Are you still paying rent? Time to get out of the renters’ mindset, stop paying thousands upon thousands of your landlord’s mortgage, and create some equity by purchasing your own home.

Here’s what you need to know when buying a lower mainland home:

1. Determine If You’re Ready to Buy

If you are ready to buy, you’ve built your credit, you know you’re capable of making regular mortgage payments, and you’ve saved up enough for a down payment.

2. Find Out How Much You Can Afford

You may decide to get pre-approved for a mortgage through your preferred bank, credit union, or alternative lender, but this simple equation will give you an idea of what you can afford: One time costs + monthly costs = total required. One time costs include your down payment, legal fees, inspection fees, and taxes, while monthly costs include your mortgage, utilities, maintenance, strata fee, insurance, and taxes.

3. Choose Your Location, Location, Location

Another important factor to consider is location. The lower mainland sprawls across many urban and suburban areas, and you may want to narrow your search. Areas to consider within the lower mainland can include downtown Vancouver, Vancouver West Side, East Vancouver, North Vancouver, New Westminster, Burnaby, Richmond, Delta, Coquitlam, Port Coquitlam, Pitt Meadows, Maple Ridge, Surrey, South Surrey, White Rock, Ladner, Tsawwassen, Mission, Abbotsford, Hope, Squamish, Whistler, and more. Within each of these areas, there are countless neighbourhoods to also consider.

4. Pick Your Type of Dwelling

Because of the vast differences in price depending on the area you choose, it may affect your decision as to which type of dwelling you choose: Condo, townhouse, or house. Before you start looking for your dream home, take some time to determine whether you will be looking for a condo, townhouse, or house. Each property type has pros and cons depending on your requirements.

5. And Most Importantly, Choose the Right Realtor® to Make an Offer and Close the Deal!

It is important to select the right Realtor® when purchasing a home. While a traditional Realtor® can increase the price due to high commissions, a discount Realtor® will have more options that suits the needs of the homebuyer.

One Flat Fee offers a cash back service for buyers that puts money back in the homebuyer’s pocket. When you buy a home with a One Flat Fee agent, you will receive 25% or 50% of the agent’s commission, earned upon closing. For example, if you purchase a home for $650,000, your agent would make $9,545 and in turn, will write you a cheque for $2,386.25 (25%) or $4,772.50 (50%) when you take possession.

Recent clarifications to the Real Estate Act allow licensed Realtors® to pay cash incentives to non-licensed individuals, so One Flat Fee has developed this cash back option to entice homebuyers to buy through us, giving buyers a cash-back offer with no conditions or fine print. You will not be restricted or penalized and you are not required to sign a buyer’s brokerage agreement or contractually commit to a purchase. Why not use the cash back option and have some extra spending money for home improvement or décor?