Things are turning around for those looking to buy a home in Metro Vancouver. We are now into a buyer’s market, and real estate agents are gearing up for a busy spring season.
You need to be prepared before heading out to look for a new home. CTV News sat down with the Phil Moore, the president of the Real Estate Board of Greater Vancouver, for some valuable advice.
Here are some things to consider:
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1. Secure financing
You need to take care of your credit score. Typically, those with lower scores turn to the secondary mortgage market for financing where they’ll likely pay a higher interest rate.
Get preapproved for a loan so you know exactly how much money you can spend but don’t be tempted to borrow the maximum amount available to you.
“What’s your mortgage payment that you’re comfortable with? And take into the fact the taxes you’re going to have to pay, if it’s a strata – what the maintenance fees are, if it’s a home what type of maintenance are you going to have to pay in the future?” Moore pointed out.
Be aware of the type of loan you secure and make sure it’s one that you can afford over the long term.
2. Remove emotion
When buying a home you should concentrate on the hard numbers and the facts. Does the property really make sense for you? It may be appealing and offer all kinds of features, like a built in sauna or hot tub. Those things need maintenance. Do you really need the space? What if you had to turn around and sell it quickly, is it the type of property that would appeal to a lot of buyers?