If you are a young person and are considering the purchase of Vancouver real estate, you’ll need to be aware of the risks and advantages of it. First of all, there are some basic requirements that you will need to have fulfilled before signing any papers.
How to be approved to buy real estate
In order to be eligible to purchase real estate property the first thing you will need is good credit and a lump sum of cash. Seeing as most people do not have two or three hundred thousand dollars in cash lying around the house, good credit will be necessary in order for a real estate transaction to take place. This means approaching a bank as a first step and asking for a mortgage. The lender will let you know how much they can lend you and the details of the loan. Then you will need to ensure that a down payment, usually a small percentage of the total cost of the property, is available for you to give to the sellers when signing the agreement. This seems very complicated, but if approached properly it can be very straight forward.
What to do after approval
It is recommended that you get in contact with a professional real estate agent like Diana Klejne that can assist you in finding a house that suits your needs and is within your price range. It may seem easy and simple to find a house with these requirements, but you will find that there are a lot of issues that can turn up. For example, you may find the perfect house within your price range just to find out later that it is right across from a cemetery. Having a real estate agent on your side will make the search easier and you’ll save a lot of time.
How to maintain your good credit
The most important thing when buying a house with a mortgage is to ensure that all payments are made on time. You’ll have to be honest with yourself about how much you can actually pay at the end of each month. Do not bite off more than you can chew. If you do, you may find yourself without a home and out thousands of dollars.
As a young person you may not have experience in buying Vancouver real estate, but you can still make it go right and end up satisfied and content. This takes dedication, time, and a lot of effort – but is very possible. Without the thousands of dollars needed for the straight purchase of a property, a loan will be required. This means you need to be approved, find a house within the budget that meets your needs, and maintain a steady flow of mortgage payments. All of this is definitely within reach for many young people who are considering their first Vancouver real estate purchase.
Buying inquires contact Diana directly at 604-789-8202
Diana understands that purchasing a home for the first time is a very exciting, emotional and confusing time. She will walk you through every step of the buying process from the begging to the end:
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“As first time home buyers, Diana did an amazing job guiding us through the entire buying process. At each phase of the buying process, Diana had given us honest and sound advice, while providing us with the resources and information necessary to help us make our own decision. We feel confident in placing our trust with Diana, as she always has our best interest in mind. ”
Kevin Zhao and Geri Chong
“‘I knew I’d be making a lot of important decisions when buying my new home. Choosing Diana as my realtor was a great start.”