Buying a home is one of the biggest investments most people will make in their lifetime. Whether it's our first, third, or fifth purchase, because it's not one of our regular daily activities (wouldn't that be nice?!), many people are lost in the process. As you may have heard, we, as buyers, tend to be very emotional. We want to make sure we buy something we fall in love with, however, we also want to ensure we buy something that we can live in stress-free for years to come. Here are top 10 tips for buyers in Vancouver:
Is it in within your budget?
The most exciting part when it comes to home buying is shopping for the home. The first thing most buyers will do is contact their Realtor to book showings and view open houses. However, the first question the Realtor will ask you is whether or not you have been pre-approved, as this helps them understand your maximum budget. With the internet and online mortgage calculators that pre-approve clients in less than 30 seconds, it's easy for buyers to assume a number. However, ensure you speak with a mortgage broker as you want to ensure you have a concrete number to work with. This will help you avoid any complications during your full mortgage approval.
How is it priced?
Ensure you and your Realtor go through the comparables, which would include sales in the area and current active listings. This will help you determine what a fair offer is.
How’s the location?
The ideal location is different from buyer to buyer. Whether it's close to amenities, transit, work, restaurants, or schools -- this will affect your price. Determine where your perfect location is for your lifestyle.
How’s the layout?
An open floor plan can make a huge difference in how big your home feels. Hallways can add a lot of wasted space causing a 700 sqft condo to feel smaller than it is. Evaluate how you can use the space, and how your future buyers would feel in the space.
How old is the building?
Buying an older home has its advantages: prices are more competitive and floor plans may be bigger. However, older buildings also have their own challenges. For homes built in the 1990s, ensure that the building has been rainscreened. Buildings in the 1900s may have potential for asbestos (which poses health risks), or materials used, such as stucco, may lead to major repairs and restoration in the future for the building. The last thing you want is to be slapped with a huge (unexpected) special levy when you take ownership of the property.
Has it been renovated?
Renovations can make an older building feel brand new. However, it's important to ensure that all renovations and upgrades were done with strata approval and proper permits. Not only so, ensure that the renovations were completed by a professional. Make sure you take the time to see the details in the renovations.
What’s happening nearby?
Review the city plans and find out what's happening in your neighborhood. Vancouver is constantly changing and growing to sustain the population. Find out if a new construction could potentially be an eye sore to you, or if it would cause traffic congestion in your area.
How are the documents?
Always review strata documents such as meeting minutes, annual general meeting minutes, and depreciation reports. These documents are extremely important as it discloses any current, previous or future issues with the building. A seller may be motivated to sell if special levies are coming up in the future that they don't want to be responsible for. Ensure you are diligent in reading the strata documents.
What are the restrictions?
Find out what the strata bylaws are to determine the rental restrictions, pet restrictions, age restrictions, etc.
Find the right team to work with! (Realtor, Mortgage Broker, and Lawyer)
You don't need to work with the first person you meet, so make sure you condcut some interviews. Remember, you have full control of who you want to hire as your team. It's important you are working with business partners who you can trust, connect with, and you know they genuinely have your best interest in mind.
If you have any questions, or require any recommendations, feel free to contact me at anytime at jessica.kuan@cleartrust.ca.
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