A recent TD Canada Trust poll found first time home buyers regretful of mistakes they made when buying their first home. They listed the top three mistakes as *be more thorough when budgeting and accounting for all the costs of home ownership *make a bigger down payment *buy a home sooner. Are you surprised by these findings?
Vancouver First Time Home Buyers Checklist
Personally, I’ve always thought that buying a Vancouver home is a better long term (25 years or more) decision. Forget the flipping, speculating and consignment of pre-sale contracts. This is gambling. Think of a home as a place to live and build equity over the long run. Make a checklist
- organize your finances by making a household budget, calculate your downpayment
- find out about closing costs which will be another 2-3% for legal fees, taxes, building inspection, high ratio mortgage insurance, moving costs
- calculate your monthly costs which’ll include home insurance, maintenance fees, property taxes, heating
- hire a real estate lawyer who will review your contract, check the title, transfer the title and review the closing process
- find a certified building inspector and find out what the inspection costs and what is covered in their report
- hire an experienced realtor with at least ten years in the business, be sure they are a neighbourhood specialist and a Vancouver condo realtor
Home Sweet Home Vancouver
It’s now a good buyers market with an excellent selection. You can take your time , plan properly and prepare. Then you will be equipped to make the right decision. Check out my Buyers guide and the process, at top of homepage.
P.S. I am your Vancouver real estate condo realtor! Decades of experience and hyper-local info! Locally known and internationally marketed!