These are my personal tips that you should consider when buying a  property. 

1) Research is the key

Always do research. You can never do enough research. A lot of people dive into the property market head first and blind folded, and that’s when people make bad purchases. If you like a property, find out about the surrounding area; find out the local crime rate, find out how much properties in the area recently sold for. Find out EVERYTHING. There are tonnes of websites out there that will give you all these details at no cost. Start with my website http://vancouvercanadahomes.com

2) Prepare yourself financially

Financially prepare yourself before you make any offers- get financially sorted. Make sure you can afford the property. Make sure you have taken every cost into consideration, like conveyancing solicitors, stamp duty, survery fees, Real  Estate Agent fees etc. Most importantly, make sure you can get the financial backing you need.

3) Structural Survey

Always get a structural survey or inspection done. With the newer homes, the basic or mid-ranged survey is fine. But with older properties, definitely get the higher-level inspection. Sure this may add expenses onto your limited budget, but it could potentially save you thousands. Regardless, most Mortgage lenders will insist on a structural survey and inspection, as they won’t want to help you finance a house that’s about to fall apart.

4) Property fittings

Make sure you ask what comes with the property before you make an offer. A lot of houses are presented beautifully, especially with fitted bathrooms and kitchens. You may get a nasty shock when you move in only to find the previous owners took the fittings with them.

5) Stay away from the asking price

Never offer the asking price, unless it is known that you are in a competing offer situation, even if you’re in love with a particular property. Sellers/ Real Estate Agents usually add on a few thousand pounds from the actual value of the property, because they expect offers to always be below asking price. Be risky, and make a cheeky offer- you maybe surprised.

6) The Property Market

Find out how long a property has been on the market for from your Vancouver REALTOR®. If a property you’re in love with has been on the market for a long period of time, ask yourself why; be suspicious. If the property is legit, and for some odd reason it’s not selling, then make a low offer.

7) Control your emotions

Never act overly keen to either the seller or your Real Estate Agent. The REALTOR® and seller both have one thing in common- they want the buyer to spend as much as possible. Remember, the Real Estate Agent is working for the seller, not the buyer. If you act overly keen, they will make you spend more money than necessary. Buying property is like playing a game of poker- you need to play the game with a face of stone.

8.) Be patient

Don’t let your patience get the better of you. Never rush into buying a property; buying a house is a big deal and will effect your life. There is an art to buying property, and patience is a big part of it. Impatience leads to expensive and inadequate purchases. If your patience is the direct reason of losing out on a deal, don’t worry, properties come and go on the market. On the other hand, your impatience could be the direct reason of making a bad purchase, and consequently throwing your money down the drain.

9) The future is important

Think about the unforeseeable future. The property market is a very uncertain area. Interest rates can increase at any time, and that will have direct impact on your monthly mortgage repayments. You may be out of work for a period of time, would you still be able to afford the monthly mortgage payments?

10) An empty property looks so much different

Imagine the property is empty- do not be fooled by props a seller has strategically planned. Once a house is stripped from all it’s wrapping, you maybe surprised how different it looks. Check behind and under the furniture, because you never know what surprises maybe hidden away- peeling wallpaper, stained carpets etc.

11) Don’t forget your neigbourhood

Are you looking for a peaceful area? Remember, an Real Estate Agent is working with the seller to get a maximum sale value- they will arrange viewings at optimum times. When you view a property, the surrounding area may be quiet and peaceful. Consider what the noise maybe like at times you haven’t been there.

12) Damp properties

Smell for dampness. Touch the walls; feel if they’re damp. Always be suspicious if a home is overly heated and sprayed with overpowering fragrances.

13) The roof can be costly to fix

Check the tiles on the roof. A lot of people neglect the roof when inspecting a house, and that’s exactly where a lot of people have to shell out a lot of expenses. This especially applies to older properties.

14) Location is just as important as the property

Finding the dream house is always great. But what about your dream location? Does it contain all your essentials, like a local groceries, schools etc. Don’t just focus on the property; focus on the bigger picture. Make sure the local area is equipped for your requirements.

15) Shop around for property

You can never find the right property after one viewing; even if you think otherwise. Make sure you take your time looking at several difference properties. Don’t just look in one area, be a little open minded and open yourself to possibilities. You’ll get a better idea of what your hard earned cash can actually get you.

Yours Truly,

Jean Seguin

8 Mistakes to Avoid When Buying a Vancouver Home

You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a house. The process of buying a Vancouver home can be incredibly exciting, yet stressful, all at once. Where do you start?

It is essential you do your homework before you begin. Learn from the experiences of others, do some research. Of course, with so many details involved, slip-ups are inevitable. But be careful: learning from your mistakes may prove costly. Use the following list of pitfalls as a guide to help you avoid the most common mistakes when buying real estate in Vancouver BC.

1. Searching for Vancouver Real Estate without getting pre-approved by a lender:

Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford. Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier.

2. Allowing “first impressions” to overly influence your decision:

The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a conscious decision beforehand to examine a home in Vancouver as objectively as you can. Don’t let the current owners’ style or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work. Likewise, don’t jump at a home simply because the walls are painted your favourite colour! Make sure you thoroughly the investigate the structure beneath the paint before you come to any serious decisions. 

3. Failing to have the Vancouver home inspected before you buy:

Buying a home is a major financial decision that is often made after having spent very little time on the property itself. A home inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run. Your REALTOR© can suggest reputable Vancouver home inspection companies for you to consider and will ensure the appropriate clause is entered into your contract.

4. Not knowing and understanding your rights and obligations as listed in the Offer to Purchase:

Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract. Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs. These problems may even lead to a void contract. So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your REALTOR© and lawyer. With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations when Buying a Vancouver Home.

5. Making an offer based on the asking price, not the market value:

Ask your REALTOR© for a current Comparative Market Analysis. This will provide you with the information necessary to gauge the market value of a home in Vancouver, and will help you avoid over-paying. What have other similar homes sold for in the area and how long were they on the market? What is the difference between their asking and selling prices? Is the home you’re looking at under-priced, over-priced, or fair value? The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips.

6. Failing to familiarize yourself with the neighbourhood before buying:

Check out the neighbourhood you’re considering, and ask around. What amenities does the area have to offer? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new home or investment in Vancouver, so ensure you’re well-acquainted with the surrounding area before purchasing.

7. Not looking for home insurance until you are about to move:

If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you. Make sure you give yourself enough time to shop around in order to get the best deal when buying a Vancouver Home.

8. Not recognizing different styles and strategies of negotiation:

Many buyers think that the way to negotiate their way to a fair price is by offering low. However, in reality this strategy may actually result in the seller becoming more inflexible, polarizing negotiations. Employ the knowledge and skills of an experienced realtor. S/he will know what strategies of negotiation will prove most effective for your particular situation.

Always Glad to Help!

Jean Seguin

RE/MAX Crest Westside

604 783 5593