Hoping not to miss out on todayB次元官网网址檚 hot real estate market, many prospective buyers are looking to get a foothold in Greater VictoriaB次元官网网址檚 market while the opportunity presents itself.

However, some first-time home buyers may be apprehensive about pursuing such a big commitment. Buying a home for the first time can be an intimidating endeavour, even for the most ambitious individual. First-time buyers have many questions to ask themselves before starting to look at real estate.

First and foremost, is the time right to buy or rent?

Graham Bavington, a realtor with Burr Properties Limited, says it all depends on the wants and needs of the buyer, taking into consideration affordability, as well as location.

B次元官网网址淵ou might B次元官网网址�. (be) looking for a condo, but you need it in a particular part of town because thatB次元官网网址檚 where you spend your lifeB次元官网网址� your timeline might be less than ideal for purchasing,B次元官网网址� Bavington says.

However, for those who have their heart set on buying their first home, Bavington and his colleague, Chris Gill, co-owner of the Condo Group in Victoria, have some advice.

B次元官网网址淩eally, the first thing is getting the (mortgage) pre-approval, just so you know where youB次元官网网址檙e standing financially. The key isB次元官网网址� go to talk to a broker, or (one of the) mortgage specialists at (your bank),B次元官网网址� Gill says.

B次元官网网址淭hatB次元官网网址檚 really important to know so you donB次元官网网址檛 get your hopes up (on a home you might not be able to actually afford).B次元官网网址�

Securing a pre-approval for a mortgage helps determine the budget of a homebuyer.

However, homebuyers should also keep other expenses in mind, especially in the case of buying a condo.

B次元官网网址淭he monthly (mortgage) payment is the most important thing but there are also strata fees, and of course property taxes, so you have to look at all your expenses and decide what you can comfortably afford. You donB次元官网网址檛 want to be mortgage-poor,B次元官网网址� cautions Gill.

B次元官网网址淵our fees are generally limited to the legal fees to have (the) title transferred from the seller to you. You may also have a property transfer tax, unless youB次元官网网址檙e a first-time homebuyer (whoB次元官网网址檚) been living in B.C. for 12 months. A property transfer tax is, if youB次元官网网址檝e purchased more than one property anywhere in the world; that can be a considerable fee to pay,B次元官网网址� Bavington says.

B次元官网网址淭here are also mortgage insurance fees, which vary depending on how much (percentage-wise) you intend to put down as a payment on a home. ItB次元官网网址檒l be worked into the mortgage. You wonB次元官网网址檛 really see it but it is there,B次元官网网址� Gill added.

For first-time homebuyers in Greater Victoria, the high cost of real estate can make it hard to secure the down payment needed. This initial hurdle has led to a rise in the occurrence of family members stepping up to help young couples and families.

B次元官网网址淰ictoria is a tough market to break into when youB次元官网网址檙e young and wanting to get in for the first time. You need a bit of help normally. ThatB次元官网网址檚 how a lot of first-time buyers are getting in is (with) some help from their parents, also if theyB次元官网网址檝e built up a decent RRSP, because you can borrow against your RRSPs,B次元官网网址� says Gill.

B次元官网网址淚f youB次元官网网址檝e been with your bank for years B次元官网网址� IB次元官网网址檇 (say) go to your bank,B次元官网网址� he said, adding that there are also many good mortgage brokers in town.

The next step can be selecting an agent. Gill suggests shopping around to find an agent that suits you and is willing and able to accommodate a first-time homebuyerB次元官网网址檚 wants and needs.

B次元官网网址淵ou want to be able to trust the person that youB次元官网网址檙e working with,B次元官网网址� says Gill, highlighting the importance of the relationship between the buyer and agent.

After buyers have achieved a successful offer on a home, they have several more issues to consider.

B次元官网网址淎 successful offer is an agreement between a buyer and a seller on dollars, dates, conditions and inclusions,B次元官网网址� explains Bavington, who said the move-in day for buyers is negotiated into the procedure of making an offer on the home.

The closing date B次元官网网址� the time when the seller receives their money and the buyer begins paying property taxes on their new home B次元官网网址� is also negotiated into this process.

The option to hire a building inspector to inspect the property is also a separate clause included as part of an offer.

B次元官网网址淭hey just make sure there are no big (issues) with the home,B次元官网网址� says Gill. If there happen to be any big red flags, Gill says the homebuyer still has the option to walk away from the deal.

B次元官网网址淭he top three things (when beginning your search for your first home are): determine your wants and needs, select your real estate agent, and get pre-approved. I think those are the top three for me,B次元官网网址� Bavington says.

B次元官网网址� Alec Cottrell

GREATER VICTORIA MARKET UPDATE 禄 MONTH TO DATE SEPT. 12/16 COURTESY VICTORIA REAL ESTATE BOARD

禄 241/704 -- NET UNCONDITIONAL SALES / TOTAL, SEPTEMBER 2015

禄 363/962 -- NEW LISTINGS /TOTAL, SEPTEMBER 2015

禄 2,061/3,478 -- ACTIVE RESIDENTIAL LISTINGS / TOTAL, SEPTEMBER 2015