Comox Valley home purchase tips may save you time and effort when it comes time to buy your next Comox Valley home. Here is a few of them
Tip One – As a Comox Valley Home Buyer, Have a Plan. While this first tip may seem to be very basic, it is surprising how many people embark on the home buying process without having taken the time to develop one. Think about what you need and want before you spend time and resources on the home buying process. Start with the objective (what do you want to accomplish and by when). Then spend time thinking about the steps, timing, and resources to meet your objective.
Tip Two – Write Down & Prioritize the Steps of Your Comox Valley home purchase plan. Write down what you think you need to do and what you would like to do. Then organize all of the steps in order of priority. By doing so, you will have a point of reference from which to make decisions.
Tip Three – Start with an Assessment of Your Finances. While people have many reasons and motivations for wanting to purchase a new Comox Valley home, one common consideration among buyers is almost always money. This single consideration often can, and does, influence the entire buying process and the end result. This, therefore, is a good place to start. Know what you have. Understand the costs involved in buying a home. Find out what you can borrow (see Tip Four). Determine what you can afford to spend on a home.
Tip Four – Visit either a Comox Valley Mortgage Lender or a Mortgage Broker. A mortgage lender works for a specific financial institution while a mortgage broker works with (but not for) many different institutions. Get either pre-qualified or pre-approved financially by a mortgage lender or mortgage broker. When you get pre-qualified (financial step 1) you will get a sense of how much you might be able to borrow. When you get pre-approved (financial step 2) you will know how much you can borrow. Determine what you can afford to spend on the purchase of a home.
Tip Five – Real Estate Location: Area Before Neighbourhood. You have likely heard that real estate is about location, location, location. Think about Comox Valley locations near the start of the buying process. There are often two decisions to make on location. To what area (such as the Comox Valley) are you moving? Within a specific area, within which neighbourhood are you thinking of living? Visit the area to help you decide if it is to where you wish to move (assuming that you have control over to where you are moving). Decide on the area before you start looking at any homes.
Tip Six – Decide on Timing. Decide on when you want to make the move (assuming that you control when you wish to move). Timing is everything is a phrase that applies to real estate as well as many other things. Buying in a buyer’s market is often better than buying in a seller’s market but not everyone has control over when you move. If you do, give this some thought. When you plan to move has a bearing on when you should contact a real estate agent.
Tip Seven – Find a listing of all of the best displayed homes in the Comox Valley and an Agent Who Can Help. Statistics show that nearly 9 of 10 people begin their search for their next home on the Internet. Nearly the same of people use the services of a real estate agent to purchase a home. All real estate agents are not alike. While they all must meet minimum standards to become and stay licensed, they can vary widely in terms of their competence, experience, and knowledge. It is important to understand the difference between the provision of information and the provision of professional services. Real estate agents are licensed to provide real estate services to people in exchange for remuneration that is paid when a buyer or seller completes a home purchase or sale. The Real Estate Services Act defines real estate services in Part 1 of the Act. Services include, among other things, the showing of homes and advising on an appropriate price for real estate.
Tip Eight – Customer or Client? In British Columbia, a real estate agent can offer services to you as either a customer or as a client. This differentiation is important to understand. REALTORS are bound by the Canadian Real Estate Association REALTOR Code of Ethics and they must disclose the role and nature of the service that they will be providing at the earliest opportunity and before “providing professional services, which go beyond providing information as a result of incidental contact by a consumer.”
Tip Nine – Working with a REALTOR. There are two meanings to the phrase: Working with a REALTOR. One refers to the professional relationship that exists between a Comox Valley real estate agent and the person who is either the customer or the client of that real estate agent. It is important to note that the Canadian Real Estate Association Code of Ethics (article 20) states: “The agency or other contractual relationship of a Registrant (meaning REALTOR) shall be respected by all REALTORS”. For this reason, when you make contact with a REALTOR one of the first questions that they should ask you is: Are you working with a REALTOR? A second refers to the British Columbia Real Estate Association brochure titled: Working with a REALTOR (Designated Agency). This brochure explains the type of professional relationship that can exist between you and the REALTOR.
Tip Ten – Aim High for Peace of Mind. It is important to understand that the marketing of Comox homes and properties is accomplished in a highly regulated industry. Real estate agents have many obligations imposed on them by law (for example, real estate agents must identify and document the identity of people before they engage in real estate transactions). Real estate agents also must abide by many different rules and regulations and, depending on their local board, the Code of Ethics that applies to REALTORS. Beyond the regulatory regime, real estate agents may also have expectations. While some agents may take on all customers and/or clients, others may be selective when it comes to the clients for whom they choose to offer their professional services. When you are offered and accept professional real estate services as a client, the real estate agent is taking on a responsibility to represent you and your interests. Based on my own significant experience as a real estate client spanning over more than 35 years, how each real estate agent does this can, and does, vary greatly. Choosing a real estate agent is a personal and important decision. If you are like most people, your home is your most expensive investment. Choose wisely and contact Brett Cairns of RE/MAX Ocean Pacific Realty.