Need for Speed—Purchasing a House for Sale Quickly

In a competitive real estate market, speed is the name of the game. You don’t have the luxury to sit on your decision for a week, as you risk losing a house for sale to another interested buyer. Fortunately, there are things you can do to help speed up your buying process. With that in mind, here are a few tips to help you close a deal quickly:

Pay in Cash

If you have the space in your budget, always try to pay in cash. Many sellers are eager to bypass cashing a cheque, which helps them save time and gives them the money they need faster. Be careful though, as cash payments are much harder to recoup if something goes awry.

Get Pre-approved for a Loan

Make sure you have already been pre-approved for a housing loan before you start looking at real estate. Not only does getting pre-approved help establish a budget, but it also shows a seller that all he or she needs to do is to agree to sell the condo to you.

Increase Your Down Payment

Typically, down payments are set at 20 per cent of the total cost of the home. If you have breathing room in your savings, you may want to try offering a larger down payment (around 25-30 per cent). Don’t forget that sellers are in this to earn money—the more money you offer upfront, the more likely they are to sell you a home.

Avoid these Mistakes when Buying a Vancouver Condo

Nobody can deny that the Canadian real estate industry can be very lucrative at times. However, you should know that a good buy can quickly transform into a bust in a short time, considering how fickle market rates are as well. Whether you’re buying a Vancouver condo for residence or as an investment, you need to be aware of the pitfalls you may come across.

First, buying condos or any other property entails taxes, some of which you may not be aware of if you’re not updated with current events. In Ottawa, for example, the government introduced tighter immigration laws in February 2014, which means that foreign investors can no longer protect their investment income from taxation.

Second, it’s foolhardy for you to think that your condo will naturally appreciate in value over time. History has proven that a real estate boom could sometimes lead to a huge drop in demand, therefore, a drop in prices as well.

Third, upgrading your property in the hopes of selling it for a huge profit isn’t always a good idea. After all, some buyers can be very picky when it comes to certain features they want for their condo.

Finally, and perhaps most importantly, you need to be absolutely sure about your intensions in buying a condo. Shifting from “buying for residence” to “buying for investment” in short order can lead to unforeseen consequences. 

House-a-Lot: Carefully Choosing Affordable Vancouver Houses for Sale

Qualified REALTORS® can also paint a more accurate picture of the local real estate market and are also in a good position to help out buyers in choosing the right properties. Armed with up-to-date information from multiple listing services, REALTORS® can supply homebuyers with a range of homes that fit the client’s specified budget range. Additionally, these real estate professionals can look out for foreclosed properties that are potentially much more inexpensive to acquire.

A highly experienced real estate agent can also help negotiate for a good price on a suitable house for sale in Vancouver. In other words, first-time buyers can’t afford to overlook the benefits of working with a capable real estate agent or REALTOR® who can help them find hidden property gems regardless of prevailing market conditions.

http://www.remax-crest-vancouver-bc.com/house-a-lot-carefully-choosing-affordable-vancouver-houses-for-sale

Vancouver Houses for Sale—Overcoming the First-time Homebuyer Hump

Evaluate your budget

“The first step in buying a new home should be to take a look at what you can afford and how you are going to pay for it,” says Green. A good start would be to ensure that your monthly housing costs stay at or below 32 percent of your gross monthly income. Add to that, it’s also best to ensure that your entire monthly debt load (which includes your mortgage, utility bills, and credit card payments) shouldn’t go over 40 percent of your gross monthly income.

Find a good mortgage broker

Choosing the right mortgage is not as simple as choosing the one with the cheapest rate. Mortgage brokers have access to the right lenders, and can exert influence and chase benefits in a way that may be too difficult to handle yourself. “Over 25 per cent of Canadians used a mortgage broker for their last transaction, and about 47 per cent of all first-time home buyers used a mortgage broker,” adds Green.

Get preapproved

It’s important to get a pre-approved mortgage from your chosen lender. This will help you identify the price range of the homes you should be looking at and ensure that you can afford your purchase. “The pre-approval process consists of three quick and easy steps,” says Green. “Once this is done, your file will be sent for a pre-approval to the lenders that offer the best rate and product to suit your needs.”

Follow the tips above so you can avoid the various pitfalls homebuyers are likely to encounter. Don’t forget to team up with a reliable real estate company like RE/MAX Crest Realty Westside that can spare you from a lot of unnecessary stress and anxiety when considering prime Vancouver houses for sale.

http://www.remax-crest-vancouver-bc.com/vancouver-houses-for-sale-overcoming-the-first-time-homebuyer-hump

Feeling Cramped? Time to Look for Bigger Houses for Sale in Vancouver

Of course, many Canadians would probably find living in a mansion a tad excessive (and they’ll realize that property maintenance can be a big challenge). On the other hand, living in a tiny house means giving up creature comforts like a full-sized bed. In any case, most people live comfortably enough in mid-sized houses with one or two bedrooms. Of course, there will always be well-oiled new families scanning the market for bigger houses for sale in Vancouver. Understandably, couples planning to start a family are going to need more space for their new addition. Families planning to have more kids can use a home with more rooms and a bigger backyard. Certain life changes necessitate buying a bigger house. You may have quit your day job to start a home business where the extra room might function as an office or workshop. Some families who have accumulated more than 20% of equity on their current home opt to use this fund as down payment for a bigger property.

http://www.remax-crest-vancouver-bc.com/feeling-cramped-time-to-look-for-bigger-houses-for-sale-in-vancouver

Vancouver: World's 3rd Most Livable City

One very good reason to invest in real estate in Vancouver is that the city has been named the 3rd most livable city in the world by the business publication Economist Intelligence Unit. This is the third year in a row that Vancouver has received such a distinction, which is actually a downgrade as the city ranked 1st from 2002 to 2011. The ranking, however, solidly marks the many benefits the city has to offer to its residents.

Vancouver received an overall rating of 97.3 out of a perfect 100. It also scored perfect marks for education, culture, the environment, and health care. The survey also cites the current construction of Metro Vancouver's Evergreen Line project, which is expected to benefit residents in the future despite the various disruptions it poses at present.

According to standards set by The Economist, a score of 80 to 100 means that there are very few challenges against residents' living standards in the city. Indeed, in addition to the commendable housing, education, and health care benefits that Vancouver residents receive, the city government has also committed itself to keeping Vancouver green. There are currently a number of government-sponsored projects intended to preserve the area's lush natural resources, and keeping the environment free of pollutants that can be harmful to the health and well-being of both the city itself, and its residents.

Of People and Condominiums

One of the major reasons why one opts to purchase a condo unit is the fact that it is (almost always) in the city. Living in a condominium in Vancouver, for example, makes it easier for people to access areas of the city like the Financial District and the nocturnal Downtown that would be difficult if one is living in the suburbs. 

There is, however, one factor that makes or breaks living in a condominium, despite its perfect location and amenities: the people that live in it.

When one purchases a ready-for-occupancy condominium, chances are that there is an established condominium association already running and implementing certain policies. These policies range from parking and maintenance fees to etiquette inside the building. Some condo associations, however, might have rules that are too tight for your liking.

You have to consider, as well, the cultural diversity of the people already residing in the condominium. A metropolis like Vancouver often lets you experience living next door to another person whose culture is entirely different from yours. If you’re still looking for a condo to stay in, choose one where you are most likely to get along with your next-door neighbors.

If you want to choose wisely, calling on a realtor who knows the Vancouver condo market very well is a good place to start.