Buying Heritage Real Estate In Vancouver
Buying a new home is one of the most important life decisions you’ll make. When the chips are down, partnering with an expert REALTOR® with the experience and know-how to get the job done effectively is critical.
As experienced and top-performing Vancouver real estate agents, our mission is to help you achieve your real estate goals as efficiently and seamlessly as possible. We’re honoured to be part of your real estate journey every step of the way, from helping you prepare your home for listing to when the keys are in your hands. No matter the scope or need, we’re serious about delivering optimal results.
Buying A Vancouver Heritage Home: The Process
STEP 1: GETTING PRE-APPROVED FOR A MORTGAGE
Heritage properties can be expensive, especially in Vancouver. If you do require mortgage financing, finding the right organization to help can be challenging, and we can guide you through this process. If you find a specialist that you’re comfortable with, getting pre-approved status before beginning your property search is a critical first step. This will allow you to set expectations in terms of what you can afford and will determine your overall search and negotiation strategy.
STEP 2: FINDING YOUR DREAM HERITAGE HOME
Now it’s time to find your ideal heritage home! We’ll start by considering a host of factors that will impact your search:
- In what neighbourhood(s) would you like to live?
- Which styles of heritage properties do you prefer?
- What’s your tolerance for required upgrades or renovations?
- How recently/not recently would you prefer to have the home to have been built?
Of particular note with heritage homes is the potential for required upgrades to a home’s internal structures, like plumbing, lighting, and flooring. Being aware of the risks based on how old a property is or what materials were used in its construction will put you ahead of the curve. Matching this awareness with your risk tolerance will help you find a heritage home that’s perfect for you!
There are many ways to locate your perfect heritage home in Vancouver, and it can be overwhelming as properties enter the market and conditions dictate the speed at which they come and go. Fortunately, our handy heritage home search tool pulls in all the properties that meet your preferences, based on variables like location, price, number of rooms, and listing date.
STEP 3: PROPERTY TOURS
We’ll organize tours of the heritage properties you shortlist when it’s most convenient for you. Tours can take place over one or more days to help you narrow down your search. Open houses are often available and can be arranged at the convenience of both parties. We’ll ensure that all of your questions and concerns are met with detailed responses and objective information to inform your decision.
STEP 4: THE OFFER
At this point, you’ve identified your desired heritage property, which means it’s time to place an offer on the home. Your offer will include your proposed purchase price, closing date (the date you’ll take possession of the new property), and other conditions. Conditions can include contingencies like your ability to secure financing, the results of a home inspection, and the inclusion of certain items, like appliances, window treatments, or light fixtures.
Once your offer is accepted, you will:
- Complete due diligence and have the home inspected
- Read appropriate strata documentation if you’re buying in a condo or townhome development
- Secure your mortgage financing
- Find a suitable lawyer or notary
Once the conditions are satisfied and subjects have been removed, a firm and binding contract exists, which means you have legally agreed to buy the home! Your deposit is paid into the trust account at our brokerage within 24 hours of the contract becoming firm.
STEP 5: CLOSING AND MOVING IN!
Closing commonly occurs two-six weeks after the subjects are removed. Then, the balance of the purchase price is paid to the seller and the title is transferred to the buyer (that’s you!) at the lawyer or notary. You are now the proud owner of your very own Vancouver heritage home — congratulations!
Trust Us to Help Find Your Heritage Home
If you’re thinking of buying a heritage home, we’re here to help you. Reach out to request an assessment of your home’s current market value, suggested listing price, and more before we set the wheels in motion. We’ll make the process as simple and stress-free as possible by guiding you through all the complexities of selling your home. We will be delighted to provide you with post-closing services, including assisting with your move and more.