority of attached properties are all selling over asking & in some cases well over. Otherwise In a more traditional market it would be normal to look at properties above your budget and try to negotiate lower against no competition.

Also a good tip is when you are in that multiple offer scenario and trying to determine how much your offer should be, I tell all my clients to offer as high as your comfortable with and then use this exercise. Imagine the property sold for 10 thousand more then your highest offer price, Would you be upset and feeling afterward you would have paid that? If the answer is no then you have found your maximum offer for that particular property.


5. Get the best representation.

A home for most people is the biggest investment you'll make so you want to feel comfortable when you go to buy it or sell it. A good starting point is find an agent you feel you can trust and who operates in a sales manner that your comfortable with. Some prefer a more high intensity pressure type sales agent to represent them where as others prefer to work with someone a little more laid back. Regardless find an agent who has a solid marketing plan plus a proven track record of successful negotiated sales.

 

Need more information? Call me 604-499-1996 today! 

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Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

If you can’t put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small down payment.

Buy in a district with good schools.

In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

Hire A Professional Vancouver Realtor

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the house for a long time — say three to five years or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking.

Hire a home inspector.

Sure, your lender will require a home appraisal anyway. But that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

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