Buyer Preparation Part 5: Final Steps

Buyer Prep Series

Introduction

Insufficient buyer preparation when searching for a property is a recipe for disaster. If you fail to prepare, the process will be long, frustrating, and filled with disappointment. Much of the work I do is with first-time buyers because it gives me great satisfaction to help people achieve their goal of home ownership. Unfortunately, many buyers make the same mistakes which prevent them from achieving their goals. I’ve created this educational series to help my clients improve their chances for success, and to better prepare them to navigate the highly competitive Vancouver real estate market. The real estate industry is evolving, and I will continue adding to this series as necessary.

PART 5 – Final Steps

Over the last four weeks I’ve taken you through the process of buying a home in Vancouver’s competitive real estate market. This week I’ll review the process so far, as well as your final steps as you prepare to receive possession of your new home. The previous sections of the blog series are below.

PART 1 – The Importance of Working with a Realtor is available HERE

PART 2 – Financing Your Home is available HERE

PART 3 – Needs Analysis is available HERE

PART 4 – Preparing the Offer is available HERE

The move to your new home can be a challenge. In my opinion, professional movers are well worth the expense, but beware of hidden fees. If you choose to hire professional movers then do your homework – ask for referrals from friends, read online reviews, and be sure that you read the fine print in your agreement. Disreputable companies will hide extra fees that can end up costing you a lot of money. You also want to hire a company that you can trust with all your possessions.

If you want to keep your moving expenses down then it’s time to start bribing your friends with free beer and pizza! Call in all the favours you’ve saved up by helping others move over the years – the more people helping the better.

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Buyer Preparation Part 2: Financing Your Home

Buyer Prep Series

Introduction

Insufficient buyer preparation when searching for a property is a recipe for disaster. If you fail to prepare, the process will be long, frustrating, and filled with disappointment. Much of the work I do is with first-time buyers because it brings me great satisfaction to help people achieve their goal of home ownership. Unfortunately, many buyers make the same mistakes which prevent them from achieving their goals. I’ve created this educational series to help my clients improve their chances for success, and to better prepare them to navigate the highly competitive Vancouver real estate market. The real estate industry is evolving, and I will continue adding to and updating this series as necessary.

PART 1 – The Importance of Working with a Realtor is available HERE

PART 2 – Financing Your Home

Financing is easily the most important factor in purchasing a home. Many Realtors, including myself, will not commit serious time to working with a buyer until their finances are in order. I’m always happy to sit down with a prospective client to introduce myself and provide you with some education & guidance, but we need to be sure you can afford to purchase a home before we begin our search. We must establish an accurate budget so we’re not guessing about what you can afford. You can’t purchase a home unless you have the funds available so this should be a top priority!

How do you prepare your finances to purchase a home? You’ll first need to save for a down payment, and then you’ll need to contact a Mortgage Broker and apply for mortgage pre-approval. Ideally, you will be able to save 20% or more for the down payment, but the absolute bare minimum you’ll need is 5%. Your Mortgage Broker will advise you on your financing options. If you need assistance finding a qualified Mortgage Broker then let me know. I work with some amazing professionals and I would be happy to connect you with one.

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Real Estate 101 – RRSP Home Buyers’ Plan

It’s tax season and Canadians are thinking about investing some of their hard-earned money into their Registered Retirement Savings Plans (RRSP). I’ve put together this quick blog post today to let you know how you can use your RRSP savings to help you buy your first home.

One of the biggest hurdles that first time home buyers face is coming up with the funds for a down payment. Many Canadians are unaware that they can access the savings in their RRSP to put towards the down payment on their first home.

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