The island life is calling your name! You’re excited about the prospect of moving to Nanaimo on Vancouver Island and before you know it, you’re browsing the Nanaimo MLS and bookmarking all your dream properties. Before you start redecorating and daydreaming of the good life here, there are a few things I want you to know!
Today I’m tackling the crucial topics that can make or break your home search journey. What are the vital steps to take before you go searching the MLS for your dream Nanaimo home?
Firstly, know the difference between a mortgage pre-qualification and a mortgage pre-approval. And if you’re serious, don’t delay in getting in touch with a mortgage specialist to get the process started. You may have plugged in some numbers online to see what you pre-qualify for, but without an expert weighing things like your gross-debt service ratio (a measure of housing costs versus a borrower's gross income.) you won’t truly know how much house you can afford. Most importantly it will put you in a stronger position when making an offer. DO NOT SKIP THIS STEP! Once you’re pre-approved don’t make any big financial decisions that can affect your financing like applying for extra credit or making a big purchase like a car.
Second, I strongly encourage you to find a realtor in Nanaimo whom you trust and who knows the area well. I might be biased because I am a realtor but having been through the process before I was licenced I can’t imagine having gone through it without one. We were living on the mainland and although we had the ability to come to the Island to view homes, sometimes we needed to act quickly and having an agent who represented us gave us peace of mind that we wouldn’t miss out on anything that came on the market. There are lots of other reasons choosing the right realtor is important and I’ve covered this in some of my other blog posts.
Next, DO NOT start seriously looking until you’ve established the type of home you’re looking for. I’m not talking about a list of criteria, I’ll cover that a little later. I’m talking about whether is this a starter home, or your forever home? It’s okay to buy a home with the notion that you won’t live there forever and that you can gradually make your way to your dream property.
This is important because it will streamline the process of weeding out homes you don’t want so much more by setting realistic expectations during your search.
Do you think you will be in this home 0-6 years? That’s your starter home and you may have to overlook the fact that your yard is smaller or maybe it’s not in your most desirable location.
Nanaimo is always coming up with new listings in the 500-700k price range that could use some TLC but would make for a great entry to the market. If you’re truly worried about location, you can check out this blog post next!
If you’re thinking longer term, over 10 years… start considering what that means for you. 10 years might mean you're raising your kids there for a good chunk of time so location becomes even more important. I also covered this topic about my top picks for family-friendly neighbourhoods to help!
If you’re thinking you’ll be in your home 20+ years then you really will considering dream home/forever home status and what are my must-haves? Which brings me to my next topic…
Making a clear list of must-haves and wants is going to streamline your home search and help you make informed decisions. Your must-haves are things that you know you can’t live without, usually size and number of bedrooms for example. If you say you MUST HAVE 3 bedrooms but would like 4… put that on your “want” list. Better yet, make a list of absolute deal-breakers too! If you know you need to be close to transit and there isn’t a bus stop in sight of the home you’re looking at… make it easy and click NEXT!
Now, lastly... Establish your timeline. It’s okay to be in the Nanaimo MLS once you’ve done the above and you begin to narrow down on homes that you like but this won’t do you any good if you have no clue when you can buy!
Some things to consider are: Are you renting? If so are you month-to-month or in a lease that you may have to break if you buy before it’s finished?
Do you have a home you have to sell first? Have you even started that process? Be realistic here… you may think your home is worth a certain amount of money and will sell quickly but the real estate market is super volatile. Nothing is for sure and if you’re relying on that home sale to buy your next it’s better to have the process well underway so that you can make a solid offer once the time comes. It’s possible to write offers with the condition that your first home needs to be sold, but wouldn’t you rather go into it with all your ducks in a row? How heartbreaking would it be to be so close to owning the home you want in Nanaimo only to lose it because your house didn’t sell as fast or for as much as you wanted?
Besides this, the home-buying process itself isn’t always a fast one. With a pre-approval process that can take up to 2 weeks, a home search that can take on average up to 2 months and then being under contract before closing between 30 and 60 days… your home purchase can realistically be months away and you will need to exercise patience.
Lucky for you, I’ve helped people through this before and come from my own relocation experience, so get in touch if you want to chat about moving to Nanaimo and the surrounding areas!
