Buying Your First Nanaimo Home
What you need to know:
Buying your first home in Nanaimo or on Vancouver Island can be an exciting experience as you envision you living in somthing you genuinely own on this breathtaking island. But you need to prepare yourself to financially and emotionally invest in this process as it is gratifying if the proper steps are followed.
Initially, people buying their first home on Vancouver Island believe that this will allow them to make their own rules regarding the yard, interior decorating and even having a pet. Still, these homeowner advantages come with responsibilities with which renters have little experience. Property taxes, mortgages, city by-laws, and home maintenance can be complex for new home owners. Before you decide to contact a realtor as a home buyer, you must understand your financial position and set your expectation accordingly.
Ask Yourself the Following Questions:
Should or continue to rent or buy a home?
Renting or owning your own home both have their advantages and disadvantages. Beyond the financial investment, the most significant thing a new home buyer needs to consider is the long-term commitment to owning a home. Real estate is an asset not easily disposed of (low liquidy). Before you decide to purchase your first home, be sure you have established where you want to live, where your going to work, and that you'll be happy in that location for the foreseeable future. Nanaimo and Vancouver Island are fantastic places to live, so make sure you find the communities that best fit your needs as a new homeowner.
Do you know what you can finically afford?
When buying your first home, it's essential to understand that this is an investment that will, in the long term, increase in value over time. The Vancouver Island and Nanaimo Real Estate markets are continuously appreciating because of high demand from both locals and people relocating from other parts of Canada and the world. Due to these reasons, it's best to purchase a modest house initially and build equity while the home appreciates over time. It's also good to make simple improvements to the property, such as landscaping, painting, and light home maintenance. In no time, you can sell your first to finance the purchase of your next dream home. Be frugal and responsible in your buying choices. Nanaimo has many great home and condo choices at a reasonable price.
Can I pass the Financial Stress Test?
The Canadian Mortgage Stress Test is a financial calculation to find the maximum load a bank will safely offer you in case a sharp increase in interest rates occurs. The Stress Test is a government-mandated guideline for all homebuyers looking to procure a mortgage that all lenders need to abide by. Effectively this means the loan amount that a borrower would have received in the past would have been higher than the loan they would receive today. It's always a good idea to visit your bank or contact a private mortgage broker to find the amount your pre-approved for before you begin home shopping.
What type of real estate fits my needs as a first-time purchaser?
Beyond what you can afford, you need to ask yourself what type of real estate best fits your needs when buying your first home. If you don't like home maintenance and yard work, buying a house or a condo as part of the strata might be the best option. If you want the freedom of making your improvements and complete privacy, a single-detached home might be the best choice. Asking yourself what is essential for you to be happy is the first step in assessing where to search for your new home.
Having Trouble Finding Answers? We Can Help!
Having a great real estate agent with your best interest at heart can help you uncover many answers to the questions asked above. We help establish your goals, but we also ensure you'll find the perfect Nanaimo home at the best possible price. Your happiness and satisfaction is our primary objective.
We'll always keep your goals in mind as we assist in finding you the perfect home. Buying your first home can be a very emotional experience. These emotions can overcome common sense and cause you regret in the future. Using the goals we've established in our initial consultation will help you distinguish between want you want and what you truly need. As your agent, we'll help you weigh the pros and cons of every property you view to ensure you are immensely happy with your first Vancouver Island home.
We can suggest highly respected lawyers and notaries based in Nanaimo to help guide you through the transfer of Real Estate. Accessing a lawyer can be costly, but with the potential legal pitfalls of transferring land ownership, this costs nothing compared to the thousands of dollars you could incur if litigation occurs.
Submitting an offer to purchase a home for sale can be complicated if the necessary steps are not followed. Offers counteroffers, terms, conditions, deposits, and other aspects can overwhelm even the most experienced of homebuyers in today's marketplace. Many of these offers are subject to multiple perplexing requirements that must be understood before any transaction is completed. Contact us today and make sure you have adequate representation before considering making an offer on any home for sale in Nanaimo.
Getting a home inspection is a critical requirement in any contract to purchase real estate. Even if the property is a new construction home with a homeowners warranty, completing a thorough inspection of the premise can uncover hidden defects such as asbestos, cracked foundations, mould, or infestations. A home inspection commonly costs a few hundred dollars but can save you from owning a home with deficiencies that can cost you thousands of dollars in the future to correct. We can suggest local Nanaimo home inspectors that will create a report showing you anything you need to be aware of that could affect the value and livability of the property.
We'll be by your side during the final walkthrough of your first home. As one of the most exciting moments of your life, we'll be with you at your first home to complete the final walkthrough of your home and ensure it's in perfect condition before you take possession. We want to share the excitement as we complete this transaction and sign on the dotted line to purchase your new home.
Buying your first home starts with a call and ends with us handing the keys to the front door. We're here from start to finish and always available to you in the future if you need anything. Having a relationship with a REALTOR® is somthing that can benefit you for years to come as your life changes and your needs evolve. We'll be here when you need us!