WHAT YOU NEED TO KNOW:

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 that comes with owning a home. Owning real estate is an asset not easily disposed of (low liquidy), so before you decide to enter the housing market, 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 in general 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 afford?

When buying your first home, it's important 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 market are continuously appreciating with high demand for homes 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 in value over time. It's also a good idea 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. 

Will 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 of a sharp increase in interest rates occur. The Stress Test is a government mandated guideline for all homebuyers looking to procure a mortgage that all lenders need to abide. Effectively this means the loan amount that a borrower would have received in the past would have been higher than the loan the would receive approval for 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-timer?

Beyond what you can afford, you need to ask your self what type of real estate best fits my needs when buying your first home. If you don't like home maintenance and yard work, then buying a house or a condo as part of strata might be the best option for you. If you want the freedom of making your improvements and complete privacy, a single detached home might be the best choice. Asking your self what is essential for you to be happy is one first steps in assessing where to search for your new home. 

Having Trouble Getting Answers? We Can Help! 

Having the great real estate agent with your best interest at heart can help you uncover many of the answers to the questions asked above. Not only do we help establish your goals, but we'll also ensure you'll find the perfect Nanaimo home at the best possible price.  

We always keep your goals and interests in mind finding you the perfect home. Buying your first home can be a very emotional experience. These emotions can overcome common sense and cause you to make a decision that you may regret in the future. Using your goals in our initial consultation we'll 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 your immensely happy with your first home.

Having the best legal advice in addition to a great engaging a great REALTOR®. We can suggest, highly respected, lawyers and notaries based in Nanaimo and on Vancouver Island 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 cost nothing compared to the thousands of dollar you could incur if litigation occurs in the future. 

Submitting an offer to purchase a home for sale can be a complicated task if the necessary steps are not followed.  Offers counteroffers, terms, conditions, deposits and other aspects can overwhelm even the most experienced of home buyers in today marketplace. Many of these offers are subject to multiple perplexing requirements that need to be understood before any transaction is completed. Contact me today and make sure you have adequate representation before you consider making an offer on any home for sale in Nanaimo.  

Getting a home inspection is a critical requirement that must be included 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 many hidden defects such as asbestos, cracked foundations, mould, or infestations.  A home inspection commonly cost 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 many, well respected, local Nanaimo and Vancouver Island 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 in 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 are always here from start to finish, and readily 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!