Buying your first home is an exciting milestone, but it can also be overwhelming, especially in a

competitive and complex market like Vancouver. To help you navigate the process with confidence, here

are five common mistakes first-time homebuyers make and how to avoid them.

1. Not Getting Pre-Approved for a Mortgage

One of the biggest mistakes first-time buyers make is starting their home search without a mortgage

pre-approval. In Vancouver’s fast-paced market, properties often receive multiple offers, and having

pre-approval shows sellers that you’re a serious buyer.

Why It Matters:

A pre-approval defines your budget and prevents you from falling in love with homes you can’t afford.

It locks in your interest rate for a period of time, protecting you from potential increases.

You’ll be ready to make a strong offer when you find the right home.

Tip: Meet with a mortgage broker or lender early on to get pre-approved and understand your purchasing

power.

2. Overlooking Additional Costs

Many first-time buyers focus on the purchase price but overlook the additional expenses that come with

buying a home. These can add up quickly and impact your budget.

Costs to consider:

Property transfer tax (PTT): In BC, first-time buyers may qualify for a full or partial exemption, but if you

exceed the price limit, you’ll need to pay the tax.

Legal fees and closing costs: Budget for legal services, title insurance, and disbursements.

Inspection and appraisal costs: Skipping a home inspection to save money can be costly in the long run.

Moving expenses and potential repairs: Factor in moving costs and any immediate upgrades or repairs.

Tip: Work with a realtor who will provide a detailed breakdown of all potential costs so you can budget

accurately.

3. Letting Emotions Drive Your Decision

Falling in love with a property can lead to impulsive decisions. Many first-time buyers stretch their budget

or overlook issues because they’re emotionally attached to a home.

Why it matters:

You may overpay or compromise on must-have features.

You could miss red flags, such as structural issues or unfavorable conditions.

You might skip due diligence steps in a rush to secure the home.

Tip: Stay objective and lean on your realtor for guidance. They’ll help you weigh the pros and cons of

each property and ensure you’re making a sound financial decision.

4. Ignoring the Neighborhood and Future Growth

First-time buyers often focus solely on the property itself and overlook the neighborhood. The location has

a huge impact on your lifestyle and the future value of your investment.

Key factors to consider:

Proximity to transit, schools, and amenities.

Neighborhood development plans: Future construction projects could affect property values.

Resale potential: A good neighborhood increases your chances of appreciation.

Tip: Take time to explore the area at different times of day. Consider the commute, traffic patterns, and

overall vibe.

5. Not Working with a Knowledgeable Realtor

Many first-time buyers think they can handle the process alone or work directly with the listing agent.

However, having your own dedicated realtor is crucial, especially in Vancouver’s competitive market.

Why it matters:

Market expertise: A local realtor understands pricing trends, neighborhoods, and market conditions.

Negotiation skills: They will advocate for you and help you craft a strong offer.

Access to off-market listings: You might get early access to properties that haven’t hit the MLS®.

Protection: Your realtor will guide you through the legal paperwork and protect your interests.

Tip: Choose a realtor with a proven track record, positive client reviews, and extensive experience in the

Vancouver market.

Final Thoughts

Buying your first home in Vancouver is an exciting but complex process. By avoiding these common

mistakes, you’ll be better prepared to make smart decisions and find a home that fits both your lifestyle

and financial goals.

If you’re thinking about buying your first home, let’s connect! I’ll guide you through every step of the

process, ensuring you avoid costly mistakes and make the best investment for your future.

Denisse Moran, (778) 223-6399