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The Price is Right: buying your dream home

You may not thinking of buying, but suddenly there’s your dream home right in front of you. It might be a cozy townhome in Maple Ridge or a sophisticated penthouse in Vancouver with a spectacular water view. The price is right and time is of the essence, so now what?

Choose a REALTOR®. A REALTOR® will make the process easier, saving you time and trouble. He or she can give you information about the community where you plan to buy including schools, shopping, community centres, parks and great coffee shops. They’ll make the complex understandable; that includes market trends, assessments, taxes, zoning, transportation and more.

Calculate your costs. Talk to your financial institution. How much can you afford? Your REALTOR® and/or mortgage broker will assist you in determining the exact amount you can borrow based on your income, expenses and current level of debt. Get pre-approved for a mortgage. You can lock in at today’s interest rates, get a lower rate if they change, and you’ll have more clout when negotiating for a home. Ask your REALTOR® for a budget worksheet so you can review costs such as taxes, closing and moving costs. That way, you’ll know exactly how much money you’ll need on hand.

Make an offer. This can be an intense and emotional experience. A REALTOR® will guide you through it. They will help you negotiate and respond to an offer. The Contract of Purchase and Sale is completed when an offer is made by a buyer to purchase a seller’s property. The contract outlines the terms and conditions of the offer, such as the offer price and any subject conditions. The seller may reject the offer or make a counter offer. Once all terms have been accepted and both the seller and the buyer have signed the contract, each party is legally bound to fulfill the conditions of the contract.

Close the deal. Your REALTOR® is skilled at closing deals and will provide undivided loyalty in protecting your negotiating position at all times. They will keep you informed of the steps involved from doing a land survey to signing the cheque and can recommend a list other professionals, like lawyers/notaries, insurance agents, home inspectors and movers .

Moving to a new home and neighbourhood is an exciting time. A REALTOR® helps smooth the transition and brings a host of valuable experience to the process. Their professional skills and connections are indispensable when buying your dream home.