Victoria Home Buyers Handbook Chapter 1
You’re at the point in your life where you’re seriously considering purchasing your first or first Victoria home. You’re sick of paying high rental costs when you know that you’ll never own that property and it simply makes sense to start investing in your own future.
Buying a home is an exciting adventure, and whether this is your first home or your second, it’s important that you take your time when evaluating potential properties so that you end up with a property that truly reflects your style, your preferences, your lifestyle and of course, the size of your family.
When considering properties, you also need to think outside of just the property itself. While that Victorian Classic on the corner may look like your dream home, what about the neighborhood?
The property costs in certain divisions? Are land taxes reasonable? Are you responsible for water charges? Sewer charges? Recycling costs?
Are there any zoning regulations or restrictions that you should be aware of?
You should also consider your own personal lifestyle and make sure that the neighborhood is reflective of where you are in your life and what you are comfortable with. 
For instance, perhaps you’re retired and looking to settle down in a quiet, mature neighborhood only to discover that the majority of families around you are all younger couples, with small children. It’s important to look at the big picture when choosing a property so that it truly offers you the setting and the atmosphere that you are most comfortable with. After all, this is your home and you are going to spend many years building a life there!
Driving by a property isn’t enough, and even if you love the layout, structure and design of a home, there are outside factors that should influence your decision to buy.
Some of these things may include:
- Choosing a neighborhood reflective of your own lifestyle.
- Considering the layout of a home (open concept, 3 story, etc)
- Considering the size of the property and whether there is room to expand.
- Choosing a property with adequate privacy.
- Choosing a property with a backyard, trees or fencing.
- Choosing a property that offers features most important to you.
- Whether the property needs improvements (and costs associated)
- Evaluating the different real estate companies available to you.
- Understanding zoning regulations, the housing market, additional costs.
There are other factors to consider outside of the property itself as well, so that you can purchase a home with limited risk s involved, including:
- Hiring a home inspection company.
- Financing opportunities, mortgages, and loans.
- How to put in your first offer.
- Setting a closing date that works for you and the seller.
- Understanding contracts, hiring a real estate attorney.
- Moving expenses, hiring a moving company
- Closing the deal and moving in!
There are many things to keep in mind when buying a home, and if it’s your first time purchasing a property, it can become overwhelming. Rest assured, that your real estate broker and attorney will take care of many of these things, but you want to take a hands on approach when evaluating properties and considering your options so that you can get the best deal possible.
One of the biggest mistakes that new home buyers make is rushing into a deal. They see a property that they absolutely love. It’s perfect! The size, privacy, layout – it’s everything they could hope for only to find out that the property needs repairs, or that the land taxes are higher than in a neighboring town.
So, it’s important that you keep an open mind when evaluating potential houses, and take your time! There are always other homes that could fit your lifestyle and personal preferences, so if you find one that has potential problems, move on!
Careful planning and thorough research will help you make the transition into your new home easier (and more affordable) than if you rush into an offer, or make a last minute decision on a property, so give yourself adequate time to visit properties before you even begin your search.
If you are currently renting and are considering giving notice to your landlord, make sure that you feel comfortable with the allocated time in finding a new home.
Depending on your rental agreement, you may be required to give your landlord 60-90 days or longer written notice, so keep that in mind so that you don’t accrue additional expenses by having to pay for rent when you are no longer there.
When beginning your search for a home, you want to consider all options so that you can get the best deal possible.
This includes:
New Homes vs. Older Homes
Older homes can be more affordable, however you may also be faced with costly repairs, such as replacing old equipment so that it’s up to code. Older homes often carry higher insurance rates because of an increased risk of repairs.
On the other hand, older homes can make for great starter houses, if you have the ability to do a lot of the repairs yourself. And in many cases, you can end up buying a larger house at a fraction of the cost in comparison with a newer home.
In addition, many people prefer mature properties because of the history surrounding the property, as well as existing vegetation, trees, and greenery, which provides privacy, while often giving buyers the opportunity to purchase more land for future development, than with a newer model.
But there are many pro’s and con’s to both a new and older home and it’s important that you fully understand everything about the properties that you are considering. Get as much history on the property as possible.
Ask Peter or Linda Pfann for information about the home, talk to neighbours, check out sale history by searching online. and register for your personalized new home search, providing you with regular updates of new and amended property options.
Reviewing the history of sale transactions on a home can often give you a good idea as to whether there were problems with the property, especially if it’s been sold multiple times over a short period of time. Peter and Linda Pfann offer a free tool called Victoria Market Snapshot, which will show you current listing, sales and other invaluable local market information and updates by a click of your mouse,.
Also keep in mind that new homes include a warranty, protecting you from unforeseen costs in repairs (such as roofing or flooring), while older homes will typically be sold “as is”.
When purchasing an older home, you want to make sure that you pay an inspection company to thoroughly inspect the property, including roofing, heating, electrical outlets, and whether the property is up to code including the type of wiring found throughout the property.
While it’s important to have a home inspection on both new and older homes, if the property is aged, you will want to make sure the inspection includes elements that may not be typically included in an inspection process for a newer home.
Moving into your new home should be an exciting and memorable time in your life, and if you really give yourself enough time to evaluate different properties, and you keep an open mind with both newer and older homes, you’ll be in a better position to get the most ‘bang for your buck’, while ending up with a home that you are happy with for years to come.
In the event you can't wait for the next chapter, (where we talk about location....) send us an email and it will be our pleasure to send you a Free copy of the complete home buyers handbook free of charge by email. Better yet, Give us a call at 250 - 213 - 9490 and we can arrange to hand deliver a copy to you (in Victoria BC) or arrange to mail you a hard copy of the 80+ page report.
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