RSS

Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

If you can’t put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small down payment.

Buy in a district with good schools.

In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

Hire A Professional Vancouver Realtor

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the house for a long time — say three to five years or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking.

Hire a home inspector.

Sure, your lender will require a home appraisal anyway. But that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

Read
Categories:   Abbotsford West, Abbotsford Real Estate | Bear Creek Green Timbers, Surrey Real Estate | ben | Ben D'Ovidio | Brentwood Park, Burnaby North Real Estate | Brighouse, Richmond Real Estate | Burnaby Hospital, Burnaby South Real Estate | Burnaby Presale | burnaby realtor | Buying A Home | buying first property | Cambie, Vancouver West Real Estate | Canyon Heights NV, North Vancouver Real Estate | Canyon Springs, Coquitlam Real Estate | Cape Horn, Coquitlam Real Estate | Capitol Hill BN, Burnaby North Real Estate | Cariboo, Burnaby North Real Estate | Central BN, Burnaby North Real Estate | Central Coquitlam, Coquitlam Real Estate | Central Lonsdale, North Vancouver Real Estate | Central Park BS, Burnaby South Real Estate | Central Pt Coquitlam, Port Coquitlam Real Estate | Chilliwack E Young-Yale, Chilliwack Real Estate | Chilliwack N Yale-Well, Chilliwack Real Estate | Chilliwack Proper East, Chilliwack Real Estate | Chilliwack Proper West, Chilliwack Real Estate | Citadel PQ, Port Coquitlam Real Estate | Clayton, Cloverdale Real Estate | Cliff Drive, Tsawwassen Real Estate | Collingwood VE, Vancouver East Real Estate | Condo Presale | Coquitlam East, Coquitlam Real Estate | Coquitlam West, Coquitlam Real Estate | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West Real Estate | East Burnaby, Burnaby East Real Estate | East Newton, Surrey Real Estate | Edmonds BE, Burnaby East Real Estate | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | finanacing,mortgage | first time buyers | Fleetwood Tynehead, Surrey Real Estate | Fraser VE, Vancouver East Real Estate | Fraserview NW, New Westminster Real Estate | Garden Village, Burnaby South Real Estate | GlenBrooke North, New Westminster Real Estate | Glenwood PQ, Port Coquitlam Real Estate | Government Road, Burnaby North Real Estate | Grandview Woodland, Vancouver East Real Estate | Harbour Chines, Coquitlam Real Estate | Highgate, Burnaby South Real Estate | King George Corridor, South Surrey White Rock Real Estate | Kitsilano, Vancouver West Real Estate | Langley City, Langley Real Estate | Lions Bay, West Vancouver Real Estate | Lower Lonsdale, North Vancouver Real Estate | Lynn Valley, North Vancouver Real Estate | Lynnmour, North Vancouver Real Estate | MacKenzie Heights, Vancouver West Real Estate | Main, Vancouver East Real Estate | Metrotown, Burnaby South Real Estate | Mission BC, Mission Real Estate | Montecito, Burnaby North Real Estate | Monthly Statistical Reports | mortgage | mortgage pre-approval | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW, Vancouver West Real Estate | Nordel, N. Delta Real Estate | North Coquitlam, Coquitlam Real Estate | Oaklands, Burnaby South Real Estate | Pacific Douglas, South Surrey White Rock Real Estate | Parkcrest, Burnaby North Real Estate | Pemberton NV, North Vancouver Real Estate | Port Moody Centre, Port Moody Real Estate | Quay, New Westminster Real Estate | Queen Mary Park Surrey, Surrey Real Estate | Queensborough, New Westminster Real Estate | Real Estate in Vancouver | Real Estate Statistics | Renfrew Heights, Vancouver East Real Estate | Renfrew VE, Vancouver East Real Estate | reports | Riverwood, Port Coquitlam Real Estate | Royal Heights, North Surrey Real Estate | Sapperton, New Westminster Real Estate | Scottsdale, N. Delta Real Estate | selling a condo | Simon Fraser Hills, Burnaby North Real Estate | Simon Fraser Univer., Burnaby North Real Estate | South Meadows, Pitt Meadows Real Estate | South Slope, Burnaby South Real Estate | South Vancouver, Vancouver East Real Estate | Sperling-Duthie, Burnaby North Real Estate | Strathcona, Vancouver East Real Estate | Sun Towers Condo Presale | Sunshine Hills Woods, N. Delta Real Estate | University VW, Vancouver West Real Estate | Uptown NW, New Westminster Real Estate | vancouver | Vancouver Heights, Burnaby North Real Estate | Vancouver Real Estate, Statistics, Real Estate Reports | vancouver realtor | Victoria VE, Vancouver East Real Estate | Walnut Grove, Langley Real Estate | West Central, Maple Ridge Real Estate | West End VW, Vancouver West Real Estate | Westridge BN, Burnaby North Real Estate | Whalley, North Surrey Real Estate | Willingdon Heights, Burnaby North Real Estate | Willoughby Heights, Langley Real Estate | Yaletown, Vancouver West Real Estate
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.