Ken Stef

The Buying Process

• Getting Started on Buying Your Home
• Finding your home
• Making an Offer
• Counter Offers
• Offer Acceptance to Closing
• After Possession

Getting Started on buying your home.

On the surface, buying a home may seem like a relatively straightforward process. However there are dozens of variables in any transaction that can make home-buying quite complex. Being prepared and organized makes the process that much easier and more enjoyable. Here are some steps to take before beginning your search.

Choosing an Agent — Choosing an advisor to guide you through a transaction as important as buying a home is serious business. So homebuyers should give just as much consideration to hiring a buyer's representative as sellers give to hiring a listing agent. That means conducting interviews, seeking referrals and researching the company as well as the individual.

While it’s important to ask potential agents a number of questions relating to their experience and routines, it’s also important to listen for the questions they ask you to get a feel for if they’re really intent on understanding your needs.

Experience in your preferred neighborhood and/or style of home is important, but so is the comfort level between agent and client, because buying a home is a highly personal experience. Ultimately, you only work with one agent, so it should be someone you like, trust and respect and who feels the same way about you.

Assessing your Financial Situation — For starters, use an online mortgage calculator to get a sense of your buying power and monthly mortgage payments. As a general rule, most experts say that your housing expenses should not exceed 28 percent of your gross monthly income, but a variety of factors – from your credit score to other debt – can open this ratio up to a pretty wide range. Remember that there are other costs involved in buying a home, such as moving, decorating and remodeling expenses. You should also consult with your accountant or financial advisor to talk about how real estate affects your financial goals. Knowing where you will come out of the transaction will give you a lot more confidence going in.

Getting Pre-Approved — In today’s home-buying environment, a mortgage pre-approval is not only essential; it is also incredibly easy to obtain – whether online, over the phone or in-person. A mortgage pre-approval lets you know exactly what you can afford to buy. It also demonstrates to a seller that you are a willing and able buyer. And it gives you a head start in getting an actual loan commitment.

Creating a Wish List — Almost every home purchase involves some degree of compromise, which is why it is important to prioritize your wants and needs before you begin your search. There are many variables to think about depending on your lifestyle, budget and future plans, but some universal considerations include:

• Location - Vancouver's West Side offers many great neighborhoods, each with its own character. Consider the factors that are important to you, such as schools; transportation; and neighborhood amenities like restaurants, shops and parks. Here are some ways to research an area you’re considering.
• Tap local resources which can provide information about area businesses and community events.
• Seek out neighborhood residents and get their opinion about where they live.
• Drive or walk through the neighborhood at various times of the day and evening
• Leverage your agent’s expertise in the neighborhood.

Type of home - A great diversity of housing exists within the city: single-family homes, condominiums, townhomes, lofts, new-construction, high-rises, heritage homes, re-sales and fixer-uppers. You probably have a preference for a certain style of construction. Weigh the pros and cons to narrow your focus.

Features and amenities - Garage parking, hardwood floors, a fireplace, outdoor space, a doorman. In the end, these are the kinds of details that drive the decision to purchase one home versus another. In creating this list, some things to consider are resale value, your daily routine, and the cost of making changes or additions down the road.