When you talk about millennials in British Columbia, one thing that comes to mind is that they only like to party and they don't have real plans for their future. The truth is that just like Gen Xers and baby boomers, millennials are also heading towards the right direction. In fact they can be as ambitious and driven as the earlier generations. 

When it comes to decision making, millennials see to it that they base everything on research. One of the crucial decisions they have to make is buying a house. Since it is a wise investment, it is imperative that they obtain as much information as they need to maximize this investment. Here are top 5 tips every millennial should know about buying a house for the first time in British Columbia. 

1. Assess your current financial situation

Before you can buy a house, you have to know your current financial state. Have you paid off your student loan and other debts? Are you capable of saving for down payment? You have to be honest with yourself as factors like your credit score will determine your readiness to take the next step in buying a home. 

If your credit report doesn't look good, you will need to work hard to repair your credit. There are simple steps you can do to improve your credit score such as paying your bills in a timely manner, paying off your debts and keeping your balances low. You can also get the ball rolling by reaching out to lenders to prequalify for a loan. 

This way, you will have an idea how much you will be able to afford in buying your first home. 

2. Calculate how much you should save for down payment and other fees

When buying a home, you will need to prepare for a few costs that it entails. Some of the fees you need to prepare yourself for are:

 - Moving costs, closing costs and mortgage payments: These costs refer to the percentage of your mortgage amount. It usually ranges from 2% to 5%. 

 - Down payment: The down payment will be dependent on your mortgage type, but it can be anywhere from 3.5% to 20%. 

 - Utilities, repairs and maintenance: These costs can be unpredictable because it will depend on several factors but as a general rule, you have to set aside 10% to 20% of your home's cost every year to cover these expenses.

- Property Transfer Tax , here is a calculator on our site: https://www.searchbcrealestate.com/ptt/

3. Talk to a local real estate agent

Since you are a first-time homebuyer, there are some aspects of homebuying that you may not be aware of. Be sure that you take the time to talk with a real estate agent so you will be guided on the next step you will take. Ask your agent if they can recommend a lender that can help you get into the best position to buy a property. All Realtors® in the province of British Columbia are licensed and have proper training to guide you.

4. Search for the right home

One thing that you may consider during house hunting is the house price, but without factoring in your personal preferences, you will end up focusing on the price alone. You should also include other aspects such as the location and features of your prospective home. List down nice-to-haves and must-haves and try to figure out which of these are non-negotiable. 

You should also pick a neighbourhood that can make your trip to and from your workplace convenient. Is it accessible to all modes of transportation? Can you easily make a trip to the grocery store or market without problems? Do your research so you can get the best value for money. 

5. Make an offer

It is necessary to make an offer once you have come across a house that is compatible with your budget and preference. You can consider creating a comparable market analysis so you will know the sales in the area you are targeting. This strategy will also help you find out when the home was last evaluated, how long it has been in the market and what its condition is like. 

Once things go well, you will be given an opportunity to inspect the house. Be as keen as possible during the inspection. Find out if there is still a need to repair the house before you sign the deal. You should also read the fine print so you will be completely aware of what you are dealing with.  Include subjects for financing, reviewing strata documents and disclosure statements.  Do not get caught in over bidding for a property unless you have done all your homework and you feel it is worth it.