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Getting Ready To Buy Vancouver Real Estate
Purchasing a property is one of the biggest financial decisions you will ever make. Regardless of whether you are a first time buyer or experienced investor, you must make careful decisions throughout the buying process. Below are some things to consider before you buy.
Why Are You Buying?
Are you tired of paying expensive rent or simply outgrown your current home? Are you looking for an investment property? Having a clear sense of your “why” behind a new purchase will help you evaluate the right factors and choose the best property.
Are You Ready to Invest?
Property ownership has been one of the top strategies for building wealth - and still is! Whether it’s your first investment, you’re building your portfolio, or looking for a rental property, it’s always a great time to invest. Property ownership is one of the most stable assets to hold and doesn't carry the risk other forms of investment have, such as stocks or collectibles.
Find out how we can help you reach your real estate goals by completing the form .
Other Things To Consider
Get Your Financials in Order
If you are contemplating a large investment it is not a good idea to make sudden career changes or large purchases. Large transactions or loans can affect your credit and balance sheet in a way that can limit your buying options. Your credit score will hold a significant impact on the type of property you can buy, your interest rate and overall property price. You want to approach your purchase from a position of financial stability. We can work with one of our preferred lenders to get an updated credit report to know exactly where it stands. The lender will research your credit ratings from the three credit reporting agencies: Equifax, Experian and TransUnion. We are happy to recommend seasoned, knowledgeable lenders in the commercial, residential, construction and investment real estate fields.
Organize Your Finances
When it’s time to make an offer, you’ll want to know you’re fully prepared to close the deal. In order to avoid delays, bidding wars, or conflicts, preparing your finances is crucial. Here is a list of things you will need to have prepared to secure financing:
- Bank accounts statements
- Recent pay stubs
- Check Your Credit Rating
- Financial statements
- Investments
- Tax returns for 3 years
- Credit cards
- Auto and other loans
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information
Pre-Qualified Vs. Pre-Approved
Pre-qualifying for a loan will help you with the following:
- Finding the ideal price range you can afford
- Determining what your monthly payment will be
- Understanding the different loans you qualify for
- Estimating the down payment and closing costs
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Tips For Buying The Perfect Property
Don’t Max Out Your Budget
Just because you’ve been approved for a large amount, doesn't mean you should spend it all on the property’s sale price. You will want to set some funds aside for closing costs, taxes and potential repairs or improvements.
Get To Know The Area
Make sure the neighborhood fits your target audience - are grocery stores, public transportation, and everyday conveniences easily accessible?
Don’t Skip The Inspection
Inspections are worth their weight in gold and will draw attention to problems you may not otherwise see, giving you peace of mind and letting you make informed decisions about your purchase.
Get Pre-Approved
Getting pre-approved by a lender lets the seller know you are serious and ready to purchase a property and you are not just window shopping.
Make a List of Deal Breakers
Know what you can live with or without. Some items can be taken care of with a simple remodel or renovation. Keep your total budget in mind to ensure the purchase is financially viable long term.
Look At The Age Of Infrastructure, Appliances & Other Systems
Some of the most expensive features of a property are utility lines, appliances, HVAC, hot water heater, septic/well, and roof(s). You should pay attention to their age and if they have been serviced regularly. You may even be able to get the seller to add a warranty.
Check For HOA Requirements
Neighborhoods tend to have HOAs governing what you can and can't do - be sure you know what the rules are for the neighborhood, and fees associated with having an HOA.
What Price Range Can I Afford?
Resources For Vancouver and Pacific Northwest Buyers
The journey to ownership starts by understanding how much you can afford. One major thing to consider is your down payment. For Commercial Property it is recommended to have at least 20 to 30 percent down. For Single Family Homes and smaller investments it is recommended to have at least 20 percent down. Thanks to various government-sponsored programs, many individuals can now buy a primary residence with as little as 3.5 percent toward a down payment. Veterans of the U.S. military have zero-down programs available.
Finding a knowledgeable Mortgage Loan Officer is key to receiving the most up-to-date information on available lending options. If you want to run some quick rough numbers, check out our free mortgage calculator.
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Proudly managing properties across the Pacific Northwest
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