H1: "Your Comprehensive Guide to Buying a Home in Vancouver, BC" H2: "Navigating Vancouver's Real Estate Market" H2: "Tips for First-Time Homebuyers" H2: "The Home Buying Process"

Buyer's Guide

Introduction

Whether you are a first-time homebuyer, looking to upgrade, or seeking a savvy investment opportunity, I am here to guide you through every step of your real estate journey. With a deep understanding of the local market, extensive industry connections, and a commitment to your unique needs, I am ready to make your real estate goals a successful and satisfying reality. Let's embark on this exciting journey together. 
Step 1: Get Pre-Approved for a Mortgage
​
If you plan to finance your home purchase with a mortgage, it is important to get mortgage pre-approval. This will give you a clear idea of how much you can borrow and help you make competitive offers when you find the right property. During the pre-approval process, you can also:
  1. Hold Your Rate: Some lenders offer rate-lock options, allowing you to secure an interest rate for a specified period. This can protect you from rate increases while you search for a home.
  2. Know Your Maximum Budget Amount: Your pre-approval will provide you with a maximum loan amount based on your financial situation. This figure will help you set a realistic budget for your home search.
  3. Understand Your Weekly/Monthly Payment: Your lender will provide estimates of your weekly or monthly mortgage payments based on different loan scenarios. This will help you understand how the cost of homeownership fits into your budget.
Taking these steps during the pre-approval process will provide you with a more comprehensive understanding of your financial readiness and help you make informed decisions during your home search.
Step 2: Start Your Property Search
​
Start searching for properties that match your criteria. Either look at www.realtor.ca or www.rew.ca by yourself, or tell me your search criteria and I will find properties based on your preference and needs. Also I can provide you with several helpful tools and services, such as:
  1. Property Email Alerts: I can set up automated property email alerts for you based on your search criteria. (areas, facing, # of bedrooms/bathrooms/kitchens, lot size, interior sqft... etc) This means you'll receive notifications whenever new properties that meet your criteria come on the market, ensuring you stay up to date with the latest listings.
  2. Save Favorite Properties: You can save your favorite properties to a personalized list. This allows you to easily track and revisit properties that pique your interest.
  3. View Photos, Floorplan, Virtual Tour : Listings typically include a variety of high-quality photos, floorplans, or virtual tours showcasing the property's interior and exterior. You can view these to get a better sense of each property.
  4. Quick Response to Questions: I am there to assist you with any questions or concerns you have about the properties you're interested in. 
Step 3: Attend Open Houses and Viewings 
​
The home viewing process is undoubtedly the most exciting part of purchasing a home and gives you the chance to view homes in person. As your real estate agent, I'm here to make this experience as enjoyable and productive as possible. Here's how I will assist you:
  1. Protection of Your Interests: My primary responsibility as your real estate agent is to exclusively represent your best interests in the real estate transaction. I ensure that the terms of the purchase contract align with your preferences and that you are not exposed to unnecessary risks.
  2. Research and Fair Market Value Analysis: I conduct thorough research on each property you're interested in. This involves assessing its fair market value by analyzing recent comparable sales, current market conditions, and any unique factors that could affect the property's worth. This empowers you to make informed decisions about the price you're willing to offer.
  3. Benefits and Disadvantages Assessment: I provide you with a balanced perspective on each property's strengths and weaknesses. I point out the benefits, such as proximity to schools, parks, or shopping centers, as well as any disadvantages, such as potential maintenance issues or noisy neighbors. This information helps you make well-rounded evaluations.
  4. Peace of Mind: By placing your trust in me, you can rest assured that you have a dedicated professional by your side who is committed to your best interests. I navigate the complexities of the real estate transaction, ensuring you enjoy a seamless and successful experience.
Step 4: Make an Offer
​
​Making an offer on a property involves several important considerations, and I'm here to guide you through each one. Together, we'll create a comprehensive offer that protects your interests and aligns with your preferences. Here's how I'll assist you in this step:
  1. Educating You on Key Terms and Conditions: I will provide you with a clear understanding of the key terms and conditions that should be included in your purchase contract. These terms cover vital aspects such as the purchase price, deposit, contingencies, and timelines.
  2. Financing: Before we proceed, we'll ensure your financing is in order. This includes confirming that your mortgage has conditionally approved before we remove subjects..
  3. Home Inspection: We'll discuss the importance of the home inspection and set reasonable inspection deadlines. If the inspection reveals any issues, we can negotiate repairs or credits with the seller to ensure you're comfortable proceeding with the purchase.
  4. Strata Documents Review: If applicable, we'll review the strata documents towards the end of the contract negotiations. These documents provide insights into the strata by-laws, depreciation report, and financial statements, contingency reserve fund, strata minutes, and more. We'll ensure you understand how they may impact your ownership.
  5. What's Included and Not Included: We'll clearly define what is included in the sale and what is not. This covers fixtures, appliances, window curtains, the garage door opener, and any other items that are part of the property. We'll also specify any personal items, furniture, decorations, or exclusions listed by the seller to ensure there are no misunderstandings about what you'll be receiving with the property.
  6. Determine Completion and Possession Dates: We'll work together to determine the desired completion and possession dates. These dates specify when the sale will close, and when you will take possession of the property. They should align with your moving plans.
By addressing these details in your purchase contract, we can create an offer that safeguards your interests, aligns with your financial plans, and ensures clarity in the sale.
Step 5: Negotiation and Accepted Offer

Negotiations may follow, with the seller countering your offer. I will provide my negotiation expertise to secure the best possible terms and conditions for your purchase, which may include subjects such as home inspections, financing approval, and the review of strata documents, helping you reach a mutually agreeable price and terms.

​Once an agreement is reached, you'll enter into the accepted offer and Subject Removal process. This includes coordinating inspections, providing required documents to your lender for financing approval, and addressing any concerns or questions that may arise during the subjects removal process.
Step 6: Closing the Deal and Taking Possession
​
Closing the deal and taking possession is the final and most exciting step in your home-buying journey. During this phase, several crucial activities take place:
  1. Legal and Financial Procedures: Your lawyer or notary will handle the legal and financial aspects of the transaction. They will ensure that all necessary paperwork, including the transfer of ownership and mortgage documents, is in order. You'll also need to provide the funds required for the purchase, which may include the down payment and closing costs.
  2. Final Walkthrough (if applicable): Before taking possession, you'll have the opportunity for a final walkthrough of the property, if we put it on the contract. This allows you to ensure that everything is as agreed upon in the contract and that the property is in the expected condition.
  3. Taking Possession: Once all legal and financial procedures are completed, and the property is ready, you'll receive the keys and take possession of your new home. This is an exciting moment, and you can now move in and start enjoying your new property.
Don't forget to arrange for the transfer of utilities and services, such as electricity, water, and internet, to your name. This ensures a seamless transition and avoids any interruptions in these essential services. Congratulations! You're now a homeowner. Take some time to celebrate this significant achievement with friends and family.
Ensuring Client Satisfaction and Extending Referral Benefits
​
Maintaining a high standard of service is a commitment that I uphold, not just during the transaction but before and after as well. You see, you're not just a client; you're a valued friend.

Referral Program: If you've had a positive experience collaborating with me and have friends or family members looking to sell or buy a property, I'm excited to introduce you to my referral program. Please get in touch with me for all the details. Your trust and referrals mean the world to me.
Let's work with Richard!
RICHARD LEUNG |  SUTTON GROUP - WEST COAST REALTY 
PHONE
604.724.7620

​EMAIL
​[email protected]

WORK HOURS
9AM-9PM
​OFFICE PHONE
604.714.1700

OFFICE ADDRESS
301-1508 W. Broadway,
Vancouver, BC V6J 1W8
*office has different open hours
RICHARDLEUNG.COM Copyright © 2023