Buying home in Vancouver is more and more hard to afford for middle class. Should we rent or own? Is there any "smart" method we can use to own our dream house, just by a small investment? Let's see.
In your owning a house, your monthly payment of mortgage would in fact reflect on increasing your equity as well as your credibility in the market, whether amongst bankers or other loan lending organizations.
Likewise, capital gain arises from purchasing of home, as in most cases housing prices tend to appreciate with time. A house bought in 1975 in Vancouver for $57,000 is now worth over $900,000 in 2012 makes buying a home formidable option.
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.
When we decice to buy, remember this: A copy of written comparative market analysis. As a purchaser of real estate one ought to be well informed as to what goes in and around the realty market. You can demand a comparative market analysis from your realtor, which could enable you in determining the sale price of other comparative properties in the neighborhood.
And note: Communicating with your realtor. Bad Communication should never be a barrier in purchasing the house of your preference, which is why it is important that you make your realtor understand your thought process and point of view in the purchase of your house.
No need to mention more: Look for the right agent/realtor and hire some specialists. You will find that there are many approaches you can use to come across a real estate agent or realtor. You can find them by taking down names as you take a drive through the localities that interest you, visit an open house in Vancouver, check advertisements, and consult family and friends for reference to an agent they might know. Shortlist and interview a few before selecting one out of all the realtors. Frankly, we prefer hiring those agents who have long term local market experience, and referred by other home buyers recently.
You may get the best rates with the help of a mortgage broker. A lawyer or a notary public may help you be aware of all the documents that you may need when purchasing a home. Employing the services of a home inspector will help you know well the condition of the house before you shift in.
Vancouver has been a leader in the laneway housing bylaw. Even though the trend took its own sweet while, the advantages are evident. In laneway homes, you can have your parents or your adult kids stay, and it can also be put up for rent. You could even renovate it and move in and set up your old home for rent. The Vancouver buy house options are amazing.
Also, it is more flexible than an apartment - and all of this in under $300,000. However, if you don't have some property to put it on, how do you go about it?
The answer is: take some tenants in common.
This is known as "shared equity."
If you are looking to buy house in Vancouver from an investment point of view, then this wondrous city offers you a lot of profitable options. The real estate market in Vancouver remained surprising stable even during the onslaught of recession, and it is currently growing at some exceptionally high rates. Real estate market is souring to new heights especially due to the interest of foreign investors who are looking for investment opportunities in Vancouver real estate. For the real estate industry in Vancouver, the future seems eminently bright.
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