realtylinkonline

July 2002

You've saved the down payment...now what?

You've scrimped, saved, suffered and sacrificed. Finally, the down payment is in the bank. It's time to buy a home.

And not a minute too soon. Your little apartment is bursting at the seams. The den sleeps two children. The living room is more like a playroom. The dining room is the office. The deck is storage for bikes, trikes, baby swings and anything else with nowhere to go. And the kitchen...don't ask.

So how exactly do you buy a home? Where should you look? What's a fair price? How will you know you've made the right choice?

Work with a REALTOR®

REALTORS® offer homebuyers a wealth of professional insight, experience and practical advice. REALTORS® will put your interests first and make certain you get the best value for your money.

Find out what you can afford

Whether you go directly to a lending institution, or use a mortgage broker, know the size of mortgage you can afford. Being pre-approved for a mortgage will also let you move quickly when you find a home to buy.

Distinguish between "wants" and "needs"

Be as thorough as possible. Be honest. And put it all on paper to help guide you.

Assess neighbourhoods

Consider the home prices, property taxes and transportation costs. Do the schools suit your needs? Are there recreational facilities for you and your family? Is there convenient shopping? Is the neighbourhood safe?

Look around

Go to as many open houses as you can to see what you can afford in different neighbourhoods.

Be prepared to act quickly

Most homes in Greater Vancouver sell quickly - usually within a month. If you do your homework, work with a REALTOR® and arm yourself with expertise, you can help ensure you buy the right home at the right price.

Also, be patient. While your apartment will seem even smaller when you are looking at homes, don't make a rushed decision. Make the right one.

For more information on buying a home, go to www.realtylink.org