Realtors for First Time Home Buyers
A Complete Guide to Buying Your First Home
Written By: Radner Reyes, REALTOR of Bridgewell Real Estate Group
If you’re looking for a realtor to help you buy or sell, contact our team today!
Why REALTORS® Are Crucial for First-Time Home Buyers
As a first-time buyer, it’s hard to know what you don’t know. That’s where a good REALTOR® comes in: they help guide your decisions, explain the fine print, and give you the information you need to avoid costly mistakes.
Here’s what a great REALTOR® will do for you:
- Educate you on the process. From mortgage pre-approvals to subject removal, your agent should clearly explain each step.
- Connect you with trusted professionals. Need a mortgage broker, inspector, or lawyer? Your REALTOR® likely has referrals.
- Help you define your must-haves and nice-to-haves. They’ll narrow down your search based on lifestyle, budget, and long-term plans.
- Spot red flags. Whether it’s strata issues, bad layouts, or overpriced listings, your agent knows what to watch out for.
- Negotiate on your behalf. This includes the offer price, subjects, timelines, and more.
And the best part? In BC, the buyer’s REALTOR® commission is typically paid by the seller. So, you get expert advice at no direct cost to you.
Step-by-Step: The Home Buying Journey around Greater Vancouver, BC
1. Start with a REALTOR® Consultation
This initial meeting is where you outline your goals, budget, and timeline. A REALTOR® will help you:
- Understand what’s realistic in your price range
- Clarify your wants vs. needs
- Get a rough sense of closing costs and monthly carrying costs
Tip: If you’re feeling overwhelmed, don’t stress—this is where the learning begins!
2. Get Pre-Approved for a Mortgage
Before you fall in love with a home, make sure you know how much you can actually borrow. A pre-approval helps you:
- Understand your max purchase price
- Lock in an interest rate for 90-120 days
- Strengthen your position when making offers
Your REALTOR® can refer you to a reputable mortgage broker who will compare multiple lenders and find the best fit.
3. Tour Properties & Compare Options
Now the fun begins. You’ll work with your agent to:
- Explore neighbourhoods that match your lifestyle
- Attend showings and open houses
- Learn what’s typical for your budget
You’ll also start developing a gut instinct for market value and how fast homes are moving.
4. Make an Offer
When you find the right home, your REALTOR® will help you:
- Draft a strong offer with appropriate subjects (like financing, inspection, and strata review)
- Determine a competitive offer price
- Navigate counteroffers and negotiation
This is where having an experienced agent really counts.
5. Due Diligence & Subject Removal
Once your offer is accepted, you’ll typically have 5-10 business days to complete your due diligence. This may include:
- Home inspection
- Reviewing strata documents
- Securing final mortgage approval
- Checking city permits and zoning (for houses)
Once everything checks out, you remove subjects and pay the deposit (usually 5%).
6. Prepare for Closing
Leading up to the possession date, your REALTOR® will help you coordinate:
- Hiring a lawyer or notary for conveyancing
- Setting up utilities and insurance
- Finalizing your mortgage
- Planning your move
On closing day, funds are transferred, and the home officially becomes yours!
Other Costs to Expect When Buying
In addition to your down payment, there are one-time costs every buyer should budget for:
- Home inspection: $450 – $800
- Legal/notary fees: $1,200 – $2,200
- Title insurance: ~$250
- Property Transfer Tax (PTT): If you qualify as a first-time buyer, you may be exempt (homes under $500,000 fully exempt; partial between $500,000-$860,000)
- Moving costs: $500 – $2,000 depending on distance and services
Ask your REALTOR® for a cost breakdown customized to your situation.
Bonus Tips from Local REALTORS®
- Interview more than one agent. Not all REALTORS® specialize in working with first-time buyers. Look for someone who’s patient, knowledgeable, and communicative.
- Don’t skip the fine print. Your agent should walk you through the Contract of Purchase and Sale, PDS (Property Disclosure Statement), and any applicable strata documents.
- Check eligibility for rebates. From the First-Time Home Buyers’ Tax Credit to the BC Home Owner Grant, there are several programs you might qualify for.
- Stay flexible. In competitive markets, you may need to compromise on features or act quickly. Lean on your REALTOR® to strategize and stay calm.
Ready to Find the Right REALTOR®?
Buying your first home doesn’t have to be scary. With the right REALTOR® by your side, you’ll gain the knowledge, tools, and confidence you need to succeed.
If you’re looking for a REALTOR® who specializes in working with first-time buyers in BC, reach out today—we’d love to help you get started on your homeownership journey.
Frequently Asked Questions (FAQ)
What’s the difference between a REALTOR® and a real estate agent?
In Canada, all REALTORS® are licensed real estate agents, but not all real estate agents are REALTORS®. The REALTOR® designation means the agent is a member of the Canadian Real Estate Association (CREA) and adheres to a specific code of ethics and standards of practice.
Should I use the same agent as the seller?
Not recommended. This is called dual agency and can lead to a conflict of interest. It’s better to have your own dedicated buyer’s agent who represents only your interests.
Do I need a REALTOR® to buy a pre-construction property?
Yes. In fact, it’s even more important to have a REALTOR® when buying pre-sale. They can help you understand the developer’s contract, ensure you know your rights, and negotiate for incentives like upgrades or discounts.
How much should I budget for closing costs?
A good rule of thumb is to budget an additional 1.5% to 4% of your purchase price for closing costs, including legal fees, inspections, and taxes.
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If you’re looking to hire a realtor with experience to help guide you through the process of buying a house in Vancouver BC (and surrounding areas!) or help estimate the cost of buying a home, reach out to us today at 604-319-0200 or email [email protected] for realtor representation!
