For a first time Vancouver homebuyer, buying a home elicits emotions of fear and excitement. Buying is a long-term expensive venture. You need to be well prepared in order to make a wise investment decision and arm yourself with important knowledge on real estate pricing, bank regulations and mortgage requirements in order to make a wise investment choice.

Here are some tips that can help you along.

Don’t settle for less

Price is not the only factor to consider when it comes to a purchasing a home. The quality of the home is a very important consideration. You may be tempted to get a better deal as you are shopping but if the house has problems that you really aren’t equipped to handle then you’re not really getting much of a deal anyway.

Read everything before you sign

It is common for first time homebuyers to simply skim through any paperwork that appears complicated and lengthy. Don’t be one of them. If it takes you half an hour to go through the paperwork, take the time. Be sure to ask any questions you have as well. It is your responsibility to know and understand everything you sign and if anything happens later you cannot use the excuse that you did not read a document. A lawyer and real estate agent can help you understand the technical aspects of any documents.

Present your Case

The circumstances of every homebuyer are different. The bank or lending institution should consider this carefully. Is the buyer purchasing the home for his own occupation or for a rental? This helps the bank decide on the interest rate and how best to handle the homebuyer.

Mortgage Analysis

The bank will offer you a mortgage based on many different factors. They may pre-approve you for a loan based on an amount they feel you can afford to pay back. Remember that this is the bank’s assessment of what you can afford – not yours. Don’t pick out a house based on what the bank says you can spend on one. Crunch some numbers and come up with a reasonable amount on your own and then start looking.

Hidden Charges

A first time homebuyer should be quick to note any hidden charges relating to a mortgage. Insurance, commissions, lawyer’s fees etc are additional costs to the mortgage. There are certain costs that you may be able to negotiate and your real estate agent can let you know which ones can be worked with.

Replacement and Repairs

A homebuyer should take into consideration the need to repair and replace certain things in the home that are broken. The buyer and the seller have to agree on who takes care of the bill relating to these items. These can be broken locks, windows, doors or any other outpoints throughout the house. These are all additional costs to the cost of purchasing the home. Any repairs to be undertaken by the seller should be completed before the purchase is finalized.

These tips will help you know what to expect and help you be better prepared when planning your first home purchase. The more you understand about buying a property as a first time homebuyer the more control you’ll have, and you may end up saving some money in the process.