How to Invest as a First Time Home Buyer in BC

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I work with a lot of first time home buyers of all ages with every different type of situation. One of the biggest questions I get from every first time home buyer is where do I start? I meet a lot of first time home buyers that have been looking at properties, watching the market and seeing prices go up. As everyone in the real estate industry will tell you there is no better time to get in the market then right now because no one has a crystal ball and can predict the market crashing.

The first thing you want to do as a first time home buyer is give a realtor like me a call so chat about your options and create a plan. The next step I will typically recommend you speak with your bank or talk to one of my trusted mortgage brokers to help get a pre-qualification or pre-approval to know just how much you can afford. This is a step that everyone gets stressed out over so don’t worry we will look at all the options. If you aren’t approved for as much as you want you do have some options because each situation is unique. It’s best to speak with a mortgage broker to see what they can do or if you need a co-signer.

Once the financials are all sorted out we can move into what I like to call the fun part which is looking at listings! I typically like to have my clients on a search connected to my MLS which I create based on your budget, preferred location and ideal search criteria (such as if you have any pets, if you plan on selling in 5 years or renting the unit out). From there I also do a deep dive into any pre-sale developments that may fit your budget. One thing that I like to do for each of my clients is show them all their options because in most cases your first purchase isn’t going to be your dream property but what it can be is a step to get you on your way to being able to purchase your dream property in 5-10 years. I want to make sure that you are happy with your investment and are able to earn off of it when you go to sell in a few years to upgrade!

After we have narrowed down what you like and don’t like thats when we go out and few all your favourite options. As we are walking through these listings I will be pointing out different parts of the house that I see as a realtor who does this everyday so you get to know more about the unit and what you like vs what you don’t like. I find this is helpful because looking at homes your may end up saying you love them all and I’m there to help point out the things that some people may not like about the unit or any upcoming work that I can see in the unit.

From here we talk over all the places you really love. I then get right to work reviewing all the recent sales in the area and reviewing any strata documents. Once we have all gone through this part and everything checks out. We start talking about placing an offer and what that entails (offer price and subjects). Depending on if there is a direction of offer date on the listing will depend how much time we have to review everything. Placing an offer is pretty simple. I write up all the contracts, we review it together then you sign it and I send it over to the agent. Well the listing agent presents the offer to the sellers we wait. Depending on how many offers they are presenting and if there are any negotiations to be had, this part could take a full evening or more.

Once you receive an accepted offer, depending on if there are subjects like financing, inspection, appraisal or if you chose to go subject free. Will depend on what your next steps are. Typically have transaction I have is unique but once your place your deposit you have officially purchased your first house!

I’m here to help if you are unsure where to began or are just curious about what your home search would look like. If you are thinking about getting in to the real estate market soon or just have questions about this process or your situation contact me at [email protected] or 604-341-9937.