As the housing market continues to recover, many prospective homebuyers are coming forward with their real-life experiences of buying a property. To help others avoid the stress and anxiety of home buying, we’ve condensed their stories into this article. We hope it helps you make the right decision when it comes to purchasing a home. If you’ve been discussing potential properties with your friends or family members recently, you already know that the home buying process can be nerve-wracking. You may have even experienced firsthand how daunting it can be when you’re trying to buy a house for the first time. But you probably don’t know how long it takes to buy a house in British Columbia. And that’s because the process isn’t always as black and white as skeptics assume. Here are the stages of buying a house.
1.Saving for a down payment
The first step in the home buying process is saving enough money to cover the down payment on a house. The average down payment in Canada is 10 percent of the property’s purchase price. In British Columbia, that means you need to save at least $10,000 upfront. Many people choose to save more than the average down payment. That’s because some lenders require a larger down payment for a loan with a higher interest rate.
- Find an agent you like (1–10 days)
The next step is finding a good agent. You should pick one that you can trust because they will be representing your interests during the entire home buying process. The first step in this process is to find an agent you like, which can take anywhere from 1 to 10 days. Depending on how busy your agent is, it may take much longer than that. When you’re looking for an agent, make sure you choose one who has experience selling real estate in your area.
- Get pre-approved for a loan (1–3 days)
The pre-approval process is a simple step in the process of buying a house. You should be able to get pre-approved for a loan within 1–3 days, although it can take longer if you’re applying for multiple mortgage loans. According to, “the pre-approval process is just a formality and doesn’t mean you’ll get the loan. It’s simply an indication that you are qualified to apply for a mortgage. If you don’t qualify, the lender won’t grant the loan to you.”
- Go look for your house
Now that you’ve been pre-approved for a loan, it’s time to go look at houses in your area. This step may take anywhere from 1 to 3 days. Finding a house step is pretty simple because most real estate agents will do all the legwork for you. If you don’t have an agent, you can use sites like Realtor.ca and Kijiji to find houses in your area.
- Get the loan finalized
Here You’ll have to fill out a few more forms, but it shouldn’t take more than 1–2 weeks. Many banks will even contact you to make sure everything is going smoothly. If you’re having trouble with this step, you may want to consider getting a mortgage loan instead of buying a house.
- Process title work
The next step in the home buying process is to have the title work processed. This can take anywhere from 1 to 3 weeks, depending on how quickly your lender can do it. The title work process is simply a review of your documents to make sure everything is in order.
- Purchase homeowner’s insurance
The final step in the home buying process is to purchase homeowner’s insurance. Homeowner’s insurance is important for several reasons. First, it protects your house against damage, either by fire or theft. Second, it protects you from liability if someone gets injured on your property. Third, it protects you from being sued for damages that happen on your property.
The home buying process can be long and tedious. However, it’s a necessary step in the homeownership process. You should take your time to find the perfect house for you and your family. You also don’t want to rush into the process because you may end up not getting the house you want. But once you finally find the perfect house, it’s well worth taking the time to get everything done correctly.