Things I should know BEFORE buying in Vancouver BC.?
Also I’ve been looking on mls.ca and it seems the ONLY thing to buy around here for a first time home owner is a 400-600 sq ft apartment!!! And even still these places aren’t anything special by ANY means. Is there ANYTHING I should know before jumping into the real estate world? I really want a yard, but don’t want to spend more then 200,000$ I am only 21 and will be having a tenant rent from me the other bedroom when I get a house, I figure this will give my bank/mortgage consultant more reason to give me a loan.
well the market has cooled off a bit and prices down about 5% so thats good news for you. I have heard it will go down another 5% or so and then stablize so its a pretty good time to buy in the next year and at least gives you a chance to see whats going to happen. You dont want to buy and then have the market suddenly go down like in the States.
Anything in vancouver with a yard (townhouse or SF house) will be costly as in $600K or better. That leaves those teeny condos.
You can get way more for your money in the Valley if your able to commute. You can still get into townhouses there like quattro and gateway for mid- – high $200s. SF like ranchers = $450-$500K and larger houses $500-$900K. If you head out to end of the expo line there are about 10-15 new developments of condos and townhouses in that area. Used to be very bad but its rebuilding fast. That might be somewhere to look with good skytrain access and somewhat affordable prices. and likely to go up in value as the area develops to what it will be.
As a first time home buyer you can take advantage of the 5% down program. If you go to Royal bank or any bank website there are mortage calculators there to figure out monthly payment.
So if your looking at $300K you would need $15K down and be able to afford monthly payment on a mortgage of $285,000. The en suite will help with that and they will consider that when you apply for financing. Keep in mind too, with condos and townhouses there is a strata fee to be paid monthly as well between $100-$200/month for upkeep. When you buy there is a 1% property tax as well and if a brand new house GST as well.
sorry for throwing all that at you but at least you know what you need to put together …
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Consultant Bc. As soon as I knew how much, I could start searching for a house.
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