Tips on Buying a Home

Tips on Buying a Home
Buying your first home can be one of the most exciting, and rewarding moments of your life.

After all, who doesn’t want a pad they can truly call their own? However, making this big decision may require some research. As it can be quite confusing, especially for first-time buyers.

Here are a few tips which we hope can bring you some clarity.


Types of Homes

By definition, a home is a place of residence. It is a shelter or dwelling where someone lives. There are few different types of homes that you can live in.

Some examples include single family home, multi-family home, townhomes, condo, etc.

Single Family Homes (Detached homes)

Single-family homes vary in prices. Depending on the location and other things of course.

They are the most common type of houses in BC.

However, this might be changing as housing prices continue to increase rapidly.

The average price of a single family home in BC is $1,078,000.

In 2018, the average price of a single family home in BC was $1,033,000.

The average size of a single family home in BC is 2,479 square feet.

These days, single homes for sale in Chilliwack are getting quite popular.

Especially if you like smaller cities.


Multi Family Home

The benefits of the multi-family home are numerous: they offer more space per person, encourage living with others who have the same lifestyle as you do, and are often cheaper than traditional models.

However, there are also some disadvantages to this style of house.

Privacy can be compromised though.

Due to communal spaces being shared among families, or other groups.

The prices of multi family homes in British Columbia can vary depending on the location and the size of the property.

The average price of a multi family home in BC is around $500,000 to $1 million.

Burnaby is becoming a very popular place for multi family homes (Due to a thriving immigrant population).


Townhouses

A townhome is a home that typically combines the features of a row house and a detached house. A row house typically refers to a type of property where the houses line either side of the street, and share party walls.

The detached house typically refers to a type of property that has its own grounds and is not attached to any other buildings.

So a townhome is pretty much a hybrid of these two.


Condo

A condo is a residential property in which the walls are shared with at least one other unit.

Condo complexes are typically managed by a board of directors or corporation established by the owner, with each owner having shares in the company.

When you rent a condo, it’s referred to as an apartment.

Condos are the hottest in downtown. Most don’t purchase a car once they get an apartment here as the convenience factor is next level.


How Much House Can You Afford?

The house budget is the most important part of the home buying process. The total cost can vary greatly depending on location, size, type of property, and other factors.

This budget should be a determining factor for the type of house you want to buy.

– First, you need to determine who is the place for. Along with the number of people who would live there.

– Second, think about your long term goals and how much money is required.

– Third, do research on the market prices in your area and see if it is feasible for you to buy a house at that price.

– Finally, visit some houses before deciding which one you want to buy.


Different Types of Costs Associated With Buying a House

The costs of buying a home can be difficult to budget for, but they are crucial to know about.

Whether it’s the cost of the down payment, closing costs, or mortgage insurance, buyers need to know these costs upfront before getting into a contract.

Let’s have a look at the main ones:

Downpayment

A down payment is a lump sum of money that a buyer pays to the seller at the time of purchase in order to secure the property.

This is a lump sum of money that a buyer pays to the seller at the time of purchase in order to secure the property. The amount varies depending on where you live and what type of property you are buying. For example, in Australia, if you’re purchasing an established house and have a deposit of at least 20%, you will only need to provide 10% as your down payment.

The following are some situations where people might need a down payment:

– Buying land or vacant land for development

– Buying an existing home

– Buying investment property

Mortgage

A mortgage is a loan issued by a lender to purchase property.

When you take out a mortgage loan, the bank lends you the money to buy your house or apartment in exchange for monthly payments over many years.

A mortgage typically lasts for 15-30 years. After that period, the remaining debt on your mortgage will be unpaid or “paid off.”

Closing Costs

Are those expenses that must be paid when the title to a property is transferred from one person or entity to another. These can include:

-Property taxes and any other taxes and liens that were owed during the period of ownership by the seller and which will now be owed by the buyer.

-Recording fees for documents such as deeds, trust deeds, mortgages, etc.

-Title insurance premium paid at closing (not to be confused with home insurance).

-Appraisal fee (not to be confused with home inspection).

-Surveys (or other site inspections) related to possible encroachments or easements on the property which may affect its use.

-Transfer taxes levied by a state or local government on real

So as you can see, there is a fair bit of things involved, but don’t let it overwhelm you. Once you ‘get it’, then everything flows. If it was too complicated, millions if not billions of people wouldn’t be home owners by now.


How Do You Find a Realtor And What Are the Best Ways to Hire One?

Finding a good realtor can be difficult because there are so many agents to choose from.

So, how do you find a reliable and qualified agent?

Do your research on their customer feedback. You might not know someone personally but if they have a lot of great reviews, then they are worth considering.

Ask your friends for their opinion on who they have been working with recently and if they have any recommendations for you.

Include yourself in that list of people who recommended realtors to you, as it will give them an idea of what kind of person you are.

Look up their profile on the real estate board website and see if they have many qualifications and certifications which can be beneficial to homeowners.

There are many ways we can research agents we want to hire. One way is by checking their website and seeing if they offer the service we need.

If they don’t, we can search for another agent or look at other companies in our area. Sometimes, agents post their listings on other websites and it’s good to check those out too.

It’s always important to ask questions about policies before hiring an agent so you know what you are getting into with them.


What is the Next Step in Buying a Home After You’ve Found A Realtor?

The process of finding a home is very stressful and time consuming. There are various steps that need to be taken and we have to find the best deal for our budget.

If you have a good agent at this point, you should be able to find the right home fairly quickly. If you don’t, there are tons of website that you can check out online.

The best way to find a house is to look at the multiple websites online, go drive around in that area, or even better . . . rent a hotel or air bnb and then just chill in the place for a couple days.

This way, you’ll know exactly what you are getting into.


How Do You Find a Realtor And What Are the Best Ways to Hire One?

Finding a good realtor can be difficult because there are so many agents to choose from.

So, how do you find a reliable and qualified agent?

  • Do your research on their customer feedback. You might not know someone personally but if they have a lot of great reviews, then they are worth considering.
  • Ask your friends for their opinion on who they have been working with recently and if they have any recommendations for you.
  • Include yourself in that list of people who recommended realtors to you, as it will give them an idea of what kind of person you are.
  • Look up their profile on the real estate board website and see if they have many qualifications and certifications which can be beneficial to homeowners.

There are many ways we can research agents we want to hire. One way is by checking their website and seeing if they offer the service we need.

If they don’t, we can search for another agent or look at other companies in our area. Sometimes, agents post their listings on other websites and it’s good to check those out too.

It’s always important to ask questions about policies before hiring an agent so you know what you are getting into with them.


What is the Next Step in Buying a Home After You’ve Found A Realtor?

The process of finding a home is very stressful and time consuming. There are various steps that need to be taken and we have to find the best deal for our budget.

If you have a good agent at this point, you should be able to find the right home fairly quickly. If you don’t, there are tons of website that you can check out online.

The best way to find a house is to look at the multiple websites online, go drive around in that area, or even better . . . rent a hotel or air bnb and then just chill in the place for a couple days.

This way, you’ll know exactly what you are getting into.

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