If you are thinking of purchasing yourself a house in Vancouver, Canada, you’ll have to take some pretty mattering much calls. whenever you are to do tough decisions, you may feel the need of several good recommendation to help you. Here are some fundamental Vancouver buy house tips for you:

1. Sell your present house (If your are a first time home buyer, pass up this part.)

It seems to be a pretty hard choice when it comes to selling your current home: should you sell first and buy later, or buy first and sell later? Even though it is a safety to buy a house in Vancouver before you sell your current home, selling first has several wonderful advantages:

a), You’ll be aware of the selling cost of your house, so you can determine, beforehand, the amount obtainable for buying a house in Vancouver
b), You might be fortunate as you may not have to set the offer subject to financing
c), You may even manage a long closing time, giving you enough time to look for a wonderful house in Vancouver.
d), Even though selling first could be distressing phase, you will catch it equally tiring to own and maintain two houses!

If you feel this is not easy to make a determination, seek advice your realtor or real estate agent for some suggestions, they realize the local market better.

2. Be financially ready and make a decision your budget

Make sure you have at least some of your down payment saved. Also, ensure that you are already capable of managing your debts, like those from loans or credit cards. You must know that mortgage is an important responsibility. It is a financial aspect which will require you to care for it continuously.

There are too many money lending institutions today from banks to lenders to credit unions. at whatever time you have to reach decision which one to go to, remove your inhibitions and consult all around the town, including your family and friends. Your agent/realtor will also know a lot about mortgages so you can consult him or her for some sound suggestion too. They might even get you in contact with a mortgage broker.

For deciding your budget, think what you keep the faith you will have remaining after the down payment. Here’s an equation to help you calculate:

Cost of a home = one-time cost + monthly costs

The one-time costs constitute the down payment, taxes, inspection fees and legal fees. The monthly costs are made up by the mortgage, maintenance, utilities, property taxes and insurance.

If your budget is actually tight, sense “Shared Equity”: a smart method to get an affordable house in Vancouver. You will have your own shared equity investment or co-ownership. There is a service named as: “Mixer Mortgage” or “co-borrower mortgages” in many banks. It allows family members, friends or partners to share all the expenses of buying a home, both one-time and monthly costs such as deposit, mortgage, etc.

3. decide your favorite and research

take choice according to your selection of rural, suburban or urban setting and select a suitable Vancouver neighborhood accordingly. Similarly, reach decision whether you want an apartment, or an attached or detached house. The availability as well as the age of the property, depending on whether it is new or being resold, will also inspire the price of the house, and consequently, your budget.

An wonderful search tool by the name of Multiple Listings Service, containing all information on properties, is usually used by realtors and home buyers. You can search by yourself, it is free of cost and easily done. If you have an agent, get your agent send those listings to you in accordance with your requirements so that you can make a shortlist. After that, you only need to drop in a few houses in Vancouver and take a wise, aware decision.

4. Look for the right agent/realtor and hire some experts

You will discovery that there are plenty approaches you can use to come across a real estate agent or realtor. You can find them by taking down names as you make a drive through the localities that interest you, look up an open house in Vancouver, check advertisements, and seek advice from family and friends for recommendation to an agent they might understand. Shortlist and interview a few before selecting a certain out of all the realtors. Frankly, we prefer employing those agents who have long term local market knowledge, and referred by other home buyers newly.

You may get the best rates with the help of a mortgage broker. A lawyer or a notary public may assist you be aware of all the documents which you may demand when buying a home. employing the services of a home inspector will help you recognize well the condition of the real estate before you shift in.

5. Prepare an offer and negotiate

Your agent/realtor may help you prepare an offer as they are pretty knowledgeable in these aspects. If there are terms you don’t understand, feel unsure or have any concerns, do ask! You have all rights to be explained to by your realtor/agent.

Don’t be scared by the home seller’s first price! The market is changing, you have power to bargain for a proper better price. And you do not need to talk to the seller face to face, your agent should do it and he/she should be a wonderful negotiator and bargainer. This is why it is very mattering much to employ a wonderful realtor, because a seasoned agent can cut down the over high price and save thousands even hundreds of thousands of dollars for you! My agent did it for me, saved around 7% of my budget, the deal price was lower than the government’s Property Assessment and market value! In Vancouver real estate market, it is actually a surprise!

6. Close the deal completely

Once your offer gets accepted, your lawyer (or the notary public) and realtor will seal of the loose ends. However, you should make sure that you recognize everything about the agreement, and act upon any conditions which require you to do an process right away. If you ascertain this, you’ll have your Vancouver home dream come true certainly quickly.

In this moment, the utmost big thing is: make sure your lawyer or notary public will hold the special levy or credit for you. Sometimes, the property could have occurred some kind of special levy before your buy it. For example, an apartment or condo had fixed the roof or replaced the pipes a few months ago, this money was a special levy and should be paid by the home seller of course. You and your agent should ask the seller to credit back this special levy, and your lawyer or notary public should hold this money for your future use.

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