There three ways to deal with housing in Vancouver: 1, Buy; 2, Rent; 3, Shared Equity. None of these three methods is perfect, everyone needs think twice before renting or buying home in Vancouver.
As per NMHC researchers, the houses that were bought in mid 1980's would have saved money for most of the families from the source of renting comparable housing. Due to the high amortization costs, the ownership costs prevailing at that point of time were relatively unfavorable.
Although rental housing is an essential part of the NHMC agenda, you have to weigh the risks of homeownership along with the financial costs to make the right decision in whether to rent or buy a house.
Owning a house renders you increased privacy along with good control over your property. You do not have to worry about landlords and any permission you would otherwise have to ask for carrying out modifications to your living place. Also, you have more benefits to reap from owning a place than face certain demerits of inconsequence.
However, to each his own! As buying a home for some could prove to be a costly affair to cope with, renting would be a feasible option for them. In the end, one ought to dwell into his independent scenario without getting swayed away by any lucrative notions attached to owning of a house.
The location significance! Real estate doe require one to ponder on location. In fact, it is the location that breeds value to the property, in case one desires to sell off or liquidate his property in the future. Moreover, one should take precaution in buying property which is closer to schools, hospitals and has the required amenities in its surroundings. Location thus is a necessary factor for you as well as in protecting your family's interests.
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.
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.
So if you have any Vancouver buy house plans, the next best thing to go with is the shared equity. For example, if there's a house you really like, a three-storied beauty in a great area but costing you a whopping $1,000,000, which is way over, say, your $400,000 budget, the thing to do would be to bring a couple of friends along for a second visit.
Now, together with your friends, go over the house. If they agree with you that it could be a great purchase after a little reworking, half your work is done. The next step would be to decide who prefers which area in the house. There may be one who prefers the laneway, while one prefers a suite in the house. You can draw up an agreement at this point after some required math. Supposing that one takes the suite, the other the laneway and the yet another, the main space, the house can be divided and you can now afford to purchase the house. It will require you to sign a contract with your friends regarding the house.
The division of the expenses will totally depend on the agreement you form with your friends. Now, you will have your own shared equity investment or co-ownership. The next thing to look for is finance. The service of "Mixer Mortgage" allows family members, friends or partners to share all the expenses of purchasing a home, both one-time and monthly costs like deposit, mortgage, etc.
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.
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