First-Time Home Buyer Checklist**
Use this checklist to stay on track during your home-buying journey in British Columbia
**Not a comprehensive list, some processes and their timing may occur simultaneously or in non-sequential order. For example: Step 3/1 are often reversed, and for good reason. Having professional advice from the start of your journey helps avoid several pitfalls many new home buyers experience.
🔹 Step 1: Assess Your Finances
Before you start looking at homes, it’s important to evaluate your financial situation.
☐ Check your credit score (minimum score of 680+ for the best mortgage rates)☐ Save for a down payment (minimum 5% for homes under $500K)
☐ Budget for closing costs (1.5%–4% of the purchase price)
☐ Calculate monthly expenses (mortgage, taxes, insurance, utilities)
☐ Research first-time buyer incentives (FTHBI, BC PTT exemption)
🔹 Step 2: Get Mortgage Pre-Approval
A mortgage pre-approval helps you determine your maximum loan amount and shows sellers you’re a serious buyer.
Do NOT make any large purchases after this pre-approval (furniture, cars etc.,)
Do NOT make any large purchases after this pre-approval (furniture, cars etc.,)
☐ Compare lenders (banks, credit unions, mortgage brokers)
☐ Decide between fixed vs. variable rates☐ Get pre-approved to determine your maximum loan amount
☐ Ask about mortgage term options (5-year fixed is common)
🔹 Step 3: Find a Realtor
Working with a Port Alberni real estate expert can help you find homes within your budget and negotiate the best deal. We recommend you interview at least three real estate agents in your area.
☐ Choose a realtor with local expertise in Port Alberni
☐ Discuss your budget and must-haves☐ Sign a Buyer Representation Agreement (if required)
🔹 Step 4: House Hunting
Now comes the fun part—finding your dream home!
☐ Have the realtor set you up to receive listings. Include your must-haves vs. nice-to-haves (location, size, features)
☐ Research neighbourhoods (North Port, Cherry Creek, Sproat Lake)☐ Attend open houses and have your Realtor schedule private showings
☐ Check for nearby schools, transit, and amenities. Don't forget to research potential zoning updates.
☐ Request recent property tax & utility cost history
☐ Include conditions (financing, insurance, inspection, strata documents for condos) taking into consideration the amount of time it takes to have the condition satisfied.
☐ If buying a condo, review all strata documents & financials from the past two years
☐ Review the Property Disclosure Statement (PDS) for possible known issues
☐ Schedule a property appraisal if required by the lender
☐ Transfer down payment & pay closing costs
☐ Receive the title & keys to your new home
☐ Set up utilities
☐ Plan your move-in day & enjoy homeownership!
🔹 Step 5: Make an Offer
Once you find the right home, your realtor will help you submit an offer to purchase.
☐ Determine a competitive offer price with your realtor☐ Include conditions (financing, insurance, inspection, strata documents for condos) taking into consideration the amount of time it takes to have the condition satisfied.
☐ Sign and submit an offer with a reasonable deposit
☐ Negotiate the terms if needed
Note: When negotiating, be aware any change you make to the contract essentially invalidates the current contract.
🔹 Step 6: Satisfying the Contract Conditions & Doing Your Due Diligence
☐ Hire a certified home inspector
☐ Review inspection report for major issues (roof, foundation, plumbing)☐ If buying a condo, review all strata documents & financials from the past two years
☐ Review the Property Disclosure Statement (PDS) for possible known issues
☐ Obtain insurance
☐ Once the conditions are satisfied, the contract is updated to reflect that it has been satisfied.
☐ Sign the final purchase agreement
🔹 Step 7: Secure Your Mortgage & Finalize Paperwork
☐ Finalize your mortgage with your lender
☐ Decide whether to lock in or leave your interest rate variable☐ Schedule a property appraisal if required by the lender
🔹 Step 8: Closing & Moving In!
☐ Meet with a lawyer or notary to sign legal documents☐ Transfer down payment & pay closing costs
☐ Receive the title & keys to your new home
☐ Set up utilities
☐ Plan your move-in day & enjoy homeownership!