One of the first steps you should do when purchasing real estate for the very first time in East Vancouver is to hire a respected local real estate agency, such as Real East Van. This is especially important if you previously lived outside of Vancouver and moving to the city. Local real estate agents are more in-tune with the pulse of the city and more familiar with the neighbourhoods, improving your chances of finding a home that offers the perfect fit.
Aside from hiring a local real estate agent, you will also want to keep the following real estate tips in mind:
The B.C. First Time Home Buyers’ Program
British Columbia’s First Time Home Buyers Program is designed to eliminate (or at least significantly reduce) the amount of property transfer tax associated with the purchase of your first home. Some of the factors for qualification include:
- Canadian citizenship or permanent residence
- Property is located in B.C.
- Property is to be used as your principal residence
- Property has a fair market value of $425,000 or less if registered on or before February 18, 2014
- lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
Even if you do not qualify for full exemption, you may be eligible for partial exemption. Discuss this with your real estate agent.
Make sure your bank has pre-approved you for your mortgage. This will help you solidify your home buying budget, as well as help you draft a more realistic shortlist of homes in East Van you can afford to buy. Additionally, being pre-approved for a mortgage can help you win a bidding war since the seller knows you will have access to your loan faster than those who have yet to be pre-approved.
Keeping Expenses in Check
Stay away from other major expenses, such as a new car, prior to and after purchasing your home. There are many expenses associated with closing a real estate sale, so it’s best to keep your finances neat. It is also possible that a major expense may have a negative impact on the mortgage you receive from your bank.
First Time Home Buyers’ Program, gov.bc.ca
4 dos and don’ts of buying your first home, globalnews.ca