Important Tipe For First Time Home Buyers

1) Research the area and market you are in.

It is important home buyers study the area, community or part of city they would like to live in. Commute to work, close proximity to Schools, transit, shopping centres..... all these factors are important. I have noticed people jump into some home and later on they realize it's not working for them just because of where it is located. Buying home is huge financial and emotional investment. From my experience in real estate, I suggest every home buyer studies the area they would like to purchase their home. For example properties for sale in Surrey, visit


2) Work with mortgage broker


Not many Canadians go straight to bank looking for mortgage. Instead they visit mortgage broker to get more info and options they may have. The bank they do daily banking with might not be best suitable option for their first home mortgage. Most of the mortgage brokers I know of used to be bank employees and with their experience in financial industry they move on and become independent mortgage brokers. They may not stick to just one bank policy but may shop for best mortgage for you depending on your portfolio, down payment and work industry


3) Make yourself aware of government programs

Living in Canada, there are so many programs out there by federal or provincial governments for first time home buyers. Lot of people do not realize all the help that is out there for them till they go out and venture those options. Especially after announcement of 2019 federal budget, there are some new programs for first time home buyers and government is trying hard to make home buying for first time home buyers more easier and beneficial. Check out latest policies in the province you live in


4) Don't be pressured into buying - No Rush!

Especially in sellers market, many home buyers seem to be rushed to buy or get their hands on what they can. I suggest never do that, there is always new listings coming up and never get emotions involved when buying home. Sellers or Realtors may make you feel that the first house you see is a snatch. Don't fall for that and make sure you see every possible home you can out there.

5) Most important - Calculate all related costs

First time home buyers make themselves  home owners because they have been renting or living with family. By not owning  you do not realize the actual costs of home ownership. Biggest cost at time of home purchase is property transfer tax(PPT) and GST if buying brand new home. GST is applicable on every new single family detached home, townhouse or apartment. After moving in, do consider heating costs, city utilities, insurance and yearly property tax. It is very important to factor in all these costs before writing offer on any property to purchase.


These are some thoughts I wanted to share as I have been in real estate industry for over 15 years and have dealt with many scenarios, challenges being faced with buyers or sellers.

Feel free to contact me if have any questions regarding real estate.

Specializing in home townhouse apartment condos lots for sale in Surrey, Langley, North Delta, White Rock, Fraser Valley and Greater Vancouver

Vijay Virk