Households in Canada are facing a 152% rise in the ratio of debt to personal household income. There is an ever growing strain on citizens, especially those living in hot markets. Therefore, home buyers ought to think some new ideas to afford buying house in Vancouver.
Purchasing a home with your spouse makes you "joint tenants". So in case of a mishap with either one, the property goes to the other one. But this is not the only way to title the property. Additionally, you should know that being tenants in common implies that in case of any mishap (like death) with one owner, the portion of property owned by him goes to his estate, as the contract would usually dictate, and not to the fellow tenants. You can use the contract to protect yourself in various situations: and you must do them before you make your purchase. So these were some of the most practical and affordable Vancouver buy house schemes which have become quite popular these days.
If you have owned a home, sell your current home first. It seems to be a very tough decision when it comes to selling your present home: should you sell first and buy later, or buy first and sell later? Even though it is a security to buy a house in Vancouver before you sell your present home, selling first has some great advantages:
a), You'll be aware of the selling cost of your house, so you can ascertain, beforehand, the amount available for buying a house in Vancouver
b), You might be lucky as you may not have to set the offer subject to financing
c), You may even manage a long closing time, giving you ample time to look for a good house in Vancouver.
d), Even though selling first could be distressing phase, you will find it equally tiring to own and maintain two houses!
If you feel this is not easy to decide, ask your realtor or real estate agent for some suggestions, they know the local market better.
Besides, there are still more issues we need to care, such as:
Employing the services of a home inspector will help you know well the condition of the house before you shift in. Inspecting the plumbing, floors, wall, ceiling, electrical, heating, attic, roof, siding, trim, porches, patios, decks, garage and drainage system from a home inspector is definitely worth it. A professional advice from the home inspector will help you ascertain the money you would have to spend on reconstruction costs, if any and such details of essence.
Be careful, check everything again in the deal, such as, hidden costs, special levy etc. The hidden costs may be in the form of mortgage insurance or any such other that may enhance the cost of buying home in Vancouver. As such, inspections fees, title insurance, appraisal fees, transfer taxes are certainly a part and parcel of the hidden costs that one would have to incur in purchasing of the house. Thus, purchasing of your house cannot discard such costs which would take the purchasing amount to a higher limit.
If you are living a stable life-style which is less dependent on external factors then owning a home makes sense. Also, rent denotes pure cash outflow, which once paid never comes back to you. The cost of renting could vary with the rise in inflation, which is generally so in most cases. In calculating your monthly housing costs the primary rule you should implement is to ensure that gross monthly household income (GDS) does not fall below 32% of your monthly housing costs. Moreover, you have to include taxes and heating expenses apart from monthly mortgage payments in your housing costs. Also you could consider inclusion of half of monthly condominium fees in your allotted sum of housing costs. You have to make sure that your gross monthly income (TDS) should not fall below 40% of your entire monthly debt load. Your entire monthly debt load could be inclusive of payments pertaining to personal loans, credit cards, car payments apart from the general housing costs so estimated by you.
![[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")