Home Buying Process
Advice on Buying a New Home
Buying a new home? This will be one of the biggest and most important investments you'll ever make. Here are some tips to help smooth the process.
Find out your price range BEFORE you shop. Your financial institution or mortgage broker will advise what type and size mortgage you qualify for. Be sure to get pre-approved before you search. The mortgage plus your downpayment is your range.
Budget for more than you think you need. When purchasing a home, there are many costs -- lawyer's fees, land transfer taxes etc. -- that are often not considered until the end, and could break your budget. Fight this by asking about ALL costs involved and save a bit extra.
Compare what you need with what you want. The space between your budget and your dream house is where you need to make compromises. Make a list of the features you NEED and those you want, then prioritize them to make finding the right house easier.
Do your homework. Buying a home always involves some level of risk; it is impossible to completely assess the quality of a home in a single inspection. For this reason, research your homebuilder because the better their reputation, the less risk involved. Review at testimonials, recent customers, awards and associations.
Go for a field trip. Before purchasing a pre-sale or any home, take a field trip to the are to ensure it fits your needs. Many builders offer pictures or videos, and may only have a lot, but go see it for yourself; you may miss a major detail if you don't. Think about the view, traffic, lighting, privacy and the neighbourhood (proximity to schools, stores and parks etc).
Get it in writing. All homes are going to be different, so make you know the details of what is included in each package you are considering before you purchase, and what options are available at what cost. Also get detailed information on builders' warranties and after-sales service.
Know EVERYTHING about your home. Get a property title search done for your new home. The document will show you if there are any liens or other obligations on your property, like hydro rights or Terasen gas lines. See our Property Title Searches page for more information.
Know what you are signing, the devil is in the details. Never sign anything unless you understand exactly what it does and doesn't include. Often contractual documents can run tens of pages of plans, specification, covenants, standard clauses, restrictions and much more. If you don't understand any point make sure to clarify it with the builder or a lawyer you trust.
