Getting ready to buy your first home is such an exciting time! With this excitement also comes the responsibility to make sure you’ve done your due diligence to educate and protect yourself as much as possible in one of the largest transactions of your life. Here are three of my favourite areas of focus for first time home buyers entering the Shuswap real estate market to assist with making your first purchase as smooth as it can be.
1. Get Pre-approved and Know Your Numbers
First and foremost, you’re going to want to get pre-approved for a mortgage so you know exactly how much you have available to invest. This ensures you’re shopping within a realistic price point for your budget, so you’re able to comfortably make your monthly mortgage payments. A great mortgage broker will assist you every step of the way; guiding you through the process, explaining the down payment, and the expenses you should expect that come with purchasing a home.
2. Have The Right Dream Team
Now that you have your pre-approval in-hand from your trusted mortgage broker, you’ll want to add a few more professionals to your team. First up, a qualified REALTOR®, who will assist you in finding the right home for you and your family. Next, you’ll want to have a home inspector ready to go, so they’re able to confirm the home is in good condition. Then, your real estate lawyer is up to bat to review your contracts, begin the process of a title search, etc. As well, having an insurance agent is helpful so you can attain the proper coverage for your new home and avoid any closing delays. There will likely be some other pros you’ll want to expand your team with; it all depends on your individual needs and the type of property you are looking to purchase.
3. Have Your Deposit Ready
Once your offer has been accepted, you’ll need to have the funds for your deposit available. This is the predetermined amount you decided on with your real estate agent, which was written into your offer. Think of this as a gesture of goodwill to secure the property you’re purchasing. Essentially, you’re offering this deposit to show your seriousness of the commitment to follow through to the closing of your new home. This deposit is held in trust during the time between the accepted offer and closing, at which time it is applied to your total down payment needed, which is verified by your lawyer or notary.
With these three key pieces of education presented to you, are you ready to take the exciting plunge as a first time home buyer? Apply here to get pre-approved – and I’ll help you understand your financial situation and get you qualified, so you can make an offer on your dream home with confidence!
Chad Eliason
250-804-9874