Six Steps To Buying The Perfect Home
You are ready to start making your move, whether investing, selling, or looking for a change in lifestyle. Your first step is to build your Real Estate team; this team is consists of a Realtor, Mortgage Broker, Financial Advisor, Real Estate Lawyer, Contractor, Movers, and Professional Cleaners. Fortunately, many Realtors already have an existing network of these professionals, but I encourage you to build your team rather than rely on that of another.
Step 1: Pick A Good Realtor:
There are over 13,000 Licenced Realtors in the Greater Vancouver Regional District, making the adage of “everyone knows a Realtor” all too real. For some, it is a friend or a family member and others a social acquaintance. Nevertheless, everyone still knows a Realtor! Why is this important? Well, your Realtor is the face of your family as well as your property or investment. The question that you ask yourself is: can your acquaintance/family member represent your property and family the way it should be? When assembling your team for your Real Estate transaction, it is imperative you pick using your brain rather than your heart. The market continues to move at an exasperating pace; you need someone that represents you in the way you want but also keeps pace with the market.
Step 2: Find A Mortgage Broker
Before the shopping or listing begins, it is imperative you understand your budget as well as the costs associated with owning your new property. A Realtor can help you with the expenses related to owning a particular property; however, they cannot assist with your mortgage payment. They are not trained in that field nor have access to the data. Your Mortgage Broker will help you understand your Mortgage Payment to the penny, and if they do not, it is time to get a new broker. Furthermore, they will help you find the Mortgage that best suits your financial needs, to be effective, it is imperative you be open and honest with them from the beginning!
Step 3: Find A Financial Planner
OH, MY, GOSH! It is amazing how this industry remains underutilized when making large decisions like buying a home! A Financial Planner will help ensure that either Selling or Buying is the right move for you and the family. Additionally, they will help you figure out your Mortgage and if it is the right one for your goals. Yes, the Mortgage Broker should be able to get this one right; however, sometimes they may have misheard something you may have said, or they are unfamiliar with a financial goal that you may have (Classic Car?). Meeting with your Financial Advisor before this big decision ensures that it is the right one for you and gives you a better understanding of your finances.
Step 4: Find A Real Estate Lawyer
You are going to need a Lawyer no matter if you are buying or selling real estate and it is important that they are engaged early in the process, especially if this is the first time you have bought or sold Real Estate. It is your Realtor and Mortgage Brokers job to explain the contract and the mortgage agreement to you; however, sometimes you nod your head that you understand, but you do not. Enter the independent third party Lawyer, who exists to look out for your best interest and explain certain contractual terms that you just cannot seem to understand. Having a good Lawyer on your Real Estate team ensures your protection and could save you much pain, both monetarily and emotionally.
Step 5: Fix, Clean, Paint, Stage, and Move
Here is where your Realtor steps in with some names that help you get to where you are going. Keep in mind, that as per Canadian Real Estate Council Law, a Realtor has to give you three names for each of these services and it is up to you to choose one provider for each service. You can ask your Realtor whom they prefer to work with (everyone has a preference) but they are not to answer that question. However, if a Realtor is providing you three names, you can be confident that they are comfortable working with any of those businesses. Choose these firms wisely and take the time to read google, yelp, and any other online review engine to ensure you are getting good service and an excellent finished product.
Step 6: Go to Market confidently
Once you have gone through all the paperwork, the needs and wants, the staging, and fixing up minor blemishes, it is time to enter the marketplace. Keep your eyes and ears open always, try to notice things that other people may not. It is imperative to pay attention to the details of the transaction and encourage as many eyes on the property and associated documentation as possible. You want your Realtor to check with his peers to see if they have any knowledge of the building, property, or area. Additionally, you want to know and understand the zoning policies and future policies of the City you are buying in as that water-front view might be disappearing in two years because there is an active re-zone occurring. Kick over every can, turn over every stone, and do not rest until you know everything and anything about the property that you are buying, so there are no surprises 1, 5, or 10 years into your ownership.