Buying a Home in Coquitlam? 5 Tips to Help You with the Real Estate Purchase

(July 27, 2015 , posted in Home Buying Tips)

Buying a home for most people is the biggest purchase they will ever make. This can be an exciting and overwhelming time. Here are 5 tips to consider when purchasing your first home:

#1 – Know what type of home you and your family need and in what location
How many rooms do you need?

Where do your kids go to school?

Do you need to be close to downtown?

Do you want to tend to a garden?

These are just a few questions to ask yourself when thinking about buying your first home. Think about your future needs, if your family grows or if you are planning to run a home based business and need a home office, make sure you plan ahead. Most of the time, it is less expensive to stretch your budget today for a home to grow into then to relocate a few years down the road.

#2 – Determine what you can afford
Get a pre-approved mortgage so you know exactly how much you can afford in advance and you appear more serious to sellers. This is a free service with no obligation and usually has a 90 day rate guarantee that protects you if rates increase during your home search. It is not only about the mortgage payments, the utilities, insurance and strata fees (if applicable) should be taken into consideration when thinking of affordability. Iman is it possible to create a form they can fill out that we can fwd to a mortgage broker?

#3 – Find a good Real Estate Agent
The process of buying your first home can be daunting but a good Real Estate Agent won’t make you go through it alone. They know how the process works and can answer your many questions. can we have a contact button here?

#4 – Get ready for the house hunt
Don’t get discouraged if you can’t find the perfect home right away. Working with a Real Estate Agent that is familiar with the area can give you an advantage as they may know of properties that are not publicly listed and meet your family’s needs. Try to look past paint colours and worn out carpets but do not ignore costly red flags like; water damage, smell of mold or cracks in the foundation. Make sure to get a professional inspection before sealing the deal.

#5 – Be prepared when closing the deal
When you do find the right house make sure you are ready to move quickly but don’t be pressured into a quick deal if it doesn’t feel right. This is a big decision. Your Real Estate Agent will assist you with comparables in the neighbourhood to help you make a fair and affordable offer. They will do their best during negotiations. Be aware of hidden closing costs like legal fees, home insurance and property transfer tax.

Finding the right home for you and your family is not a simple task but if you stay informed and work with the right professional you can be prepared for each step in the process.

To find a Realtor in your area click here

If you are looking in the Coquitlam area contact our office, Platinum House Realty. Our agents are knowledgeable and happy to help first time buyers.