Buying a Home
Buying a home is one of the biggest financial decisions many people will ever make in their lives. In addition to using the services of a REALTOR®, there are a few questions you can ask yourself to help guide you through the process.
Is Home Ownership Right for You? One of the biggest reasons people want to buy is to build equity in their own home, rather than continue to pay rent. However, being a homeowner and being a renter are two very different things. Are you ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance? Do you have a down payment, or the ability to get one?
Can you afford to buy? Media reports on the cost of housing sometimes make it seem like home ownership is impossible for many people. What these reports never mention is there is a wide variety and range of homes on the market. A REALTOR® can help you find a home that fits your needs and budget. And with today’s low interest rates all it takes is some careful planning to make homeownership affordable and possible.
What do you want to buy? When buying a home, you want to make sure it meets your actually needs. Size, location, and lifestyle are the most important things to consider. Then there are special features (like storage space or energy savings) and whether or not to buy new or used. Share this information with your REALTOR®.
Should I Use a REALTOR®? A REALTOR® is a licensed real estate professional with the resources and experience to help you buy your home. There are many ways to find a REALTOR®: drive through neighbourhoods that interest you and jot down names, go to open houses, look at advertising, ask friends and family if they have worked with a REALTOR® they like.
Vancouver Island Real Estate Board - Buying Tips