How to Buy a House
How to Buy a House, Investment or Commercial Property
There are many steps needed to be considered when buying a property. Here are some brief and helpful tips that will ensure the purchase of your property to be a smooth and flawless experience. For more information sign up for our How to Buy a House - Home Buyers Guide.
- Get pre-approved on a mortgage.
Attaining a pre-approved mortgage will make sure you know exactly what your bank is willing to lend to purchase your property. It is time wasted looking for a property if this first step has not been accomplished. Know what you are pre-approved for and know as well what you can afford monthly on a mortgage. If the bank is willing to give you $500,000 you will not necessarily look for properties at this price. Make sure to talk with your Mortgage Broker, Realtor and or your Bank Representative to get all the details regarding mortgages. The 2nd reason to get pre-approved is to so that you have the opportunity to lock into a good interest rate for 3-6 months (depending on the financial institution). Visit our Mortgages Info Page for more information.
- Find a Real Estate professional you trust.
After you have obtained pre-approval, you need to find a Real Estate Agent. Real Estate Agents are a great source of information. A competent agent will go over all the steps necessary in purchasing a property before any viewings. The steps consist of explaining the Contract of Purchase and Sale, Closing Costs, how to handle multiple offers and finalizing an accepted offer. All of this information will be explained in detail by Rene or Cheryl in a free one on one seminar (please call for an appointment). Empowered with all this information, a Buyer will be able to focus on the properties that he/she views.
- Go over the closing costs with your realtor.
Closing Costs are important to consider these include such items as GST/HST, Property Transfer Tax, Property Tax, Home Insurance, CMHC, Legal Fees, Appraisals and Home Inspection. All these closing costs will be explained in detail during our one on one seminar.
- Narrow down areas and what type of home you are looking for.
Finding the right property is dependent upon how precise the Buyer’s parameters are. In the information seminar, parameters such as location, type of home, number of rooms, outdoor area, pet/rental restrictions etc. can be discussed. We have extensive knowledge in all areas of the Lower Mainland including Vancouver, Burnaby, New Westminster, and Coquitlam.