Being a first-time homebuyer in Vancouver can be a major challenge. With its very hot real estate market, prices of homes continue to rise. A lot of real estate news in Vancouver can attest to this.
So what can an inexperienced homebuyer like you do to ensure that you can afford to pay for a new home? Here are some tips.
Do the Math First
Before going out and visiting open houses in the city, it’s very important to do the math. Get to know the median home prices in the vacinity so you can create a budget.
Crunching the numbers before beginning your search will let you know whether you can actually afford real estate in Vancouver.
If your budget suits the prices available, the next thing that you need to do is to get a pre-approved mortgage. Not everyone does this step right away, but experts highly suggest that homebuyers in hot markets do this.
While experts say that the housing supply isn’t the problem in Vancouver, there’s still the fact that competition is fierce when it comes to the affordable options. So even if there are lots of properties available, the ones that most folks can afford are quite scarce. This doesn’t really improve the situation. It also means that you shouldn’t slack off if you really want to purchase a property right now.
Getting pre-approved will make you more ready to purchase a property right away. This will give you an advantage over your competition. Because if you’re able to provide the papers and payment right away, you might just be lucky enough to close the deal on your dream home.
Explore the Possibility of Getting an Aid
Did you know that aside from getting a mortgage, there are other loans available to homebuyers? First-timers can take advantage of the BC Home Owner Mortgage and Partnership. It’s designed to ease the difficulties homebuyers experience from the problematic real estate market.
Qualifying BC residents will be provided an amount that’s similar to their downpayment. This is usually limited to 5% of the purchase price of properties below $750,000.
Aside from this, homebuyers can also take advantage of a few other grants and rebates offered by the local government for homebuyers. These include the Home Buyer’s Plan, GST Rebate on New Homes, and BC New Housing Rebate as well.
Time Your Search
If you’re planning to buy property, you might want to time it during the spring, early fall, or before Christmas. Not only do these seasons see a spike in listings, but sometimes, properties are made available at discounted prices.
Spring is always the best times for families to buy or sell their homes. This will give them enough time to move and settle in before the school year starts. The fall is also a popular time to buy and sell homes so everyone can be settled in by the time the holidays roll in.
Experts also say that mid to late December is also great seasons to shop for a new home. Condos are said to be more easily available at discounted prices around this time. It’s speculated that sellers want their properties to move fast around this time so they can cash in by Christmas.
Keep these tips in mind, combine them with the latest real estate news in Vancouver, and you’ll be able to react to the market trends accordingly. These can help make your search easier and more effective, so make sure to give them a shot.