Nobody needs to tell you what a huge step it is to buy a home; it’s a massive commitment and can be a source of huge stress.
There are five key things that you need to consider right at the start of this process; the answers to these will help shape whether you’re in a position to buy at all, or what type of home you can buy in Vancouver.
Your credit score
Understanding your credit score is of vital importance before you decide to buy a home in Vancouver; it can be a red line in terms of whether you can progress or not. Taking out the odd credit card or loan is a good way to establish your credit history, but it is a double edged sword; if you defaulted on the loan and maxed the credit cards out you will have done serious damage to your credit score. This may mean that you’ll struggle to get the necessary finance to buy your dream home.
Do I have enough cash?
Firstly, there is the subject of the down payment and it is the case that some mortgages come with the caveat of the need for a 20% down payment; not small change by any stretch of the imagination!
Secondly, you have realtor fees, inspections/surveys, remedial work, removals, the list goes on and on and sticking to the budget is always a big issue. This is another reason why you must ensure you have enough cash at your disposal.
The simple fact of the matter is that you need a steady, demonstrable income in order to keep up with your mortgage repayments, as well as run the house in terms of bills and repairs and maintenance.
If you don’t have regular income, the odds are stacked against you in terms of even being approved for a mortgage.
Are you ready for it? A mortgage is a huge commitment, as is the upkeep of a home so you have to be totally clear that you’re ready to settle down and take on this responsibility.
What are you looking for?
It sounds really obvious, but it is something that people overlook; you need to have an idea of the type of property that you want to live in. Age, area, number of bedrooms, garden size; make a list of all the things that you want and rank them in terms of importance. Doing this will allow you to shortlist or discount potential homes.
Contact Paul Eviston, a REMAX Vancouver Realtor to learn about how we can best help you find your new home. Our Vancouver real estate team specializes in Downtown Vancouver, East Vancouver, and Westside Vancouver real estate. See our latest ▶️ Real Estate Listings Videos on Youtube.