Vancouver, Canada enjoys a reputation for being one of the most livable cities in the world. For social services accessibility and general enjoyment, the city was rated number one in North America, and has been consistently in the top five. For many people, Vancouver’s cultural diversity and recreational parks, among others, make the city one of the best places to live in. Despite the relatively high prices of homes for sale in Vancouver, the city’s generally stable market still presents itself attractive enough for people to choose to move and settle in this city.
Kyle Green, writing for the Vancouver Sun, offered some ideas for first-time home buyers about purchasing a house in the city. Properly setting up one’s mortgage plans, inspecting and negotiating, and shopping for the right insurance can kick-start one’s new life in this popular city.
Setting up Mortgage Plans
According to the article, a potential house buyer must do prior research on his preferences and the available homes for sale in Vancouver real estate market. Once the preferences are clear, the buyer can then narrow down his options on those properties within the location, price range, house type, and size that he wants. The buyer can shop for a mortgage plan that suits him. A mortgage is simply a loan that takes the purchase home as a collateral. Consulting with a mortgage broker and supplying all the needed information and requirements can help obtain for the buyer a pre-approval of the mortgage loan. With a pre-approval, the buyer can make a thorough inspection of the house.
House Inspections and Writing an Offer
During this process, when an actual house is selected, the buyer is allowed the chance to search the house more meticulously for faults and defects. When he is satisfied and is decided on the house, he can make a counter-offer for the seller to consider. Buyers usually rely on realtors when handling the negotiations for pricing. Offers and counteroffers should be productive exchanges, with the final price mutually agreed upon by both parties.
When the mortgage is obtained, with financial negotiations leading to a closing date, the buyer can start shopping for a home insurance, and other necessary arrangements relevant at closing; in any case his mortgage broker and realtor will be guiding him every step of the way. Financing doesn’t necessarily need to happen in the final stage of the purchase. As soon as the approval of the mortgage is set, the payment process may commence. With all the documentations, initial payments, and negotiations settled, the only thing the buyer needs to do now is to move into his new home.
(Source: Tips and tricks to help first-time home buyers, The Vancouver Sun, 15 March, 2013)