Guide to Buying A Home in Vancouver

Buying a home is a big decision and isn’t something you want to go into without the proper knowledge, information, or plan. It can be an extremely overwhelming process, even with the proper arrangements. That’s why, when buying a home, it is extremely essential to find the right home in the right location.

Some things to think about before buying a home are:

  • What are the risks of buying this house?

  • What’s my price range?

  • Am I actually ready to be a homeowner?

  • Is this the best location/neighborhood for me?

    With Vancouver being one of the most popular destinations for movers due to the booming economy and beautiful landscape of city mixed with nature, it is critical to do your due diligence before buying your new Vancouver home. In this article, we will break down some of the most important guidelines for purchasing a new home in Vancouver.

    Find the Right Realtor

    Finding the perfect home can be difficult without the proper help. That’s why finding a realtor that is right for you is crucial for your home buying process. A realtor can help show you homes that fit your specifications whether its by area, square footage, amenities, or price range. The realtor will help you through the entire process of finding your dream home, including making an offer that best suits you and gets you in your home smoothly.

    Find A Mortgage Broker

    Once you’ve gotten a realtor nailed down, you can start looking for a mortgage broker. A mortgage broker acts as a middle ground between you and possible lenders. They work to find you the best interest rate for your mortgage loan. Your realtor may have mortgage brokers that they are in close connection with or you may know one personally that works best for you. Once you have the mortgage broker, they can help you get pre-approved for your loan and can help you get great cost based on your income and personal budget. ​TIP: Find a broker that has excellent availability, including both nights and weekends, as offers can happen quickly and unexpectedly.

    Pre-Approval, Down Payment, and Closing Costs

    Your pre-approval for a mortgage is based on your financial information like income, credit score, and debt and that information is sent to a lender for a review and determination on how much money they will lend you at a certain interest rate and monthly payment. During this process, you will need to determine your down payment, or how much money you will pay for the home up front. Typically, in British Columbia, down payments work by a set of rules. Any property under $500,000 requires 5%, 10% for properties over $500,000 and less than $1

million, and 20% for properties more than $1 million. Once you make the down payment on the home, you will need to close. Closing on a home generally comes with some extra costs like notary or lawyer’s fees, appraisal fees, and property transfer taxes.

With these basic guidelines, you’re ready to purchase your Vancouver home!

Hooman Jenabian