Today, the new report comes out. This summer drew to a close in September with property sale activity well below historical averages in the Greater Vancouver real estate market. September sales were 41.6% below the 10-year September sales average, it is huge.
However, Vancouver is still among the top places in the world that are best for the property investment. If you are looking to buy property in Vancouver, then there should be nothing that can resist you from making this excellent investment. Vancouver offers a lot of options for you, no matter if you want to buy property in Vancouver for residential purposes or investment purposes.
When you see a house, take caution in rendering it a detailed look. It is not only the flooring that matters but what equally matters are the walls, wallpapers, and other things which would be of material significance to you or any residents for that matter. As such, a detailed look could also help you in negotiating better making the seller know of the items lacking in the house.
Do not fall prey to your seller's stories while you buy house in Vancouver! In the process of your negotiation and re-negotiation with the seller, the chances that your seller can come up with some concocted stories to dissuade you from the facts are certainly more. As such, many sellers use the tactics of showing their customers that there are lot of buyers waiting to purchase the same property at hand. On the other hand, if there indeed is more than one buyer, than one can refrain from venturing into further negotiations as any further negotiations would mean nothing but over-paying for the property. And that is not worth it.
Also, it is more flexible than an apartment - and all of this in under $300,000. However, if you don't have some property to put it on, how do you go about it?
The answer is: take some tenants in common. This is known as "shared equity."
To determine the extent of your eligibility for procuring mortgage, lenders use two simple rules which also help them gauge your affordability index. These simple rules in fact get governed by authoritative housing body in Canada namely the Canada Mortgage and Housing Corporation (CMHC), which is the premier mortgage loan insurance provider as well as institute for Canada's housing policy programs and research in housing.
Once your offer gets accepted, your lawyer (or the notary public) and realtor will seal of the loose ends. Now we will close the deal thoroughly. However, you should ensure that you know everything about the agreement, and act upon any conditions that require you to take an action immediately. If you ascertain this, you'll have your Vancouver buy house dream come true really soon.
At this stage, the most important thing is: make sure your lawyer or notary public will hold the special levy or credit for you. Sometimes, the property could have occurred some kind of special levy before your buy it. For example, an apartment or condo had fixed the roof or replaced the pipes several months ago, this money was a special levy and should be paid by the home seller of course. You and your agent should ask the seller to credit back this special levy, and your lawyer or notary public should hold this money for your future use.
PS:
Advantages of Buying
- You feel safe, stable and comfortable, and proud maybe
- Your equity is sure to build with the passage of time, with your mortgage costs lessening over a time period even if housing prices remain unchanged
-You can modify and revamp your house the way you want it to
- Several tax benefits attached to homeownerships
Disadvantages of Buying
- Down payment for your home is generally a big sum
- Maintenance and other costs may suffer fluctuation
- Fluctuations in equity cannot be barred
- Generally you have to sell-off your house if you wish to move out
- All the costs attached to your home must be borne by you alone
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