Living in Vancouver, BC, Canada is very expensive and hard to afford today. Buy house in Vancouver? Or just keep renting? Under today's real estate market situation, it is really a tough question.
Only you can make the decision as to whether renting a home would be more feasible than buying it. For which, you ought to look beyond the mere parameters of mortgage payments. Determining your budget as well as your affordability in putting down at least 5% of the purchase price as down payment, would be your first step to consider your decision in buying the house. In order to come up with a viable decision do not hesitate from using the calculator in the calculation of monthly payments, fees or incurring of possible taxes and your endeavors of buying an house.
To decide whether to own a place or to buy one is sure to place you in a state of dilemma. Each of your decisions is warped with advantages as well as disadvantages. And this certainly makes it even more difficult for you to decide.
First of all, let's try to understand what makes Vancouver the perfect place to live. To start with, Vancouver boasts of amazingly warm climate with a temperature of around 22 degree Celsius throughout the year. This is the perfect weather for living or indulging in any type of activity such as sports or fitness. Though Vancouver is one of the most densely populated cities of the region, you can attribute it to its many excellent qualities that make people buy home in Vancouver rather than any other North American city.
Make decision according to your choice of rural, suburban or urban setting and select a suitable Vancouver neighborhood accordingly. Similarly, decide whether you want an apartment, or an attached or detached house. The availability as well as the age of the property, depending on whether it is new or being resold, will also affect the price of the house, and consequently, your budget.
An amazing search tool by the name of Multiple Listings Service, containing all information on properties, is routinely used by realtors and home buyers. You can search by yourself, it is free and easy. If you have an agent, get your agent send those listings to you in accordance with your requirements so that you can make a shortlist. Thereafter, you only need to visit a few houses in Vancouver and make a wise, aware decision.
Or you can try "Investment in shared equity". It is important that everyone accepts and agrees to live in some or the other part of the house.
Beware of any flimsy realtors in the real estate market. A good realtor or an agent should demonstrate the knowledge as well as the experience in having a team of professionals for meeting all your needs in purchasing of a house in Vancouver, Canada. As such, such realtor should have team of experts alongside him which would include lawyers, inspectors, movers, lenders and such similar entities.
If you have really liked something, just jump on it. In other words, do not lose on any opportunity to make the deal concrete and finalized to your liking. In doing so, you would have to make quick decisions as well as urge your Realtor to seal the deal as soon as possible.
Many economists have coined the term "opportunity costs" in order to define the potential gain that would have made by the homeowner had he invested the same money in some other avenues of investment other than in buying of his existing house. In homeownership, the equity factor which stands in your favor as a homeowner is the down payment made by you during the purchase of your house. As such, your down payment attracts attractive return in case of appreciation in property prices, and vice versa where property prices depreciate or fall. In most cases, property values appreciate with time. But scenarios prevail where you can suffer huge loss on investment if property prices depreciate.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")