Information for Buyers
We're glad that more people are becoming curious about this market! It's an exciting and rewarding situation, with interesting old homes in good condition, new luxury developments, plucky condos downtown, and well-planned family residences with lasting financial and utilitarian appeal.
1. Are you ready to buy?
Buying a home in Vancouver is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance.
2. How much can you afford?
It can be discouraging to find that your salary won't stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make homeownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years.
3. What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%, depending on where you want to live. In rural or downtrodden areas, for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas, however, it may not even buy a 400 square foot bachelor suite.
4. Searching for a home
Despite (and perhaps because of) the great selections in homes in this area, buyers are having a difficult time zeroing in on the home or property that is uniquely appropriate for their needs.
Just remember: Browsing the listings for months is one way search out the deals, but weighing the investment potential of each property can be difficult, and many homes for sale are never listed publicly.
5. The Home Buying Process
As you begin to think about buying a home, you're probably acutely aware that this is likely to be your greatest investment ever (short of children or a good marriage), and you might be wondering if there's anything you really need to know as you go into this process. This is where your real estate professionals come in. With the help of a trained agent, you can come out on top of a closing that might otherwise have pushed your retirement ahead a decade! This happens all the time to buyers, who are left reflecting on the relatively small commission that would have brought a Realtor into the bargain to help them.
If you'd like to know about the home buying process, we'd love to tell you all about it.