BUYING A HOME IN THE NANAIMO AREA

Whether you’re a first time buyer or a seasoned veteran, here are a few pointers about purchasing a home.

FIRST TIME BUYERS.

CALL US. The very first thing to do is call RE/MAX of Nanaimo and speak with one of our expert agents. They can assist you in the buying process from start to finish and can provide valuable information you may not be aware of.

GET MORTGAGE PRE-APPROVAL. Talk to your bank to find out exactly how much your maximum budget is, so you know the price range you should be looking at.

CHECK THE MLS SYSTEM. Go to www.realtor.ca and enter the criteria for what you’re looking for in your new home. It will show you property listings matching this criteria and allows you to view on-line information and pictures to determine whether or not you’d like to view the home in person. If there’s something you want to see, call your real estate agent to set up an appointment.

MAKE AN OFFER. Once you’ve found the house you want to buy, sit down with your real estate agent and review what an appropriate offer would be. You’ll look at comparable sales in the area for similar homes and use this information to determine the price you want to offer. More often than not, you can expect to receive a counter offer from the seller which you’ll have to respond to, but after careful negotiations by your agent, you’ll hopefully be on your way to owning your new home. Never pay more than you are comfortable with!

MOVE INTO YOUR NEW HOME. The deal is done, the money has been transferred, the keys are in hand and all that’s left to do is move into your new home!

UPSIZING

If you’re thinking of upsizing but don’t know where to start, speak to your real estate agent at RE/MAX of Nanaimo. They can offer information about what areas have the best available properties, how much you can expect to pay based on your requirements, and which neighborhoods you may want to consider.

Not all neighborhoods have large homes, so you may be moving to a new area of the city that you’re not familiar with. Your agent can provide information, resources or referrals to assist you in the transition.

DOWNSIZING.

This is tougher than upsizing because you’re likely going to have to get rid of some of your possessions. A smaller home means less “stuff”. You’ll need to decide how much smaller you want to go, what items are important and what can be disposed of in some way – either by giving it to family members, donating to charity, selling it or trashing it. Do you want to pay for a separate storage unit or just get rid of the items completely? Prioritizing what’s truly important will go along way to helping you with these decisions.

INVESTMENT

If you’re looking to buy an investment property, call us. Our expert agents can advise you on which neighborhoods will maximize your potential rental income, which areas are safer than others and where amenities such as shopping, church, sporting facilities or schools are located. Some or all of these may be important depending on who your target tenant is.

A good investment property will achieve the highest possible rental income based on current rental market conditions, without spending every penny on repairs and maintenance. A quality home in a good neighborhood will attract good, responsible tenants. And of course, you’re going to screen them thoroughly before letting them move in to your property.

Our in-house Property Management division can assist you with renting out your investment property and also offers full service property management if you’d rather not be involved in the day to day operation of the property.

Call RE/MAX of Nanaimo at (250) 751-1223 when you’re ready to buy. We have agents available anytime, ready to help with your search.