Anna Smith

Cell: 604-505-1647 |

06/09/2021

MILESTONE MOVE: TIMELY TIPS FOR FIRST-TIME HOMEBUYERS

Why finding a qualified real estate expert can help make the home-buying process more enjoyable.

4min read
 

Are you done paying someone else’s mortgage (goodbye, rent money!) and ready to find a home to call all your own? As a first-time homebuyer, the process of purchasing real estate can be daunting.


If you’re soon to buy your very first home, check out these tips to prepare for the tremendous (and exciting!) journey ahead.

Budget wisely

Saving up and budgeting accordingly is the smartest way to enter the home-buying process, especially as a first-time buyer unaccustomed to the extra costs associated with buying – and moving. In addition to a down payment (which can be as little as 3%), ensure you have saved adequately for the closing costs, brokerage fees and the moving process.


When the time comes to submit an offer on a home, stick close to your budget. Any home you move into will have surprise costs down the line and especially as you get acquainted in the new space and decorate, so spending more than you bargained for upfront can usurp funds for maintenance and repairs.

Speak to a mortgage professional

Over the past year, mortgage rates have dipped to record lows, making it an appealing time for homebuyers who planned on taking out a mortgage to do so.


Before the home-buying process begins, first-time homebuyers should consider consulting a mortgage professional of their choice. A mortgage broker will be able to advise buyers on the advantages of pre-approval or pre-qualification, which can be important in today’s market where homes are selling quickly (and over asking price). Doing so will also help shape and determine a realistic price range of properties.

Start the property search online

Over the past year, buyers have taken to online shopping more than ever – especially for their future homes. Use advanced online resources – like remax.ca and the RE/MAX Real Estate Search App – to jumpstart your home search. Combing through listings online allows you to see a wider range of properties – and rule out some before it’s time to tour.


The “Favorite” feature on the RE/MAX app, for example, allows you (and any home search partner) to like, dislike and save properties all in one organized digital space. It's truly helpful when it comes to perfecting the home search from home.

Use a trusted real estate professional

When it’s time to make one of the largest purchases of your lifetime, don’t go through the process alone – especially in today’s fast-paced, competitive market. Working with a full-time agent who has expertise in all facets of real estate can help make the experience more streamlined and less stressful.


A trusted real estate expert knows the ins and outs of your local housing market, has fine-tuned negotiation skills, can identify (and tackle) issues along the way, and is prepared to find the best fit for you and any family members (pets included). Plus, real estate agents have tips and tricks specifically for submitting offers in a seller’s market.

Be ready to compromise

Remember that your first home won’t necessarily be your last. Know that you may not find a home with all of your dream features within your price point. This is why it’s important to make a list of “wants vs. needs” to help guide your home-buying journey.


What features can you live with in the meantime until you can renovate? And what features are a deal breaker? When reflecting on these factors, consider what budget-friendly DIY projects you could complete upon move-in to help make some of those less-desired features work for you. It could be fixes as simple as a new coat of paint, peel-and-stick wallpaper, resurfaced kitchen cabinets or new hardware.

Look at the whole picture

With the prospect and excitement of homeownership on the horizon, it’s easy for first-time buyers to get emotionally attached to properties throughout the search process. Remember to analyze each potential home holistically, considering location, accessibility, commute times and proximity to frequented places – in addition to the house itself.


Right now, homes are selling fast. This means it’s wise to not get too attached to any particular home in the event of being outbid or losing the sale. But don’t worry – your perfect first home is out there. It just may take you (and your RE/MAX agent!) a little bit of time to find the right one.

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Is your New Year's resolution to finally move into your dream home? 

If so, here's one appealing option—if your dream home is a swanky West End condo with ocean and mountain views, and pretty much every amenity you can imagine. 

The catch? You'll need to pay $13,888,800 for the privilege. 

That, and it's not finished being built yet. 

The condo in question is a 4030-square-foot unit in the Alberni, a 43-storey tower currently under construction at 1550 Alberni Street, near Cardero. At over $13 million and more than $3,446 per square foot, its list price is the highest of any Vancouver condo currently listed for sale on REW.ca, by a fairly wide margin

The REW listing describes the dwelling as "a true masterpiece in the heart of Downtown Vancouver overlooking the water and mountains." The unit, no. 3902, features three bedrooms and four bathrooms, not to mention its own private Japanese garden on the balcony. The unit also comes with two parking spaces and one storage locker.  

Residents will have access to truly luxurious amenities like a full gym and indoor swimming pool, an art gallery, a wine tasting room, and a soundproof listening/music room, to name just a few. While the owners of this unit will only have to share their floor with one other, the building will house a total of 188 units across its 43 stories. 

The building itself is designed by Japanese architect Kengo Kuma, and, with its unique curved exterior, has been called "one of the most iconic buildings in the world." According to the listing, Kuma's design "takes you through the discovery of Japanese use of space and sophistication," and takes into account "elements of Shinto philosophy seeking to harmonize structure with nature."

If a shared wine-tasting room sounds right up your alley but $13.888 million is just a touch outside your budget, don't fret: There are plenty of other units in the yet-to-be-completed building currently listed for sale on REW, including several slightly more affordable one- and two-bedroom options. 

Construction on the Alberni is expected to be complete in 2021 or 2022. Scroll through the gallery above to check out some renderings of the property. 


Call today:


Anna Smith

Your Neighbourhood REALTOR®
RE/MAX Crest Realty

604.505.1647


Anna@AnnaSmithRealty.com 
www.AnnaSmithRealty.com

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Anna Smith, Your Neighbourhood REALTOR®
RE/MAX Crest Realty
1428 W 7th Avenue, Vancouver, BC V6H 1C1

604.505.1647  Talk & Text

Anna@AnnaSmithRealty.com  
www.AnnaSmithRealty.com

PERSONAL, HONEST, PROFESSIONAL SERVICE – DELIVERING A 5 STAR REAL ESTATE EXPERIENCE

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