Purchasing your first home is an exciting and thrilling experience. However, it can also be daunting and overwhelming with the many decisions and processes you must complete before the property is officially your own. To ensure a smooth home-buying experience, it is important that you take your time and complete all necessary steps.
Here are four essential steps you need to complete when buying your first home.
Before you begin the house hunt, one of the first things you should do is receive pre-approval for a mortgage. This tells you how much money you can borrow to purchase the home. Keep in mind that this isn’t a guarantee that you will qualify for the amount provided, but it gives you an excellent starting place. It helps you set your budget when looking for potential properties. It also shows sellers that you are a serious homebuyer and that you can afford their home.
To receive pre-approval, you will need to provide a variety of documents including your I.D., current household income, debt, asset information, and more.
Begin the House Hunt
Once you know how much house you can afford, you are ready to begin the house hunt. You should talk to Sabina and let her know what features are most important to you and the various locations where you want to live. It is wise to spend ample time browsing online listings to see what you like and dislike. You also want to drive through the neighbourhoods and become familiar with various locations such as the West End, Kitsilano, Yaletown, or Coal Harbour just to name a few so you know where you want to live.
Make an Offer
Once you have walked through many homes and have found your dream property, it is time to make an offer. This process, particularly for first-time homebuyers, can seem overwhelming. However, by working closely with your real estate agent, you can make a strong offer. Be aware that there may be some back and forth between each party and your experienced real estate agent can help you negotiate a deal that works best for you.
Close the Sale
The final step when purchasing your dream home in Vancouver is to close the sale. This is when you will sign all the necessary documents to officially make the home your own. This will include all documents that relate to the owning of the property as well as the loan and financing. During this stage, you will also provide the down payment for the home and pay for all closing costs. Keep in mind that this step will take some time to go over all necessary paperwork and if you have any questions about a document, Sabina will be glad to assist you.
If you are ready to purchase a home, contact Sabina Scotto today. She will gladly guide you through every step of the home-buying process and ensure you find a property that you love and are proud to call your own.