Buy your dream home in Vancouver

There are many reasons to love the city Vancouver. People from all walks of life dream to reside in this dream city! Vancouver’s lively and vivacious culture, cleanliness, world-class schools, hospitals, shopping malls has made it one of the best cities in the world to live in.

If you are looking for a dream house in Vancouver, you must know that real-estate market in this city is quite different from other Canadian cities. Being a world-class city, Vancouver’s home prices are very, very high! In this article you will know about necessary steps to invest in real-estate. Here are some of the following which will help you to understand the current scenario of Vancouver real-estate.

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Values for single-family properties in Greater Vancouver have jumped more than 15 per cent in last year as the region’s real estate market booms. In dollar terms, many detached houses are showing rise up to $200,000 to $400,000, in a year.

So, if you want to buy luxury homes in Vancouver, make sure to take some necessary money-saving tips to get a perfect deal.

Size of property– The more square footage a luxury house in Vancouver has, the higher its price tag. In this situation, make sure to ask yourself if you really need a six-bedroom home or if a three-bedroom home will be enough.

Save up for down payment- The bigger your down payment, the smarter the interest rates you will get; and you will get chance to save more money in coming years. You may need to holdup your purchase to reinforce your down payment amount, but it’ll be worth the wait.

Get a fixed loan- When looking for a mortgage, be sure to get a fixed rate loan instead of a changeable loan rate. By this, you are guaranteed to pay a fixed monthly installment no matter what is the situation of real estate market.

A Little Bit More– By paying $100 extra every month on your mortgage, you can cut off huge amount of money in coming decades.

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Rules to buy investment properties in Vancouver

There’s a lot to love about residing in Vancouver-the lively and vibrant culture, the excellent schools, and the clean surroundings. No wonder Vancouver is voted as one of the best cities in the world to live in.

And if you are planning to invest in real estate in Vancouver, you should know that real-estate market here is very different as compared to any other Canadian city. Being a world-class city Vancouver’s home prices are unsurprisingly high. Here are few tips which you must remember if you are thinking to invest in Vancouver:

  1. Know the reason of buying– Having a long term approach is necessary if you are planning to invest in real-estate in Vancouver as it will determine what kind of house to buy to achieve your desired outcome.  Will you buy, refurbish, and sell or you will hold it for the long term?  Are you buying for cash flow or capital growth? These are just a few questions which you must discuss with your dealer.
  2. Have a proper deposit– As per the rule of the new Canada Mortgage and Housing Corporation (CMHC) 20 percent deposit is now compulsory if any other real estate is already owned.  Having 20% or more deposit prevents you from paying the CMHC insurance and provides a shield if interest rates rise.
  3. Keep your finances ready – Get pre-approved right away so that you do not have to waste your precious time searching for a house you may not be able to afford. Search around for the best prices and terms, and also make sure there are no hidden charges such as huge penalty clauses if you pay the loan early.
  4. Location of the property– Not all properties give same return, neither all locations! If you are investing in any property, you must consider few things- will there be any significant infrastructure developments in coming future? You can talk to local municipal councils to find out these queries.
  5. Who will be your renters?-   Vancouver’s property vacancy rate has been very low in past few years so renters can’t be as demanding as they may want to be.  Still, you should check who are going to be your tenants.
  6. Don’t buy the property without seeing it- Digital camera and wide angle lens can make places look great! Therefore, instead f trusting those pictures, you should always inspect the property by yourself.
  7. Negotiate properly- As you are looking for a property as an investment, so leave your emotions at the rear when negotiating.