by BC Vancouver Homes for Sale
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Hope you read the preivous post for the first three steps to a new home buyer’s success in Vancouver BC. This article is a continuation of that…
4. Hopefully at this point, you and your family have narrowed down your preferences to something that’s more tangible. Often people have trouble with focusing their desires into a concrete image, but at this point if you’ve worked through steps 1-3, you should be well on your way. This last step simply lists out the different styles of homes available to you. Depending on your preferences for privacy and concerns over budget, you might lean towards one or the other. There are of course a variety of homes for sale in BC, which can make this step quite fun and interesting for the whole family.
a. Single-family Detached – A one dwelling unit that sits on its own lot, offering a greater degree of privacy.
b. Semi-detached – A single-family home joined to another one by a common wall; Offers many of the advantages of a single-family detached home but with a lower price tag.
c. Duplex – Two single-family homes located one above the other in a building. (Often, the owner lives in one unit and rents the other.)
d. Townhouse – Multiple single-family homes separated by common walls, offers separate outdoor space but a little less privacy. These homes potentially cost less to buy and maintain.
e. Stacked Townhouse – Usually consists of two-storey homes stacked one on top of the other in a row of four or more homes. All units have direct access from the outside.
f. Link or Carriage Home – Houses joined by garages or carports which provide access to the front and back yards. Basement walls may be linked so houses appear to be single-family homes on small lots.
5. Make an Appointment with a Realtor
At this point, you’ve narrowed down what type of mortgage your monthly income/debt balance allows you to pursue. You’ve brought the family together to discuss what everyone’s needs and wants are. You’ve decided upon whether you want to buy new, resale, or build your own, and you have a good idea of what style of home you’d like. With all of these items clearer in your head than when you first started your search, you are now prepared to gain the professional help and opinion of your local BC realtor. To be honest, you might be thinking you could save a few bucks on finding a place yourself, but the reality is realtors are professionals and they want to help you. They are experts when it comes to homes for sale in BC, Canada, and there is nothing that would please them more than to find you the right place.
Alright! You are set! See, finding BC homes for sale is not as challenging as you thought it was eh?!
We wish you all the best in your adventure to fine the right home for you and your family. Thank you for letting us play a role in your search for your dream home. =D
by BC Vancouver Homes for Sale
Stay Smart
Congratulations! You’ve decided to complete your own research before purchasing your new home. This article will offer you important information that helps you balance your budget while clarifying what your priorities for your new home will be. Follow the step by step instructions and enjoy the adventure of planning for your place!
1. Figure out your income and your liabilities. (We recommend you work through this step with your spouse or partner to make sure you’re both on the same page.)The following affordability rules help you stay within your budget so that your mortgage does not become overbearing once you’re a homeowner. The last thing you want is to buy a place, run out of money to support the mortgage, and move back in with your parents. This means you might start off with a different place than you imagined, but you can continue saving and build on your home with time. Over ambition when it comes to this initial buying stage is crucial to your success as a homeowner.
Two Important Affordability Rules
i. monthly housing costs < 32% of gross household monthly income
ii. entire monthly debt load < 40% of gross monthly income
2. Fitting in your needs and wants: This is the fun part you’ll want to invite your spouse/partner and/or children to participate. Hand out a sheet of paper for everyone to write on. Before you discuss the following items as a family, read out the items listed and have each person write down their own thoughts. Here’s the list we came up with, but feel free to adapt it to your preferences:
- Size requirements: Multiple bedrooms, bathrooms or a double garage?
- Special features: Air conditioning, fireplace, a swimming pool?
- Lifestyles and stages: Babies? Kids? Teens? Aging parents or in-laws?
- Location: Commuting costs? School zones? Convenience?
- Others: Any else you feel is important for the new place?
3. Now that you have a general idea of what the family wants, you want to make sure that you’re not just looking at your short term goals. People often just look at their budget and get a bit of tunnel vision thinking they can never afford a new home, for instance. But remember that you’re looking for a home that will serve you and your family for the next 5-10 years. A place that costs a bit more right now may be worth the investment.
a. New Homes in Vancouver
i. Up-to-date design that takes into account the latest trends, materials and features.
ii. Personalized choices. You may be able to upgrade or choose certain items such as siding, flooring, cabinets, plumbing and electrical fixtures.
iii. Up-to-date with the latest codes/standards. The latest building codes, electrical and energy-efficiency standards will be applied.
iv. Maintenance costs. Lower maintenance costs because everything is new and many items are covered by a warranty.
v. Builder warranty. Be sure to check all the conditions of the warranty.
vi. New Home Warranty programs. Know what program covers.
vii. Neighbourhood amenities such as schools, shopping malls and other services may not be complete for years.
viii. Taxes – you may qualify for a rebate of part of the GST or HST on homes that cost less than $450,000. Ask your realtor for details.
ix. Extra costs. You may have to pay extra for extras, e.g. a fireplace
b. Resale Homes in Vancouver
i. You can see what you are buying. Easy access to services. Probably established in a neighborhood with schools, shopping malls and other services.
ii. Landscaping is usually done and fencing installed. Previously owned homes may have extras like fireplaces or finished basements or swimming pools.
iii. No GST/HST. You don’t have to pay the GST/HST unless the house has been renovated substantially, and then the taxes are applied as if it were a new house.
iv. Possible redecorating and renovations. First see if it’s worth your investment.
c. Building Your Own Home in Vancouver
i. Pro: You get to make all decisions about size, design, location, etc.
ii. Con: You get to make all the decisions about size, design…etc.
(Depending on what type of person you are, building your own home may be more advantageous than not. Make sure you and your family agree whichever route you take.)
Stay tuned for the second part of this article coming your way… Good luck on your hunt for your new Vancouver Home!!!
