Many investors have gone to Vancouver to buy house and made big money since 2003, more people are going to do the same thing. After almost 10 years bloom in real estate market, is this city still worth to invest? It seems to be a complicated question. Let's think about some of them as follows.
Vancouver is a lively and vibrant city that is situated in the stunning mainland of British Columbia. The city serves as the perfect destination for home buyers as well as the property investors. The reason may be attributed to its extremely stable economy, excellent weather throughout the year and the population that is growing at an exponential pace. This growth in population is the main reason for the recent surge in prices, which was the result of unprecedented demand for the residential properties. However, the prices are stable now but real estate experts are of the view that the prices are going to increase in the near future. This makes the proposition to buy home in Vancouver or invest in any Vancouver property, as one of the best investment decisions you can ever make.
Besides, 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.
Your agent/realtor can help you prepare an offer as they are very experienced in these aspects. If there are terms you don't understand, feel hesitant or have any concerns, do ask! You have all rights to be explained to by your realtor/agent.
Don't be scared by the home seller's first price! The market is changing, you have power to bargain for a proper better price. And you do not need to talk to the seller face to face, your agent should do it and he/she should be a good negotiator and bargainer. This is why it is very important to hire a good realtor, since a seasoned agent can cut down the over high price and save thousands even hundreds of thousands of dollars for you!
Hold your emotions. No matter how badly you want a new home, you should not get overtly emotional in displaying the same to other parties or even to your realtor. In case you want to show your realtor that you are one of those who merely tend to window shop, the chances that he/she would get you a better deal are more pronounced.
Study the seller and all documentations. Purchasing the Vancouver house would also require you to dwell into the technicalities as well the fundamental aspects concerning the seller. Likewise, you also have to ascertain the reputation of the seller and the reason for which the seller likes to sell the property. Any hidden trigger points if any, should be disclosed at once.
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 when you plan to buy house in Vancouver. 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 home in Vancouver.
PS.
Advantages of Renting
- Smaller down payment
- Low maintenance costs (relatively)
- Higher fixed costs on a lease period
- Negligible deviations in the equity
- No responsibilities of maintenance
- You are blessed with the preference to move out whenever you desire to
Disadvantages of Renting
- Restrictions in modifying your home
- Forget of increasing your equity
- Zero tax advantages for you, while all tax breaks for your landlord
- No proud feelings
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