Buying a home is both one of the most exciting and most stressful experiences in our lives. There are so many emotions tied to buying something as important as a home. A Realtor Vancouver professional is here to guide you through the process, but there are a few things to bear in mind.
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What to Look For when Buying a Home
Perhaps you’re using your savings to buy your first home. Alternatively, you could be one of those people who’s selling one home in order to move to a new one. Either way, these 3 tips can help you with agreeing the right strategy with your Realtor Vancouver professional:
- Protection clauses in your contract
- Long-term quality of the property
- Location and lifestyle
Legal Contract
It goes without saying that you need to fully read and understand the final purchase agreement. There are many standard clauses; depending on which country you’re in. However, a real estate lawyer can help make sure you are as protected as possible. Clauses such as a ‘cooling off period’ can allow you to change your mind, for example. No one is expecting you to be a real estate expert though, so make sure you have a good lawyer. Realtor Vancouver professionals can usually recommend good lawyers and they might even be able to get you a special deal.
The Future of the Property
It might sound weird but you should always imagine selling the property you’re buying. For example, what great selling features does it have? Also, does it have good public transport access? Many people also look for distance to shopping areas, schools and parks. Your list of priorities might be different but it’s worth remembering these points in case you ever have to sell. You might even be lucky and increase the value of your property in the meantime with, for example, renovations. Make sure you talk to your Realtor Vancouver professional to see what might be possible.
Location and Lifestyle
You may already have this as part of your list of priorities. However, the more you clarify your requirements before you start house hunting, the less likely you are to be swayed by ‘whacky features’. Have a think about whether you want something more rural or if you’re perhaps thinking about expanding your family. For those with pets, make sure you have the right garden space and that they can co-exist with your neighbors. No one’s stopping you from buying the home you want with your dogs but it can be very miserable if your whole street hates pets.
What to Avoid when Buying a Home with a Realtor Vancouver professional
It’s not just about doing your research and making sure you’re clear about your requirements. It’s also about avoiding some typical pitfalls such as the following:
- Impacting your finances
- Leading with your emotions
- Not making the largest down-payment possible
Finances
Most people buy a house with a mortgage. Lenders look at your credit rating very closely, including the current state of your finances and any debt. It’s therefore a bad idea to buy anything on credit when you’re house hunting. This is because credit ratings are calculated over a length of time and they look for financial stability. That also includes changing jobs because that impacts your employment history and therefore, your financial stability.
Emotions
We all know that feeling when you find the so-called perfect house. You can imagine living there and having your friends come round to visit. However, emotions can blind us from the practical side of life. It might be the perfect house but it’s far from any transport links so in reality, you’ll be stuck at home most of the time. Alternatively, the garden might be exotic and appealing but actually, it’s going to take hours and dollars of work and time. This is where a Realtor Vancouver professional becomes a huge help because they can present you with all the practical pros and cons.
Down Payments
Many people assume that making a small down payment makes things easier but in fact, it’s something you should avoid. A larger down payment is helpful because you borrow less and therefore have less interest to pay back. It also means that you’re more likely to close the deal because it’s easier for lenders to approve a smaller loan. The main advantage though is that it also makes it easier to refinance your house in the future. This is because you create value, or equity, in your home despite any market crashes. Of course, everyone’s situation is different so you need to make sure that your needs are met. Talk to your Realtor Vancouver professional and they can advise you on the best way forward.
Final Recommendations on Buying a Home with a Realtor Vancouver professional
It’s exciting buying a home even if it often feels daunting. Following the tips mentioned above though gives you a good starting point. You can also have your Realtor Vancouver professional to support and advise you throughout the whole process. You’re not alone in this so keep your goal in mind and you’ll be in your beautiful new home in no time at all.