Looking to Buy?
Purchasing a home is probably the biggest financial decision you will ever make.
Whether you're a first-time home buyer or seasoned investor, finding the right home in the Comox Valley can be a daunting task. With the help of Graham Batchelor, award-winning RE/Max realtor, house hunting can be fun and exciting - just the way it should be!
Download the Real Estate Council of British Columbia Home Buyer's Guide to assist you.
Below are some additional tips on purchasing a home.
Why Do You Want to Buy?
Are you tired of paying rent? Have you outgrown your current home? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right home.
Has Your Income Grown?
Home ownership can be a very good investment. As you pay down the principal part of your loan, you are building equity over time in addition to any market appreciation on your property.
Can You Afford to Buy?
Experts recommend spending between 33-40% of your income on housing.
Buying a home.
This process requires making many important financial decisions, understanding complex issues and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. I can guide you through the process, and get you access to listings before they hit the general market.
Choosing an agent
Here are some factors to consider when choosing a real estate agent:
- Look for a full-time agent who has experience completing transactions similar to yours. Interview a few agents: Are they familiar with the area you are interested in?
- Ask how much time the agent will have for you, and if they have a licensed assistant.
- Ask about their credentials and education: A good agent will continually strive to improve and gain knowledge of the latest real estate trends.
- Does the agent return your calls promptly? Time is money when attempting to buy a home. Ask for a list of homes they've sold or a list of references.
- Choose an agent who listens attentively to your needs and concerns.
- Pick an agent with whom you feel comfortable.
Once you've got those preparations out of the way, it's time to find the home of your dreams.
Take a Drive
Get to know the neighborhoods you are interested in. Drive around and get a feel for what it would be like to live in the area. Start getting a sense of the homes available in those neighborhoods.
Narrow your Search
Select a few homes that interest you the most and have your real estate agent make appointments to visit them. Ask your real estate agent about the potential long term re-sale value of the homes you are considering.
Time to Buy
Once you've picked out the house you want to buy, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs of maintenance and repairs on the house.
Appraisal and Lending
Keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. The lender will often send an appraiser out to the property and you may pay a fee for this service. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, and recent sales of comparable properties. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time.
When your transaction is nearly completed your lawyer will provide you with a "closing statement of adjustments" that details all of the financial details of your home purchase. At the last step in the buying process, your lawyer will have you sign the final documents, including loan documents (mortgage). When everything is complete, the lawyer will register the property in your name at the land titles office, and you will become the official new owner.