Having a clear understanding of the process of real estate purchasing will ensure that you are well prepared to buy when the time comes. Here are important steps to follow when buying real estate in
Burnaby. If you follow them properly, I’m sure you will have a smooth experience.
- Save for a Down Payment
Accumulating a down payment is the first thing you need to do when purchasing real estate. Consider how much you will require upfront as a down payment. This is a critical step as it may take ages to
save the necessary funds. Remember that Burnaby’s real estate costs have been steadily going up for several years.
- Select your location
As you save for your down payment, start thinking of where you want your property to be situated. Do you have kids and want a good school nearby? Do you want to live close to your workplace? In this
case, Burnaby has the best public transit options, including the Sky Train which has eleven stops making commuting easy and affordable. There are also many buses that run different routes in the city.
Be sure to weigh all your priorities before coming up with the final decision.
- Gather the Necessary Documentation
Having saved for your down payment and with a general idea of where you want to purchase real estate, you can proceed and become prequalified for a mortgage. Gather your paperwork and schedule an
appointment with a good mortgage broker or financial advisor in Burnaby. These documents may include a recent payslip, year-end copy like T4 slip or NOA, proof of your down payment, among others.
- Get a Mortgage Pre-approval
Nowadays, you need to be pre-approved for a mortgage before agreeing with a real estate agent to represent you. Luckily, getting a pre-approval is pretty simple. All you need to do is meet with a
mortgage advisor, and they will take you through the process. A mortgage broker will look at your credit report plus income paperwork and tell you how much mortgage you can afford.
- Choose a Good Real Estate Agent
Once you get your pre-approval and mortgage rate booked, find a reliable real estate agent that will walk you through your house search. We suggest you interview several realtors to find out how they
relate with their customers and ensure they offer excellent services. You can ask a few people in Burnaby for realtor recommendations. Book an appointment with Ida Federico for professional services
on real estate. She is the best real estate agent by far in Burnaby.
- Start House Searching
When you find a good realtor, they will help you find a good house within your budget and in the right location. Be ready to visit several houses before accepting a specific offer. Ida Federico is
conversant with Burnaby real estate industry, and her team will have reasonable expectations about the available real estate within your budget.
- Get the Final Mortgage Approval
When the vendor accepts your house offer, meet with the mortgage broker for final approval. Your Mortgage lender will need to evaluate the house you are buying and confirm that the market value
matches the real estate purchase price. After the approval, you will be expected to sign an agreement, including the condition of the mortgage you have selected.
- Find a Lawyer
Hire a lawyer from a local law firm that handles real estate issues. The lawyer will help you with all your real estate transactions. They will help you with matters like fulfilling your closing costs
before the deadline for finalizing the purchase process.
- Purchase Home Insurance
It is very important to acquire home insurance on the house you are purchasing. It is your lawyer’s responsibility to ensure that you set up fire insurance before completing your mortgage payment.
- Move-in to your New Home
Finally, you are the official owner of the house. You will be provided with the keys to your new home and can go ahead with moving in. Consult with Ida Federico, for more complex matters on real
estate buying or selling in Burnaby. She will give you the confidence you need as a real estate buyer/seller in today’s real estate market.