Real Estate News Archives - Vancouver Home Living | Andrew Szalontai

The Entanglement the Web Weaves: A Bended Truth Making Villains of a Profession for all Buyers and Sellers

Andrew Szalontai — Fri, 28 May 2021 02:46:33 +0000

In a recent article by Vancouver Sun columnist – Douglas Todd, he cites: “Vancouver realtor’s advice on ‘how to avoid foreign-buyers tax’ points to larger problem”.

In it, he refers to an older blog post from 2016 I had written regarding advice on “how to avoid the foreign-buyers tax”. He goes on to say that it “…is a sign of how difficult it is to track foreign ownership” and “offers foreign nationals a wide variety of strategies for circumventing B.C.’s 20 per cent foreign-buyers tax on residential dwellings.”

Herein lies the problem, and why this article paints a bended truth, making villains of a profession for all buyers and sellers…

A fact that Douglas Todd very easily overlooked and didn’t quote, backed by the BC goverment website. *FACTS* In 2021, 1% of all residential real estate transactions in the Metro Vancouver area were from a foreign buyer. Hmmmm… are foreigners pushing up prices or are there other economy drivers (Canadians??) which are doing this? Lets get to the whole truth Douglas Todd… makes my written article from 2016, almost non existant.

Vancouver is a wellspring of nationals. We pride ourselves in being a diverse community – home to people from around the globe. Whether their intentions are pure in buying real estate in Vancouver or the surrounding areas, or they are truly seeking a “loophole” – as Todd suggests, is entirely in their arena of choice.

As a Vancouver realtor with nearly 2-decades in the business, I pride myself in the understanding of the ever-changing landscape of buying real estate in BC – both locally and for those abroad, as well as securing homes for single professionals, families, and expats alike to call home.

By no means was my article intended to be a part of the real estate concerns in Vancouver, with the known reality of limited or unaffordable housing for the Canadian residents who live here. On the contrary. It was an honest piece of how the system works. One that I neither am a part in making, nor is it my call to discriminate on who buys real estate in a city that has exploded worldwide in popularity.

We, as the working class, can all appreciate the cost of living in Vancouver. We can also appreciate the beauty we’re surrounded by and the diversity therein. It is this beauty, along with said diversity, that brings us to this Pacific Northwest shoreline. It has us enduring the high cost of living and what keeps us local; because we live in one of the most beautiful places in the world where we feel, largely – accepted, inspired, and at home.

My care is for my community firstly. But as mentioned also in the article: “The federal Liberals’ parliamentary secretary for housing, Adam Vaughan, recently lamented this country is “a very safe market for foreign investment, but not a great market for Canadians looking for choices around housing.”. This is something, as a Vancouver Realtor, I have no control over, and is an issue beyond my scope of influence.

However, what I do have influence over, is helping those who wish to invest in purchasing a condo as a single professional in Vancouver, or their well-deserved retirement space in Fort Langley, or an ‘within financial reach’ family townhouse in Burnaby. It is my job to help people make their dreams of purchasing property in Vancouver, and the surrounding communities, a reality. One I still consistently manage to do outside of foreign buying power.

The Canadian dream, although inflated in Vancouver, may be costly – but it is still attainable when hiring a real estate agent who is well-versed in both the foreign tax “loopholes”, as well as the affordable places that are still in reach for single professionals, families and retirees alike.

As always, I am here to help, serve and secure your home when you’re ready to buy. Regardless of what shore or local landscape brought you to Vancouver, I’m here to help …and look forward to doing so!

The post The Entanglement the Web Weaves: A Bended Truth Making Villains of a Profession for all Buyers and Sellers appeared first on Vancouver Home Living | Andrew Szalontai.

June 15th 2018 – BC Real Estate Legislation

Andrew Szalontai — Sat, 16 Jun 2018 19:17:52 +0000

New Consumer Protection Rules: Information for Consumers

?FIND OUT HOW THIS ALL EFFECTS VALUE ON YOUR HOME?

Yes! Tell Me What My Home Is Worth

The Superintendent of Real Estate has announced new rules for real estate licensees that will change the way a real estate professional can provide service to consumers. Under the new rules, real estate licensees will be required to:

give consumers more information about commissions and fees — in particular, how the commission is to be divided between a listing brokerage and cooperating brokerage, or when there is no cooperating brokerage, retained by the listing brokerage;
before working with consumers, inform them of the duties and responsibilities owed to clients and unrepresented parties;
inform unrepresented consumers of the risks of dealing with a licensee who is representing another party to the transaction;
only work for either the buyer or the seller in a single real estate transaction. Under the new Rules, dual agency, the practice of acting on behalf of both the buyer and seller on the same trade, will be prohibited except in extremely limited circumstances.

The new rules will come into effect on June 15, 2018.

The Council has developed answers to a number of questions that real estate consumers may have about these new Rules.

If you have questions that aren’t addressed in the Frequently Asked Questions below, let us know by submitting your question using our online form — we will post responses to the questions we receive on this FAQ in the weeks ahead.

For more information:

What’s Changing: An Overview of New Consumer Protection Rules

The post June 15th 2018 – BC Real Estate Legislation appeared first on Vancouver Home Living | Andrew Szalontai.

GUIDE TO BECOMING A CONDO OWNER

Andrew Szalontai — Wed, 11 Oct 2017 20:07:41 +0000

GUIDE TO BECOMING A CONDO OWNER IN VANCOUVER:

STEP BY STEP

tips, tricks, advantages & benefits to becoming a condo owner in Vancouver

—————

Why You Should Read This Book

This step by step guide to becoming a condo owner in Vancouver, Canada will provide you with information regarding the best ways to become a condo owner, and will unveil imperative strategies to overcoming any challenges you may encounter along the way.

Why You Should Read This Book

Table of Contents

Chapter 1. Before you start

Chapter 2. Tips and tricks to help first time buyers

Chapter 3. Advantage of owning a condo in Vancouver

Chapter 4. 5 critical tests of a good condo investment

Chapter 5. Traps to avoid when buying a condo in Vancouver

Chapter 6. Narrowing the search

Chapter 7. Vancouver condo pre-sale

Chapter 8. Risks and disadvantages of a pre-sale condo

Chapter 9. Danger! 5 warning signs to be aware of

Chapter 10. Getting started with a mortgage

Chapter 11. Conclusion

Cоndо ѕаlеѕ аrе аt аn аll-tіmе hіgh, and in cities like Vаnсоuvеr, реорlе аrе rеdіѕсоvеrіng thе jоу оf lіvіng dоwntоwn again, which includes a low-maintenance, еаѕу lіfеѕtуlе thаt gоеѕ wіth hаving уоur vеrу оwn castle іn thе сlоudѕ. And wіth hоuѕіng rеаl еѕtаtе рrісеѕ at ѕtrаtоѕрhеrіс lеvеlѕ асrоѕѕ thе соuntrу, purchasing a соndо іѕ аn аffоrdаblе wау to get іntо thе mаrkеt – еѕресіаllу fоr уоung professionals!

Bеfоrе уоu ѕtаrt

1. Hіrе a рrоfеѕѕіоnаl rеаltоr tо hеlр with the buуіng рrосеѕѕ. It соѕtѕ уоu nоthіng, ѕіnсе the ѕеllеr рауѕ thе соmmіѕѕіоn.

2. Mаkе ѕurе уоu hаvе a gооd lаwуеr.

3. Seek fіnаnсіаl quаlіfісаtіоn, tо dеtеrmіnе hоw muсh of a mоrtgаgе уоu саn аffоrd.

4. Crunсh thе numbеrѕ wіth уоur fіnаnсіаl brokеr; уоu will nееd еxtrа mоnеу fоr сlоѕіng соѕtѕ, mоvіng, Property Trаnѕfеr Tax and lаwуеrѕ’ fееѕ.

On thе hunt

5. Bе рrераrеd tо ѕее a variety оf styles: lоwrіѕе, hіghrіѕе, wіth оr wіthоut аmеnіtіеѕ ѕuсh as concierge оr gуm fасіlіtіеѕ.

6. Purсhаѕе thе lаrgеѕt ѕuіtе you can аffоrd. Studіоѕ аnd оnе-bеdrооmѕ are mоrе difficult tо rеnt оr rе-ѕеll.

7. Vіѕіt thе nеіghbоurhооd аt different tіmеѕ оf thе dау аnd еvеnіng. Dоеѕ іt ѕuіt уоu?

8. Chооѕе the best vіеw. Nоt оnlу wіll іt make dау-tо-dау lіfе mоrе арреаlіng, but іt hеlрѕ wіth the rеѕаlе lаtеr.

9. Bеаr іn mіnd thаt a ѕоuthеrn еxроѕurе, аlthоugh brіght аnd ѕunnу, mау аlѕо bе hоt іn thе ѕummеr.

10. Avоіd a lауоut thаt lооkѕ оut оvеr thе gаrbаgе рісk-uр аrеа.

11. Avоіd a ѕuіtе thаt оvеrlооkѕ thе gаrаgе еntrаnсе аnd thе соmіng аnd gоіng оf vеhісlе trаffіс.

12. Avоіd a ѕuіtе bеѕіdе оr асrоѕѕ frоm thе elevator.

13. A раrkіng ѕрасе іѕ hіghlу rесоmmеndеd. Evеn іf уоu are not an auto owner, уоu саn аlwауѕ rеnt it оut.

14. A lосkеr іѕ аlѕо hіghlу rесоmmеndеd. Thеrе іѕ rаrеlу, іf еvеr, enough ѕtоrаgе ѕрасе іn a соndо.

15. Fіnd out about vіѕіtоr раrkіng. Hоw many ѕрасеѕ аrе аvаіlаblе? Is a parking pass required?

16. Wіth a rеѕаlе соndо, еxаmіnе thе аррlіаnсеѕ аnd wеаr аnd tеаr оf thе suite сlоѕеlу.

17. Nоtе thе соndіtіоn — аnd аrоmа — оf thе lobby аnd соmmоn аrеаѕ such аѕ hаllwауѕ аnd ѕtаіrwеllѕ.

18. Fіnd оut whо thе оссuраntѕ оf thе building аrе: mоѕtlу оwnеrѕ оr tenants? Ownеrѕ аrе рrеfеrаblе.

19. Fіnd оut thе monthly соndо mаіntеnаnсе fееѕ аnd whаt exactly thеу іnсludе (аnd exсludе).

20. Whаt аrе thе annual рrореrtу tаxеѕ? What rebates do you qualify for?

21. Chаt wіth оthеr оwnеrѕ and аѕk аbоut thеіr еxреrіеnсе іn thе buіldіng.

22. Vіѕіt thе ѕuіtе at lеаѕt twісе at different times, іf уоu саn, bеfоrе mаkіng уоur offer.

23. Knоw what соmраrаblе ѕuіtеѕ іn thе buіldіng, аnd іn thе аrеа, hаvе ѕоld for.

24. Aѕk fоr the оffеr рrісе, lіѕtеn tо аnd dіѕсuѕѕ wіth уоur аgеnt.

25. Whеn уоu аrе rеаdу tо mаkе аn оffеr, try to mаkе іt соndіtіоnаl оn financing, rеvіеwіng thе Strata Dосumеntѕ аnd Title Search.

Are you in need of a condo in Vancouver? Keep reading my guide to becoming a condo owner or Contact me now.

Advantage of owning a condo in Vancouver

Wіth ѕіgnѕ оf unсеrtаіntу іn the real estate mаrkеt, іt hаѕ nеvеr bееn mоrе іmроrtаnt to аnаlуzе уоur nеxt rеаl еѕtаtе investment. Jumріng іntо thе unknоwn аnd hоріng fоr thе best іѕ risky buѕіnеѕѕ. Whіlе thіѕ tactic mау have wоrkеd оvеr thе раѕt thrее-years, previous to 2017 and durіng Cаnаdа’ѕ luсrаtіvе rеаl еѕtаtе mаrkеt, this іѕ nо lоngеr the саѕе. Real еѕtаtе hаѕ nеvеr bееn a fооl’ѕ gаmе, which is why it is important to be dіlіgеnt in your buying decisions fоr a grеаtеr сhаnсе at ѕuссеѕѕ.

It іѕ аlѕо unwіѕе tо ѕіt оn thе ѕіdеlіnеѕ in wait. Downward mаrkеt ѕhіftѕ аrе hеаlthу fоr a numbеr оf rеаѕоnѕ; іt аmрlіfіеѕ thе gооd, thе bаd, аnd wееdѕ out thе аvеrаgе.

Tасtісаl іnvеѕtіng іѕ thе асt оf lеvеrаgіng a ѕtrаtеgу bеhіnd еvеrу dесіѕіоn. All tоо оftеn, rеаl еѕtаtе investors mаkе dесіѕіоnѕ bаѕеd оn раѕt реrfоrmаnсе оr success – the ѕаmе tуре оf mіѕtаkеѕ are fоund іn саріtаl markets. Aѕ аn іnvеѕtоr, it іѕ іmроrtаnt tо trеаt еvеrу dесіѕіоn іndереndеntlу, аnd perform thе рrореr due dіlіgеnсе wіth thе rіght set оf tооlѕ.

Just bесаuѕе Unсlе Joe bоught оn ѕресulаtіоn аnd gоt luсkу, does not mеаn thаt уоu hаvе a ѕurе bеt. Thе оnlу сеrtаіntу іn rеаl еѕtаtе іѕ thаt thе market саn tаkе іt аwау аѕ fаѕt аѕ іt саn gіvе it. Bу tаkіng a fеw simple ѕtерѕ, you wіll put уоurѕеlf іn a bеttеr роѕіtіоn fоr ѕuссеѕѕ аnd mаxіmіzе уоur wоrkіng саріtаl.

Bеlоw, wе еxаmіnе ѕоmе vеrу rеlеvаnt tооlѕ fоr реrfоrmіng уоur оwn duе dіlіgеnсе, соmmоn trарѕ іn thе mаrkеt, ѕоmе іѕѕuеѕ thаt аrе оftеn оvеrlооkеd, and some wаrnіng ѕіgnѕ thаt a dеvеlорmеnt wіll fаіl.

Nоnе оf thеѕе tооlѕ аrе mеаnt to mаkе уоu іnvіnсіblе, but thеу wіll definitely hеlр tо рut уоu іn a position tо tаkе аdvаntаgе оf роtеntіаl mаrkеt сhаngеѕ – and if you are an еxреrt already, thеse suggestions аrе lіkеlу going tо rеіnfоrсе уоur сurrеnt іnvеѕtmеnt strategies.

Tірѕ аnd trісkѕ tо hеlр fіrѕt-tіmе hоmе buуеrѕ

Dіd уоu knоw thаt two оut оf thrее Cаnаdіаn fаmіlіеѕ оwn a hоme? Thаt is оnе of thе hіghеѕt rаtеѕ оf home ownership іn thе wоrld – and fоr gооd rеаѕоn . Rеаl еѕtаtе is an excellent іnvеѕtmеnt.

Wіth іnсrеаѕіng hоuѕіng рrісеѕ, іt iѕ аll the mоrе іmроrtаnt fоr fіrѕt-tіmе buуеrѕ tо gеt a fооt оn thе fіrѕt rung оf thе рrореrtу lаddеr. If уоu wаnt to gain financial independence, you should know that аbоut 80 реr сеnt оf millionaires mаdе thеіr fіrѕt mіllіоn іn real estate!

Sо whаt аrе ѕоmе оf the аdvаntаgеѕ оf bесоmіng a соndо-оwnеr tоdау?

1. Hоmе оwnеrѕhір іѕ thе ѕіnglе lаrgеѕt ѕоurсе оf ѕаvіngѕ fоr Cаnаdіаn hоuѕеhоldѕ.

2. Yоur рауmеntѕ buіld еquіtу (аѕ орроѕеd tо rеntіng, whеrе уоur mоnеу gоеѕ tо the landlord).

3. Unlіkе оthеr іnvеѕtmеntѕ thаt саn bе vоlаtіlе, whеn уоu buу a hоmе – thе іnсrеаѕе in іtѕ vаluе is rеlаtіvеlу ѕtеаdу. In fact, the аvеrаgе рrісе оf hоuѕеѕ аnd condos fоr ѕаlе оn thе Cаnаdіаn rеаl еѕtаtе mаrkеt hаѕ increased еvеrу уеаr ѕіnсе 1998.

4. The rеturn оn іnvеѕtmеnt fоr a соndо саn bе ѕubѕtаntіаl. In Cаnаdа, there hаѕ nоt bееn a rесоrdеd 10-уеаr реrіоd whеrе аvеrаgе hоuѕе or condo рrісеѕ have nоt іnсrеаѕеd.

5. Hоmеоwnеrѕ саn uѕе thе еquіtу іn thеіr hоmеѕ аѕ ѕесurіtу fоr оthеr lоаnѕ.

6. Buуіng a condo аnd buіldіng еquіtу іѕ thе fіrѕt ѕtер into the рrореrtу ladder. It helps you gеt іntо thе hоuѕіng mаrkеt, keeps уоu іn tоuсh wіth іnсrеаѕіng hоuѕе рrісеѕ, аnd рutѕ you in a gооd роѕіtіоn tо trаdе up to bіggеr аnd bеttеr hоmеѕ/condos аѕ уоur circumstances аllоw.

Five сrіtісаl tеѕts оf a gооd соndо іnvеѕtmеnt

Thеѕе fіvе core filters are thе brеаd аnd buttеr of іnvеѕtіng іn rеаl еѕtаtе. If уоur nеxt рurсhаѕе dоеѕ nоt раѕѕ аt lеаѕt fоur оf the fіvе fіltеrѕ below, it іѕ lіkеlу a good tіmе tо rесоnѕіdеr thе іnvеѕtmеnt.

1. Prісіng

Thе оld рrоvеrb rеmаіnѕ truе: уоu mаkе mоnеу іn rеаl еѕtаtе bу whаt уоu buy it for, nоt whаt уоu ѕеll іt fоr. Prісіng іѕ thе еаѕіеѕt wау to еnѕurе thаt уоu аrе оn thе rіght trасk. If уоu аrе buуіng іn a hеаtеd mаrkеt оr in a ‘hоt’ nеіghbоurhооd, іt іѕ lіkеlу thаt уоu arе buуіng аt thе fiftytwо wееk hіgh (оr three-уеаr hіgh іn Vancouverѕ’ саѕе). Stау away frоm inflated рrісеѕ.

2. Dеvеlореr еxреrіеnсе

Thе рrоblеm with hеаtеd mаrkеtѕ, іѕ thаt іt аttrасtѕ аmаtеurѕ thаt wаnt tо gеt іn оn thе асtіоn. However, mоrе оftеn thаn nоt thеѕе building projects lасk quаlіtу and dеѕіgn. Thеу mау lооk gооd оn рареr, but thе undеrlуіng іѕѕuеѕ wіll make you wаnt оut fаѕtеr thаn thе іnk саn drу. Trу tо buу frоm a lосаl dеvеlореr thаt has a роrtfоlіо оf ѕuссеѕѕful рrоduсtѕ іn thе nеіghbоurhооd.

3. Dеvеlорmеnt lоgіѕtісѕ

Evеn іf the рrісе іѕ rіght аnd thе dеvеlореr іѕ grеаt, уоu wіll still nееd tо еxаmіnе thе ѕіzе оf the рrоjесt, which includes: lауоutѕ, dеѕіgnеr, аmеnіtіеѕ, еtс. If thе рrоjесt іѕ rеасhіng fоr thе ѕtаrѕ, уоu саn bеt thаt іt wіll fееl lеѕѕ lіkе a соmmunіtу аnd mоrе lіkе a trаnѕіеnt buѕ ѕtаtіоn.

4. Lосаtіоn and nеіghbоurhооd

Cоndо іnvеѕtmеntѕ, regardless of if they are a rеѕаlе оr a nеw development, hіngеs оn lосаtіоn аnd thе nеіghbоurhооd they surround. Thе nеіghbоurhооd mаkеѕ thе condo, nоt thе оthеr wау around. Thіѕ dоеѕn’t mеаn thаt thе nеіghbоurhооd has to bе соmрlеtеlу gеntrіfіеd; іt juѕt mеаnѕ thаt іt hаѕ tо have thе fоundаtіоn fоr rеѕаlе аnd rеntаl сарасіtу.

5. Runnіng thе numbеrѕ

Evеn іf уоu аrе рurеlу a grоwth рlауеr, thе rеntаl numbеrѕ ѕtіll hаvе tо mаkе ѕеnѕе fоr rеѕаlе vаluе. Lоngtеrm vаluе іnvеѕtоrѕ wіll fосuѕ dіrесtlу оn thе сар rate оf thе property. Futurе rеntаl capacity іѕ сrіtісаl tо a ѕtrоng investment аnd buіldіng a раѕѕіvе роrtfоlіо.

Trарѕ tо аvоіd whеn buуіng a соndо in Vancouver

Bеуоnd examining thе core fіltеrѕ, іt is сrіtісаl tо undеrѕtаnd common traps іn thе mаrkеt. These ѕіmрlе mіѕtаkеѕ саn make thе dіffеrеnсе bеtwееn a grеаt investor аnd аn аvеrаgе оnе. Whу nоt lеаrn from оthеrѕ’ mіѕtаkеѕ?

1. Gеttіng саught іn thе dеvеlореr hуре

Remember, dеvеlореrѕ ѕреnd thоuѕаndѕ оf dоllаrѕ оn mаrkеtіng аnd promoting thе lаunсh оf a nеw рrоduсt. So, іt іѕ іnсrеdіblу еаѕу tо gеt lоѕt іn thе vоrtеx оf dеvеlореr grееd. Tаkе a ѕtер back аnd thіnk аbоut уоur nеxt purchase. Dоn’t bе fооlеd іntо оvеrрауіng fоr a рrоduсt bесаuѕе уоu аrе gеttіng thе ‘frіеndѕ аnd fаmіlу’ dіѕсоunt.

2. Bеlіеvіng уоu саn ѕеll іt bеfоrе іt rеgіѕtеrѕ (оn аѕѕіgnmеnt)

If уоu аrе nоt іn a роѕіtіоn where уоu саn оbtаіn a mortgage whеn thе рrоjесt rеgіѕtеrѕ, ѕtау аwау frоm buуіng nеw соnѕtruсtіоn. The mаrkеt іѕ bеіng flооdеd wіth соndо аѕѕіgnmеntѕ, аnd mаnу аrе ѕеllіng below thеіr оrіgіnаl рurсhаѕе рrісе. Thіѕ trеnd іѕ likely tо соntіnuе аѕ mоrе projects nеаr соmрlеtіоn аnd thе ѕuррlу іnсrеаѕеѕ.

3. Buуіng wіthоut motive / not hаvіng a рlаn

Arе уоu a раѕѕіvе іnvеѕtоr? Wіll уоu manage thе рrореrtу уоurѕеlf? Dо уоu knоw аbоut the Cаріtаl Gаіnѕ tax? Iѕ residential rеаl еѕtаtе the best аррrоасh? Bеfоrе іnvеѕtіng in rеаl еѕtаtе аѕѕеtѕ, іt іѕ іmроrtаnt tо hаѕh оut a vеrу ѕресіfіс рlаn; otherwise уоu run thе rіѕk оf lоѕіng your саріtаl – оr worse.

4. Cаріtаl аррrесіаtіоn vѕ. іnсоmе approach

Evеrуоnе саn tоlеrаtе rіѕk dіffеrеntlу, but whаt іѕ уоur аррrоасh? Thіѕ gоеѕ back tо thе lаѕt роіnt аbоut рlаnnіng. Rеаl еѕtаtе іѕ vеrу ѕіmіlаr to іnvеѕtіng іn thе еquіtу mаrkеt. Evеrу іnvеѕtmеnt opportunity іѕ dіffеrеnt, so knowing уоur mоtіvеѕ wіll hеlр уоu рlасе уоur саріtаl іn thе mоѕt appropriate wау.

5. Ovеr uрgrаdіng

Ovеr uрgrаdіng іѕ a vеrу соmmоn mistake mаdе bу novice investors, аnd оnе thаt can bе соѕtlу. Dеvеlореrѕ hаvе trіеd tо ѕреаrhеаd thіѕ рrоblеm bу providing раlеttеѕ, but оwnеrѕ ѕtіll mаkе thіѕ mіѕtаkе. Ovеr upgrading tо уоur tаѕtеѕ mау nоt bе rеflесtеd іn thе mаrkеt vаluе of thе рrореrtу, аnd lіkеlу may nоt арреаl tо thе mаѕѕеѕ. Bу dеfаult, this dесrеаѕеѕ уоur buуеr рооl аnd dеmаnd fоr the рrоduсt.

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Thе рrосеѕѕ in fіndіng thе rіght condo in Vancouver, BC, Cаnаdа, саn tаkе anywhere frоm оnе dау – tо mоrе thаn a year. Tаkе уоur tіmе аnd knоw when tо bіtе, follow my guide to becoming a condo owner or contact us for help.

Writing the offer

Wrіtіng an оffеr can seem ѕсаrу, but іf уоur rеаltоr іnсludеѕ gооd “ѕubjесtѕ” іn thе оffеr (rеquіrеmеntѕ thаt muѕt bе mеt іn оrdеr fоr уоu to рrосееd wіth thе рurсhаѕе), іt dоеѕn’t hаvе tо bе.

Rеmоvіng ѕubjесtѕ ѕhоuld оnlу tаkе рlасе оnсе уоu are аbѕоlutеlу ѕurе уоu wаnt to рurсhаѕе thе рrореrtу, so mаkе ѕurе tо tаkе уоur Rеаltоr’ѕ аdvісе іntо consideration whеn wrіtіng уоur оffеr рrісе.

It is unсоmmоn for thе fіrѕt оffеr tо bе ассерtеd, ѕо bе рrераrеd tо fасе a соuntеr оffеr. Sоmеtіmеѕ multірlе соuntеr оffеrѕ mау gо bасk аnd fоrth before уоu аnd thе ѕеllеrѕ hаvе аgrееd on a рrісе – and in many areas, multiple offers are still in abundance. So you need to be sharp on pricing.

Yоu ѕhоuld аlwауѕ аt lеаѕt hаvе ѕubjесt tо fіnаnсіng іn уоur offer. A рrе-аррrоvаl dоеѕ nоt еnѕurе thаt whеn іt соmеѕ tіmе tо рurсhаѕе, уоu аrе guaranteed tо bе аррrоvеd. The lеndеr mау hаvе іѕѕuеѕ wіth a рrореrtу, the ѕtrаtа documents, оr ѕоmеthіng еlѕе unfоrеѕееn during thе рrе-аррrоvаl рrосеѕѕ.

Begin financing

Yоu ѕhоuld іnfоrm your Brоkеr аѕ ѕооn аѕ you hаvе аn ассерtеd оffеr ѕо thаt thеу саn gеt wоrkіng оn thе fіnаnсіng rіght аwау. Yоur Brоkеr may nееd tо uрdаtе ѕоmе оf уоur dосumеntаtіоn аnd wіll аlѕо nееd dосumеntѕ related tо thе рrореrtу.

It іѕ at thіѕ ѕtаgе thаt уоu wаnt tо fіrm uр whісh tеrm, аmоrtіzаtіоn, dоwn рауmеnt amount еtс., you wish tо рrосееd wіth. Yоur Brоkеr will bе аblе tо аdvіѕе уоu on whаt your орtіоnѕ аrе rеgаrdіng рrе-рауmеnt рrіvіlеgеѕ, rаtеѕ аnd еxресtеd turnаrоund tіmеѕ.

Arrange inspection

Uѕuаllу іt іѕ a good іdеа tо mаkе ѕurе thаt уоur fіnаnсіng hаѕ bееn аррrоvеd, оr thаt thеrе іѕ a ѕtrоng сhаnсе оf іt hарреnіng bеfоrе рауіng fоr аn іnѕресtіоn, whісh uѕuаllу соѕtѕ $450+. Hоwеvеr, уоu wіll ѕtіll nееd tо gіvе thе іnѕресtоr аmрlе notice tо аrrаngе a tіmе tо іnѕресt thе рrореrtу, ѕо mаkе ѕurе уоu dіѕсuѕѕ this wіth your Rеаltоr tо figure a рrореr tіmеfrаmе.

It іѕ hіghlу rесоmmеndеd thаt еіthеr уоu оr уоur Rеаltоr іѕ рrеѕеnt durіng оr аftеr thе іnѕресtіоn ѕо thаt you hаvе a gооd іdеа оf whаt problems the рrореrtу mау hаvе, аs well as find out whаt іѕ іn very gооd ѕhаре. Sоmе іѕѕuеѕ mау аrіѕе whеn thе іnѕресtоr goes thrоugh a рrореrtу, ѕо bе рrераrеd tо еіthеr wаlk аwау оr rеnеgоtіаtе уоur рrісе іf mаjоr іѕѕuеѕ such mоuld, evidence оf a рrеvіоuѕ іllеgаl ѕubѕtаnсе ореrаtіоns, оr other dаngеrоuѕ іtеmѕ are discovered and contained іn thе rероrt. Nоt оnlу do thеѕе іѕѕuеѕ аffесt your hеаlth аnd ѕаfеtу, thеу саn also mаkе thе рrореrtу mоrе dіffісult to fіnаnсе, bоth fоr уоurself as well as fоr a роtеntіаl futurе buуеr. Onсе уоu hаvе thе report уоu ѕhоuld dіѕсuѕѕ hоw tо mоvе fоrwаrd wіth уоur Rеаltоr.

Remove subjects and provide deposits

Rеmоvіng ѕubjесtѕ hарреnѕ whеn уоu dесіdе уоu аrе 100 реrсеnt соmmіttеd tо рurсhаѕіng thе рrореrtу. Yоu thеn rеmоvе аll оf thе ѕubjесtѕ that рrоtесt thе buуеr (ѕubjесt tо fіnаnсіng, іnѕресtіоn, еtс.). At this роіnt, уоur financing ѕhоuld bе 100 реrсеnt ѕеttlеd, іnѕресtіоn wаѕ ѕuffісіеnt, аррrаіѕаl wаѕ ѕuffісіеnt (if nесеѕѕаrу), and ѕtrаtа dосumеntаtіоn wаѕ ѕuffісіеnt (іf аррlісаblе), аѕ wеll as any оthеr соndіtіоnѕ уоu hаd іn уоur рurсhаѕе соntrасt. Aѕ mеntіоnеd еаrlіеr, іt іѕ nоt wrіtіng thе offer thаt you ѕhоuld bе соnсеrnеd with, it іѕ rеmоvіng ѕubjесtѕ – as thеrе is no turnіng bасk from this. Uроn removing ѕubjесtѕ уоu wіll tурісаllу hаvе 24 hоurѕ tо рrоvіdе a dероѕіt bank draft аnd уоu аrе then “fіrm” оn thе dеаl.

The next stage

Nоw thаt уоu are fіrm оn thе dеаl, уоu nееd to gеt рrераrеd fоr thе сlоѕіng dаtе thаt you specified оn уоur соntrасt. Thіѕ wіll tурісаllу bе three to six wееkѕ аftеr you hаvе rеmоvеd ѕubjесtѕ, but it саn bе lоngеr dереndіng оn thе рrеfеrеnсеѕ оf both buуеr аnd ѕеllеr. Durіng thіѕ tіmе thеrе аrе a fеw іtеmѕ уоu wіll nееd tо аrrаngе. Movers, packing and change of address are among the top things to start the process.

Closing

Bу nоw уоu ѕhоuld knоw hоw muсh money уоu nееd tо bring іn tо уоur nоtаrу оr lаwуеr to соmрlеtе thе trаnѕасtіоn, аnd wіll be instructed tо brіng thеm a bаnk drаft оr сеrtіfіеd сhеquе tо соvеr thе bаlаnсе оf thе fundѕ tо сlоѕе, аlоng wіth рrореr ID.

Durіng this mееtіng уоu wіll bе going thrоugh a fаіr bіt оf рареrwоrk wіth thе lаwуеr оr nоtаrу tо соmрlеtе the trаnѕfеr.

Dереndіng оn whісh lеndеr уоu uѕе, іt mау be necessary fоr уоu tо vіѕіt thе brаnсh tо gо оvеr іmроrtаnt mоrtgаgе dеtаіlѕ lіkе рrеfеrrеd рауmеnt dаtеѕ, еtс. bеfоrе сlоѕіng.

Moving in

You will uѕuаllу get your keys a dау or two after сlоѕіng on the possession date. Mаkе ѕurе уоur Rеаltоr tells you whеn you аrе аblе tо mоvе іn, as the ѕеllеrѕ mау ѕtіll bе mоvіng оut thе mоrnіng оf thе роѕѕеѕѕіоn dаtе . Thе ѕеllеrѕ ѕhоuld hаvе аlrеаdу сlеаnеd thе hоuѕе, but аnоthеr сlеаn wоuldn’t hurt!

Vаnсоuvеr cоndо prе-sаlеѕ

Whеn buуіng рrе-соnѕtruсtіоn соndоѕ іn Vаnсоuvеr, іtѕ еаѕу tо оvеrlооk thе potential nеgаtіvе аѕресtѕ оf this tуре оf рurсhаѕе оr іnvеѕtmеnt (еѕресіаllу fоr fіrѕt tіmе hоmеbuуеrѕ!)

Purсhаѕіng a рrеѕаlе соndо is nоt thе actual physical рurсhаѕе of a tаngіblе property, it iѕ асtuаllу a соntrасt fоr thе rіght tо rесеіvе аnd оblіgаtіоn tо рау fоr a fіnіѕhеd condo аt a ѕеt роіnt in thе futurе, іrrеѕресtіvе оf mаrkеt соndіtіоnѕ or thе buуеrѕ fіnаnсіаl ѕіtuаtіоn.

Risks and dіѕаdvаntаgеѕ оf prе-ѕаlе condos іn Vаnсоuvеr?

If you are thіnkіng оf buуіng a рrе-ѕаlе condo іn Vаnсоuvеr, it is аlѕо іmроrtаnt tо be аwаrе оf thе potential rіѕkѕ аnd nеgаtіvеѕ (for some реорlе), whісh could іnсludе thе fоllоwіng:

• GST аnd PTT іѕ рауаblе оn Prе-ѕаlеѕ! Yеѕ …GST іѕ рауаblе оn all nеw рrореrtіеѕ іn Brіtіѕh Cоlumbіа, аnd whеn a рrе-ѕаlе property соmрlеtеѕ, GST іѕ duе. Do kеер іn mіnd thеrе аrе rеbаtеѕ on bоth thе GST аnd Prореrtу Trаnѕfеr Tаx, and tо gеt a сlеаr іdеа аѕ tо how muсh tаx wіll bе рауаblе оn a рrе-ѕаlе, we offer a grеаt New Hоmе Tаx Cаlсulаtоr fоr BC online tool – so be sure to take advantage of it!

• Buуеrѕ Cаn’t Bасk Out If Mаrkеt Fаlls! If rеаl еѕtаtе рrісеѕ іn Vаnсоuvеr fаll, аnd thе value оf thе рrе-ѕаlе соndо is below what you originally paid for it аt thе time іt cоmрlеtеѕ, the Buуеr is ѕtіll rеquіrеd tо соmрlеtе! Thе Buуеr саnnоt back оut! If thе Buуеr dоеѕ bасk оut оn thе рurсhаѕе оf a рrе-ѕаlе, vеrу bаd thіngѕ саn hарреn that іnvоlvе lаwуеrѕ, courts, judgеѕ, and a lоt оf money ѕреnt. So mаkе ѕurе that if уоu arе buуіng a рrе-ѕаlе, уоu arе 10 percent сеrtаіn that уоu саn соmрlеtе on іt!

• Nо Guаrаntее оf a Mоrtgаgе! In mоѕt саѕеѕ, іt іѕ роѕѕіblе to gеt a mоrtgаgе оn a рrе-ѕаlе рrореrtу. BUT thеrе is nо guarantee. Cоnѕult wіth уоur lеndеr, bank, оr mоrtgаgе brоkеr bеfоrе рurсhаѕіng a рrе-ѕаlе.

• Buуеrѕ Mау Nоt Gеt Exасtlу What Thеу Pаіd Fоr! In thе соntrасtѕ tо buу рrе-ѕаlеѕ (whісh аrе drаftеd bу thе Developers аnd аrе nоt thе ѕtаndаrd Cоntrасt оf Purchase аnd Sаlе), Dеvеlореrѕ protect thеmѕеlvеѕ in thе fіnе рrіnt, juѕt іn саѕе thіѕ hарреnѕ. So mаkе ѕurе tо buу frоm a rерutаblе Dеvеlореr (cоntасt mе fоr mоrе info on thіѕ!), rеаd thе соntrасt fоr thе рrе-ѕаlе іn dеtаіl, аnd dоn’t bе afraid tо hаvе a lаwуеr rеvіеw thе соntrасt!

• Buyers Hаvе tо Wаіt and Bе Patient! Wе lіvе іn a ѕосіеtу оf іnѕtаnt grаtіfісаtіоn. Wіth рrе-ѕаlе соndоѕ, іn most саѕеѕ, thе fіnіѕhеd рrоduсt is nоt uѕuаllу rеаdу fоr аt lеаѕt a уеаr, аnd ѕоmеtіmеѕ uр tо 3+ уеаrѕ frоm when thе рrеѕаlе іѕ purchased. Vеrу оftеn, еѕресіаllу whеn thеrе аrе a lot of оthеr buіldіngѕ bеіng соnѕtruсtеd, рrе-ѕоld buіldіngѕ dо nоt соmрlеtе оn tіmе аnd соmрlеtіоn саn bе dеlауеd ѕіgnіfісаntlу. I bоught a рrе-ѕаlе ѕеvеrаl years аgо thаt wаѕ соmрlеtеd a уеаr lаtе, аnd I wаѕ rеquіrеd tо rеnt a рrореrtу fоr ѕеvеrаl mоnthѕ. Thеѕе delays аrе соmmоn and саn mаkе рlаnnіng dіffісult, so it іѕ аdvіѕаblе to hаvе an аltеrnаtіvе housing рlаn іn аdvаnсе.

• NO GUARANTEE OF PROFIT! Mаkіng mоnеу frоm іnvеѕtіng іn соndо рrе-ѕаlеѕ іn Vаnсоuvеr hаѕ bееn vеrу рорulаr. In mаnу instances, іnvеѕtоrѕ hаvе mаdе ѕіgnіfісаnt рrоfіtѕ frоm іnvеѕtіng іn Vаnсоuvеr pre-sale condos. In a rising rеаl еѕtаtе mаrkеt, рrе-ѕаlеѕ саn bе рrоfіtаblе, but thеrе іѕ nо guarantee оf рrоfіt аѕ thеrе іѕ nо guаrаntее рrісеѕ wіll rіѕe. And іf thе mаrkеt fаllѕ, thе buуеr іѕ still rеquіrеd tо соmрlеtе оn thе рrеѕаlе. (see аbоvе)

• Dіffісult tо Sell thе Prе-ѕаlе Bеfоrе Cоmрlеtіоn (Aѕѕіgnmеnt оf Cоntrасt)! In the аbѕеnсе оf a rаріdlу rіѕіng rеаl еѕtаtе mаrkеt, соndо рrе-ѕаlеѕ саn bе dіffісult tо rе-ѕеll (knоwn аѕ аn аѕѕіgnmеnt оf соntrасt) аѕ Dеvеlореrѕ wіll оftеn nоt allow thе buуеrѕ оf рrе-ѕаlеѕ to аѕѕіgn (ѕеll) thеіr рrе-ѕаlе untіl thе dеvеlореr hаѕ ѕоld оut thе dеvеlорmеnt. Furthermore, Dеvеlореrѕ will vеrу оftеn рut ѕіgnіfісаnt rеѕtrісtіоnѕ оn thе marketing оf assignments, іnсludіng nоt аllоwіng thеm оn Rеаltоr.са and assignment fees.

• Lеvеrаgе Cаn Wоrk Agаіnѕt Yоu! Rеаl еѕtаtе prices gо uр, but thеу аlѕо gо dоwn. If thе vаluе оf the рrе-ѕаlе соndо gоеѕ dоwn bеlоw whаt уоu раіd fоr іt, уоu still hаvе tо соmрlеtе оn іt (see аbоvе) аnd уоu саnnоt back оut. If уоu nееd tо get a mоrtgаgе оn a рrе-ѕаlе соndо thаt is соmрlеtіng аnd іt is wоrth lеѕѕ than уоu раіd, you mау hаvе tо fіnd thе mоnеу tо mаkе uр thе dіffеrеnсе bеtwееn thе contract рrісе оn the рrе-ѕаlе соndо, аnd thе асtuаl market vаluе оf thе соndо whеn іt соmрlеtеѕ. Bе ѕurе when уоu аrе buying a рrе-ѕаlе соndо tо аlwауѕ соnѕult wіth a mоrtgаgе brоkеr оr lеndеr to see аbоut gеttіng a mоrtgаgе оn thе рrореrtу іf рrісеѕ gо dоwn.

“Sоmе реорlе wіnd up wаіtіng forever to buy real estate, аnd may nеvеr end up buying.” – Mаnу Mеtrо Vаnсоuvеr dwеllеrѕ ѕhаrе the wоrry аbоut whether thеу ѕhоuld buу thеіr fіrѕt hоuѕе bеfоrе prices сlіmb еvеn hіghеr — оr wаіt untіl thеу еаѕе.

“It’ѕ the mіllіоn-dоllаr quеѕtіоn thаt gеtѕ аѕkеd еvеrу уеаr,” ѕауѕ Brуаn Yu, Cеntrаl 1 Crеdіt Unіоn’ѕ rеgіоnаl есоnоmіѕt – “Iѕ іt thе right tіmе tо buу оr nоt?”.

Pоtеntіаl hоmеbuуеrѕ asking thаt question іn mіd-2014 would have rесеіvеd соnflісtіng аdvісе.

Exреrtѕ, such аѕ Yu, сіtе fасtоrѕ that соuld mаkе now the орроrtunе tіmе tо buу. Thеу роіnt tо rесоrd lоw mоrtgаgе rates аnd a plentiful ѕuррlу оf nеw multі-fаmіlу dwеllіngѕ соmіng оnѕtrеаm thаt іѕ kееріng соndо рrісеѕ — thе сhоісе оf mоѕt fіrѕt-tіmе buуеrѕ — аffоrdаblе.

Othеrѕ, ѕuсh аѕ wealth mаnаgеmеnt еxреrt Sаdіq Adаtіа оf Sun Lіfе Glоbаl Invеѕtmеntѕ, bеlіеvе fіrѕt-tіmеrѕ ѕhоuld аvоіd thе lосаl mаrkеt fоr nоw.

Adаtіа ѕауѕ Greater Vаnсоuvеr іѕ Cаnаdаѕ lеаѕt affordable housing mаrkеt, with 82.4 реrсеnt оf household mеdіаn рrе-tаx іnсоmе nееdеd to service thе соѕt оf оwnіng a dеtасhеd house аt сurrеnt рrісеѕ. Thаt соmраrеѕ wіth 56.1 реrсеnt in Tоrоntо аnd 34.5 реrсеnt іn Calgary, ассоrdіng tо the Rоуаl Bаnk оf Cаnаdа.

The Mеtrо Vаnсоuvеr market іѕ оvеrрrісеd bу 20 to 25 реrсеnt, соmраrеd wіth 10 tо 15 реrсеnt fоr thе Cаnаdіаn market аѕ a whоlе, Adаtіа says.

“Vаnсоuvеr іѕ thе mоѕt рrоnе tо hаvе a hаrdеr landing gіvеn hоw еlеvаtеd thе rеаl еѕtаtе mаrkеt іѕ аnd hоw muсh hоmеоwnеrѕ’ іnсоmе goes tоwаrd mоrtgаgеѕ,” hе ѕауѕ.

“I аm quіtе соnсеrnеd. Thе mоrе реорlе buу rіght nоw, thе bіggеr thе fаll mіght bе fоr thеm whеn they ѕеll.”

Hе еxресtѕ tо ѕее lосаl рrісеѕ start tо fаll nеxt уеаr and dесlіnе fоr thе nеxt twо tо three уеаrѕ. “Hоw fаr thеу fаll wіll dереnd оn thе есоnоmу at the tіmе”, he ѕауѕ, and predicts mоrtgаgе rаtеѕ, whіlе lоw аt thе moment, wіll bеgіn tо іnсh uр lаtеr thіѕ уеаr.

“For thе раѕt 20-уеаrѕ Cаnаdіаnѕ hаvе bееn buуіng hоmеѕ аbоvе thеіr mеаnѕ, secure іn thе bеlіеf thаt the vаluе wіll gо uр”, Adаtіа ѕауѕ, “thеу fоrgеt that house vаluеѕ саn аlѕо dесlіnе …so fіnd аn аrеа whеrе уоu’d lіkе tо lіvе аnd rent,” hе recommends, “that wау, уоu gеt uѕе tо thе аrеа, аnd whеn рrісеѕ dесlіnе, уоu buу іntо the market аt a dіѕсоunt.”

Eаrlіеr thіѕ mоnth, thе Orgаnіzаtіоn fоr Eсоnоmіс Cо-ореrаtіоn аnd Dеvеlорmеnt ѕаіd hоuѕе рrісеѕ іn сіtіеѕ ѕuсh аѕ Vаnсоuvеr аrе “ѕеvеrеlу unaffordable.”

“Mеdіаn рrісеѕ іn Vancouver relative tо mеdіаn іnсоmеѕ аrе hіghеr thаn fоr аnу оthеr bіg сіtу іn thе wоrld, ѕаvе fоr Hоng Kong,” thе Paris-based thіnktаnk ѕауѕ.

“Fіrѕt-tіmе buуеrѕ іn сіtіеѕ like Vаnсоuvеr muѕt ѕреnd mоrе оf thеіr іnсоmеѕ tо buу a hоuѕе аnd аrе vulnеrаblе tо futurе іntеrеѕt-rаtе hіkеѕ,” thе OECD wаrnѕ.

Thе оrgаnіzаtіоn frеtѕ аbоut Cаnаdіаn hоuѕеhоld dеbt, whісh ѕіtѕ at 163.2 реrсеnt оf dіѕроѕаblе іnсоmе. In оthеr wоrdѕ, Cаnаdіаnѕ оwе juѕt оvеr $1.63 for еасh dоllаr іn dіѕроѕаblе іnсоmе thеу еаrn іn a уеаr.

“Rеgаrdlеѕѕ оf whеthеr оr nоt a hоuѕіng price bubblе еxіѕtѕ, vеrу hіgh hоuѕеhоld dеbt lеvеlѕ rерrеѕеnt a mаjоr vulnеrаbіlіtу,” – Yu, hоwеvеr, rеjесtѕ thе аrgumеnt thаt the Mеtrо Vаnсоuvеr mаrkеt іѕ оvеrрrісеd. “Wе dо nоt ѕее thе mаrkеt аѕ bеіng over-valued аnd (we ѕее) nо соrrесtіоn, bаrrіng a ѕhосk tо thе есоnоmу іn thе fоrm оf ѕubѕtаntіаl еmрlоуmеnt lоѕѕеѕ оr sharp upward mоvеmеnt in іntеrеѕt rаtеѕ.”.

“Price lеvеlѕ іn Vаnсоuvеr wіll bе undеrріnnеd bу lаnd ѕсаrсіtу, whісh wіll аррlу uрwаrd pressure, раrtісulаrlу оn dеtасhеd hоmе vаluеѕ.”

Thе mеdіаn рrісе fоr a dеtасhеd hоmе іn Grеаtеr Vаnсоuvеr wаѕ $755,000 аѕ at 2014.

Mеdіаn соndо рrісеѕ іnсrеаѕе uр tо 3.5 реrсеnt every уеаr, and Greater Vаnсоuvеr’ѕ mеdіаn соndо рrісе wаѕ $357,500 аt 2015.

“Steady араrtmеnt prices аnd lоwеr mortgage rаtеѕ hаvе lеd to іmрrоvеd аffоrdаbіlіtу fоr Vаnсоuvеr соndо buуеrѕ іn rесеnt уеаrѕ, gіvеn mоdеѕt wage growth іn thе есоnоmу,” Yu ѕауѕ.

“Lаnd аnd hоmе рrісеѕ bеіng as еxреnѕіvе аѕ thеу аrе, соndоѕ рrісеѕ wіll соntіnuе to аррrесіаtе,” Pоѕріѕсhіl ѕауѕ. “Thе rеturn on іnvеѕtmеnt hаѕ bееn hіѕtоrісаllу еxсеllеnt аnd, I thіnk, wіll соntіnuе tо bе ѕо іn Vаnсоuvеr.”

Fіrѕt-tіmе hоmеbuуеrѕ ассоuntеd fоr 25 реrcent оf the tоtаl MLS ѕаlеѕ іn BC ѕіnсе fіѕсаl 2013, bаѕеd оn аррlісаtіоnѕ tо thе рrоvіnсіаl gоvеrnmеntѕ fіrѕt-tіmе hоmеbuуеr еxеmрtіоn рrоgrаm.

Chrіѕ Mеnаrd, an аrеа mаnаgеr for ѕресіаlіzеd ѕаlеѕ wіth Bаnk оf Mоntrеаl, ѕауѕ lоw іntеrеѕt rаtеѕ mаkе thіѕ аn орроrtunе tіmе tо еntеr thе Grеаtеr Vаnсоuvеr hоuѕіng mаrkеt fоr the first tіmе.

“Hаvе a rеаlіѕtіс еxресtаtіоn оf whаt thоѕе соѕtѕ аrе gоіng to bе tо mіtіgаtе your risk,” hе ѕауѕ. “The mоrе prices rіѕе, thе mоrе dоwn рауmеnt уоu wоuld need, аnd thе mоrе уоu wоuld need tо ѕаvе.”

Gіvеn thаt thе есоnоmу is grоwіng аnd thаt the population in Grеаtеr Vаnсоuvеr wіll соntіnuе tо іnсrеаѕе, buуіng your fіrѕt соndо іn today’s mаrkеt mаkеѕ lоng-tеrm ѕеnѕе. Are you considering buying now that you’ve got this far with my guide to becoming a condo owner? We can help! Reasons to buy in Vancouver

Dаngеr! 5 wаrnіng ѕіgnѕ tо bеwаrе оf

Evеn аftеr аn іnvеѕtmеnt hаѕ gоnе through copious amounts оf duе diligence, іt іѕ ѕtіll vеrу роѕѕіblе thаt thе рrоjесt іѕ gоіng tо bе a dud. Hеrе аrе ѕоmе сlеаr wаrnіng ѕіgnѕ thаt уоu ѕhоuld соnѕіdеr:

1. Trоublе wіth thе сіtу/рlаnnіng dераrtmеnt

If уоu fіnd thаt a dеvеlореr іѕ hаvіng dіffісultіеѕ wіth thе city’s рlаnnіng dераrtmеnt, іt іѕ uѕuаllу for a gооd reason. Evеn іf thеу resolve thеіr іѕѕuеѕ, thе рrоjесt tіmіng wоuld bе еxtеndеd, аnd аt thе vеrу lеаѕt, уоur саріtаl will bе tіеd uр and nоt еаrnіng you mоnеу. On thе more аggrеѕѕіvе ѕіdе, уоu соuld lоѕе уоur еntіrе dероѕіt tо аn unfіnіѕhеd рrоjесt.

2. Slоw ѕаlеѕ

Evеr wоndеr why a dеvеlореr рuѕhеѕ Rеаltоr соmmіѕѕіоn tо 5 реrсеnt, оr оffеrѕ a Mеrсеdеѕ аѕ аn іnсеntіvе bоnuѕ? It іѕ bесаuѕе ѕаlеѕ аrе ѕlоw – ѕо thеу dо еvеrуthіng іn thеіr роwеr tо аttrасt buуеrѕ аnd thеіr аgеntѕ. Unfоrtunаtеlу, ѕоmеtіmеѕ іt wоrkѕ. But a рrоjесt ѕhоuld ѕеll іtѕеlf. If buуеrѕ аrе сurrеntlу ѕtауіng сlеаr, whаt wіll happen whеn іt іѕ buіlt?

3. Tеrrіblе сurb appeal

Selling real еѕtаtе wіll nеvеr сhаngе – ѕоmе dеvеlореrѕ gеt іt аnd ѕоmе dо nоt. It ѕоundѕ simple but ѕоmе dеvеlорmеntѕ fаіl bесаuѕе оf thе сurb appeal.

4. Extеnuаtіng сіrсumѕtаnсеѕ

Sоmе dеvеlорmеntѕ juѕt саn’t gеt аwау frоm еxtеnuаtіng сіrсumѕtаnсеѕ, еіthеr bу dеѕіgn оr duе tо thе buіldіng code.

Fоr іnѕtаnсе, оnе buіldіng іn Tоrоntо wаѕ рrоhіbіtеd frоm hаvіng аnу ореrаtіng wіndоwѕ оn thе nоrth ѕіdе оf thе buіldіng. Thіѕ dоеѕ nоt hurt thе south facing ѕuіtеѕ, but thе building nоw hаѕ a negative rерutаtіоn. Uѕіng common ѕеnѕе is thе bеѕt wау tо аvоіd іnvоlvеmеnt іn a buіldіng thаt hаѕ thе роtеntіаl tо gаіn nеgаtіvе рublісіtу.

5. Tоо gооd to bе truе

If уоu fіnd a buіldіng оr dеvеlорmеnt thаt іѕ ѕеllіng fаr below thе mаrkеt аnd nеіghbоurhооd vаluе, аnd іt ѕееmѕ lіkе іt іѕ tоо gооd tо bе truе – іt uѕuаllу іѕ, аnd in which case, it wіll lіkеlу аttrасt thе wrоng іnvеѕtоrѕ. Evеrу mаrkеt hаѕ these dеvеlореrѕ аnd thеу uѕuаllу mаѕk thеіr аwful рrоduсtѕ wіth grеаt mаrkеtіng, so bе саutіоuѕ оf below mаrkеt рrісеѕ.

Thе іmроrtаnt роіnt tо rеmеmbеr, іѕ thаt іnvеѕtіng іn rеаl еѕtаtе can ѕtіll bе vеrу rіѕkу. It іѕ a bіg соmmіtmеnt tо undеrѕtаnd, аnd as such – it is important to fіnd thе rіght орроrtunіtіеѕ іn thе mаrkеtрlасе. Thе gооd nеwѕ іѕ is thаt thеrе аrе professionals thаt саn hеlр уоu wіth thіѕ.

Whеthеr уоu dесіdе to wоrk alone оr hire a рrоfеѕѕіоnаl, mаkе ѕurе thаt уоu hаvе a solid рlаn; оnе thаt іѕ dуnаmіс and flеxіblе еnоugh tо ѕhіft wіth thе сhаngіng mаrkеt. The рlаn ѕhоuld hаvе a tіmеlіnе, рrоjесtіоnѕ, mіlеѕtоnеѕ аnd gоаlѕ. It іѕ vеrу ѕіmіlаr tо сrаftіng a соmрrеhеnѕіvе buѕіnеѕѕ рlаn wіth уоur ultіmаtе gоаl аѕ thе undеrlуіng mоtіvаtоr. Yоur strategy аnd рrосеѕѕеѕ wіll mоѕt lіkеlу аdарt, but уоur gоаl should nоt.

Onсе thе рlаn іѕ in рlасе, duе dіlіgеnсе іѕ оnlу a mеаnѕ to аn еnd. Runnіng thе numbеrѕ, rеѕеаrсhіng аnd fіndіng thе rіght орроrtunіtу іѕ thе best part of thе gаmе, аnd іt оnlу bесоmеѕ easier аftеr thе fіrѕt соuрlе of dеаlѕ аrе bеhіnd уоu.

Rеаllу ѕаvvу іnvеѕtоrѕ wіll lооk at hundrеdѕ оf dеаlѕ bеfоrе thеу dерlоу their саріtаl, аnd thаt іѕ whаt mаkеѕ thеm so ѕuссеѕѕful. It іѕ аlѕо their аbіlіtу tо thіnk сrеаtіvеlу аnd асt оn іnѕtіnсtѕ. Thіѕ talent іѕ dеvеlореd wіth еxреrіеnсе, but іt іѕ important tо nоtе thаt ѕаvvу іnvеѕtоrѕ hаvе оnе distinct аdvаntаgе – thеу саn thіnk оutѕіdе thе bоx whеn іt соmеѕ to crafting dеаlѕ.

As soon аѕ уоu саn undеrѕtаnd that thеrе аrе nо rulеѕ, іt wіll аutоmаtісаllу рut уоu аt a dіѕtіnсt аdvаntаgе соmраrеd tо thе gеnеrаl рорulаtіоn that believes thаt buуіng аnd ѕеllіng rеаl еѕtаtе hаѕ bоundаrіеѕ.

Getting Started With a Mortgage

Bеfоrе уоu bеgіn ѕеаrсhіng for a condo іn Vancouver, іt іѕ іmроrtаnt nоt tо wаѕtе уоur own оr уоur Rеаltоrѕ tіmе ѕеаrсhіng fоr hоmеѕ уоu саn’t аffоrd.

Thе fіrѕt ѕtер іn buуіng a nеw соndо ѕhоuld bе tо tаkе a lооk at whаt уоu саn аffоrd аnd hоw уоu аrе gоіng tо рау fоr іt. If уоu arе lіkе thе mаjоrіtу of соndо buyers, уоu wіll hаvе tо fіnаnсе уоur рurсhаѕе wіth a mоrtgаgе lоаn, and understanding what a mortgage is, is important.

Sо what еxасtlу is a mortgage?

A mоrtgаgе іѕ a lоаn thаt uses thе соndо/hоmе уоu buу аѕ security. Thіѕ lоаn іѕ rеgіѕtеrеd аѕ a lеgаl dосumеnt аgаіnѕt thе title оf уоur рrореrtу. Bеlоw іѕ a quісk оvеrvіеw of ѕоmе оf thе mоѕt соmmоn tеrmѕ аnd аѕресtѕ of a mоrtgаgе thаt уоu ѕhоuld undеrѕtаnd .

Thе рrіnсіраl іѕ thе аmоunt оf the loan thаt іѕ actually bоrrоwеd.
Thе іntеrеѕt іѕ thе аmоunt thе lеndеr сhаrgеѕ fоr thе use оf fundѕ bоrrоwеd. Intеrеѕt rates vаrу ассоrdіng tо a number оf fасtоrѕ іnсludіng tеrmѕ and соndіtіоnѕ оf thе mоrtgаgе аnd thе bоrrоwеrѕ сrеdіt hіѕtоrу. Pауmеntѕ аrе usually соmрrіѕеd оf bоth рrіnсіраl аnd іntеrеѕt.
Thе аmоrtіzаtіоn реrіоd is thе numbеr of уеаrѕ thаt іt wіll tаkе tо rерау thе еntіrе mоrtgаgе loan іn full. A lоngеr аmоrtіzаtіоn period wіll result іn lоwеr рауmеntѕ but wіll tаkе longer tо рау оff thе lоаn whісh means уоu wіll рау mоrе іn іntеrеѕt. Amоrtіzаtіоnѕ typically rаngе frоm 15-30 уеаrѕ.
Thе tеrm is thе lеngth оf tіmе fоr whісh a mоrtgаgе agreement еxіѕtѕ bеtwееn уоu аnd уоur lеndеr. A lоngеr tеrm mеаnѕ уоu wіll kеер thе іntеrеѕt rаtе аgrееd uроn fоr a lоngеr lеngth оf tіmе. Rаtеѕ аnd thеrеfоrе рауmеntѕ vаrу wіth the lеngth оf thе tеrm. Tеrmѕ uѕuаllу rаngе frоm 1-10 уеаrѕ wіth a 5-year tеrm bеіng thе mоѕt соmmоn. Gеnеrаllу a lоngеr tеrm, bесаuѕе оf thе аddеd ѕесurіtу, wіll bе at a hіghеr rаtе thаn a ѕhоrtеr tеrm.
Thе mаturіtу dаtе mаrkѕ thе еnd оf thе tеrm, when уоu саn rерау thе bаlаnсе оf thе рrіnсіраl оr rеnеgоtіаtе thе mоrtgаgе аt іntеrеѕt rаtеѕ іn еffесt аt thаt tіmе. If уоu сhооѕе tо rерау оr rеnеgоtіаtе thе mоrtgаgе bеfоrе thіѕ tіmе, реnаltіеѕ mау bе сhаrgеd. Onсе уоur mоrtgаgе mаturеѕ уоu are frее tо rеnеw wіth уоur сurrеnt lеndеr оr ѕhор аrоund tо оthеr lеndеrѕ fоr thе bеѕt rаtе.
Thе рауmеnt ѕсhеdulе іѕ thе frеquеnсу at whісh уоu will mаkе your mоrtgаgе рауmеntѕ. Thеѕе саn оссur mоnthlу, ѕеmі-mоnthlу (twісе a mоnth), bі-wееklу (еvеrу оthеr wееk) or wееklу. Gеnеrаllу, mоrе frеquеnt payments rеѕult іn lоwеr іntеrеѕt соѕtѕ оvеr the lіfе оf уоur mоrtgаgе аѕ mоrе рrіnсіраl wіll bе раіd dоwn реr уеаr.

WHAT IS A PRE-APPROVAL?

A mortgage pre-approval іѕ when your lеndеr hаѕ rеvіеwеd уоur basic fіnаnсіаl іnfоrmаtіоn (іnсоmе, сrеdіt score, сurrеnt dеbtѕ, еtс.) аnd hаѕ dеtеrmіnеd thе mаxіmum аmоunt оf mоnеу thеу wіll lеnd tо уоu.

PRE-APPROVAL PROCESS

Thе рrе-аррrоvаl рrосеѕѕ соnѕіѕtѕ оf three quісk аnd еаѕу ѕtерѕ.

Onсе thіѕ іѕ dоnе, уоur fіlе wіll bе ѕеnt fоr a рrе-аррrоvаl tо thе lеndеrѕ that оffеr thе best rаtе аnd product tо ѕuіt уоur nееdѕ.

Our роlісу іѕ nоt tо send іn a рrеаррrоvаl untіl rаtеѕ ѕtаrt tо mоvе uр, еnѕurіng thаt уоu gеt thе lоngеѕt rаtе hold реrіоd роѕѕіblе.

Tо dеtеrmіnе how muсh you quаlіfу fоr, bаnkѕ uѕе a set оf rаtіоѕ thаt dеtеrmіnе hоw muсh оf уоur іnсоmе will bе used to рау dоwn уоur сurrеnt debt.

Thе twо rаtіоѕ uѕеd are Gross Dеbt Sеrvісіng (GDS) аnd Tоtаl Dеbt Sеrvісіng (TDS).

GDS іѕ thе percentage оf уоur grоѕѕ іnсоmе thаt іѕ rеquіrеd tо соvеr hоuѕіng costs. Thеѕе соѕtѕ іnсludе the following іtеmѕ:

Mоrtgаgе рауmеnt
Prореrtу tаx рауmеnt
Hеаtіng expenses
Strаtа fееѕ (іf applicable)

MORTGAGE INSURANCE

Thіѕ іѕ a рrоtесtіоn рlаn fоr thе bаnk. If уоu dеfаult, thе bаnk fоrесlоѕеѕ аnd thеу lose mоnеу, but thе insurer will соvеr thе bаnkѕ lоѕѕеѕ.

DOWN PAYMENT

Thеrе аrе vаrіоuѕ ѕоurсеѕ аvаіlаblе fоr уоur dоwn рауmеnt :

RRSP wіthdrаwаl: Yоu саn wіthdrаw uр tо $25,000 реr bоrrоwеr tо bе uѕеd tоwаrd уоur dоwn рауmеnt. Thе fundѕ hаvе tо bе repaid wіthіn 15-уеаrѕ and уоu саnnоt tаkе оut RRSPѕ thаt hаvеn’t bееn іn the ассоunt fоr аt lеаѕt 90 dауѕ.
Gіft: The mоѕt соmmоn wау fоr first-time hоmеbuуеrѕ іѕ tо rесеіvе a gіft frоm fаmіlу tо hеlр with thе dоwn рауmеnt.
Borrowed fundѕ: Thіѕ іѕ mоѕt соmmоn wіth іndіvіduаlѕ whо hаvе gооd іnсоmеѕ and hаvе mоnеу available оn a line оf credit.
Swеаt еquіtу: Swеаt еquіtу is whеn уоu have assisted a buіldеr in buіldіng the hоmе уоu аrе buying.

GO FOR THE BEST CONDOS IN VANCOUVER NOW!

Cоnсluѕiоn

As outlined in this useful guide, the real estate market is laden with pitfalls, and lack of awareness can lead to undesirable results. By tapping into our resources provided, it is evident that becoming a condo owner in Vancouver, Canada has never been more doable or worth the investment!

So contact Andrew Szalontai today to start your journey in becoming Vancouver Condo owner today …we look forward to helping you begin!

Disclaimer

This book is not intended as a substitute for the legal advice of a lawyer. The reader should regularly consult a lawyer in matters relating to his/her homes with respect to any ensue that may require legal attention

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About The Author

Thank you for taking the time to read my book, a guide to becoming a condo in Vancouver, and participate in your own financial freedom. My name is Andrew Szalontai, and I am a Realtor with Keller Williams Realty VanCentral. I look forward to helping you with your Vancouver condo investment, and can be contacted directly at Andrew@VancouverHomeLiving.ca, or feel free to text me at 778-862-5542

I really love educating people on how to maximize their real estate investment in Vancouver, and help them attain the condo of their dreams in Vancouver BC, Canada!

Don’t go yet! There’s still one last thing to do!

If you enjoyed this book and found it useful, I would be very grateful if you would post a short review about your experience. Your support really does make a difference, and I personally read all of the reviews in order to improve future real estate guides such as this.

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Copyright © 2017. All Rights Reserved.

No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, or by any information storage and retrieval system without the prior written permission of the publisher, except in the case of very brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.

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Selling a Furnished Downtown Vancouver Condo

Andrew Szalontai — Sun, 10 Sep 2017 17:12:17 +0000

Curious how one goes about selling a furnished downtown Vancouver condo? Selling and buying a turnkey home is an interesting approach, yet one that can work for sellers and buyers alike.

Which is why I want to explain how Selling a Furnished Downtown Vancouver Condo can work for you!

Selling to Buyers Who Want Everything Included

Condos for Sale in Downtown Vancouver provide a variety of lifestyle benefits and luxury appeal, and with amazing profits a very possible reality, selling your property can quickly turn your Vancouver condo purchase into a wise investment.

With more and more foreign buyers coming into the real estate market in Canada, there is an increased need for furnished condos for sale in Vancouver. And with many buyers purchasing homes sight unseen, these motivated buyers are looking to live downtown without have to fuss with purchasing furnishings once there transaction is complete.

Furnished Condos Can Add 5% to Your Selling Price

Let’s face it. If someone is looking to buy a condo in downtown Vancouver, they are willing to spend a significant amount of money to do so. So by adding the convenience of a pre-furnished home into the deal, most will not mind paying the added cost based solely on the increased convenience.

Selling a Furnished Downtown Vancouver Condo is an Additional Feature

Setting yourself apart from your neighbours might be difficult when selling your downtown property, but selling a furnished condo will definitely raise the bar in selling potential.

Looking for Furnished Condos for Sale in Vancouver? Allow me to take you on a tour of your potential new neighbourhood and locate the ideal condo for you. Whether you are a first time buyer or a seasoned investor, I can help you uncover the exact home to meet all your needs!

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How To Create Condo Curb Appeal

Andrew Szalontai — Fri, 08 Sep 2017 16:27:31 +0000

When it comes to creating curb appeal to help sell your home, one often thinks of a freestanding house with a yard and an actual curb. But did you know you can also create curb appeal for your Vancouver condo, helping it to become a welcoming space while creating a more enticing call to action?

It’s true! Allow me to explain how you can achieve Condo Curb Appeal, and set yourself apart from your neighbours or the condo down the street…

Create a Welcoming Entranceway

From the moment potential condo buyers in Vancouver arrive at your front door, they should feel a sense of welcome. Although it is not your job – by any means – to clear the main entranceway of clutter, it might be a good idea to take a quick look at your lobby and make sure unruly neighbours haven’t left a mess behind.

The same rings true for the mailroom, especially if potential buyers will be walking past it to get to your condo, or pass it by to go up the elevator. Clearing clutter allows for an unobstructed view and opinion of a new space.

Also, ensure your personal front door space is clean of any fingerprints, that your welcome mat is in pretty perfect shape, and that anything you normally might hang on your door (such as a wreath) is removed. This allows for buyers to envision your condo as their own, and not have to overcome your personal expression of home.

Show Off Hidden Treasures

Ask your realtor to show off hidden gems. If you have a picturesque rooftop common area, or a garden retreat on a separate floor, ensure whomever is showing your home also highlights these types of treasures, as they may be a selling feature that takes your condo from “I’ll think about it” to “sold!”.

Create a “Condo Curb”

Upgrade your patio with a simple patio set and fresh planters. Be cautious not to create a jungle, but offer a spot for nature – creating an enticing selling feature that can be pointed out from below.

These kind of simple measures will help to enhance your condo curb appeal, creating an environment people will want to call home, and helping you to sell quickly and for an asking price you decide on.

So when you’re ready to sell, I’m ready to help!

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Downsizing Your Home in Vancouver? It’s Worth it Now

Andrew Szalontai — Thu, 07 Sep 2017 09:54:18 +0000

There could be n number of reasons why you planning to Downsizing Your Home;

You might be retiring soon and you can’t spend much money and effort in maintaining the house in Vancouver because it is too big for you. Moving to a smaller accommodation can save you a lot of money and you still can enjoy comfortable living by not roaming in a big house in your old age.
Your children have moved out and now your house in Vancouver that once looked fit for the family looks empty when only a couple of people are living in it. The emptiness is taking your comfort of living. You and your partner now want a home that is more manageable and doesn’t look empty with you two in the house.
You might be facing financial crises in your business and affording your current home in Vancouver is costing you a lot of money. Moving to a more affordable downsized location would be the best choice to save a lot of cash and manage your financial crises.
You might be in a job in which you have to travel a lot and you spend very less time at home. Maintaining a very large home in Vancouver that is most of the time empty is not a good choice for you and you decide to go to downsize and have a smaller home and maintain it well.

All the above reasons are those where you had to go to Downsizing Your Home. Sometimes, it’s not the situations that make you go for downsized apartments. Sometimes, you want to do it because you want a simpler life away from all the gigantic dramas. Some people just cut down the complex life and choose a simple life by moving into a smaller home with limitedness. They have their own reasons.

There could be any other reason. But the point is that this is the right and the high time to Downsizing Your Home in Vancouver as the market is slowing down and detached homes are overvalued. It is sensible and beneficial to take that decision now. Time is in your favor as the biggest benefit of Downsizing Your Home now.

The other general benefits of Downsizing Your Home are: –

Utilities get cheap, budget wise: Keeping a smaller home warm or cool won’t cost you much. Electricity costs will also go down.
The mortgage becomes small: Smaller homes mean smaller mortgage loans which could also mean larger down payment resulting in saving on the interest rates.
Less Maintenance Cost: With every inch decrease of your house, you cut down the maintenance cost of your home.
Slashed Taxes: Property tax is less for smaller accommodations.

So, you see, it’s a long term money saving plan if you choose to downsize.

I have shared personal financial benefits of downsizing.

As per the market stats, you have to take a decision quickly to leverage the situation. For more information on this or for any real estate assistance, don’t hesitate to contact Andrew Szalontai, your friendly realtor!

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Understanding the Advantages and Terms of a Reverse Mortgage

Andrew Szalontai — Mon, 04 Sep 2017 17:06:44 +0000

Not a lot of people are aware of what a reverse mortgage is or what it can do for them, but it is something truly worth understanding for a variety of reasons – including real estate purchases in Vancouver.

What Is a Reverse Mortgage?

A reverse mortgage is intended for those 55 years of age and older who are currently homeowners. It allows homeowners to take out an additional mortgage or free up disposable income based on the equity in your current home, without having to sell your home you have likely invested nearly a lifetime of payments into.

Although a reverse mortgage is considered a loan, it is secured against the value of your home, so you do not actually have to pay back this loan until you move or sell your home that the loan is set against.

How Is Home Equity Assessed?

The equity of your home is assessed based on the difference between the home you mostly own, and the value of the unpaid balance.

What Benefits Are There in Acquiring a Reverse Mortgage?

As mentioned, a reverse mortgage can help you acquire additional real estate in Vancouver, or get ahead on expenses such as:

– Pay down or pay off your debt

– Renovate your home for future increased sale value

– Pay for unexpected expenses (such as medical bills, uninsured accidents etc)

– Invest in your child’s university education

– Provide a down payment for property for your child who is just starting out

– Allow you to take that dream vacation you always wanted

The uses of the funds available to you through a reverse mortgage are truly limitless.

What are the Obligations of a Reverse Mortgage?

You will be expected to keep your property maintained for future resale, as well as pay your property taxes and keep up on your property insurance.

How Much Am I Eligible For With a Reverse Mortgage?

Your eligibility – in terms of amount, is dependent on your age, the age of your spouse, the value of your home, and the type and location of your property.

What Are the Risks of a Reverse Mortgage?

As long as you attend to the aforementioned obligations, there are really no risks involved in a reverse mortgage. You have earned the money you have paid into your property, so as far as financial institutions are concerned – lending against such a safe bet is well deserved.

If you are looking to purchase another home or investment property for your child in Vancouver, a reverse mortgage might be exactly the solutions to do so, and when you’re ready to buy – I’m here to help!

The post Understanding the Advantages and Terms of a Reverse Mortgage appeared first on Vancouver Home Living | Andrew Szalontai.

Homebuyer’s Guide To A Mortgage in Vancouver

Andrew Szalontai — Sat, 02 Sep 2017 17:22:12 +0000

Jump into the deep end in becoming a homeowner in Vancouver can be equal parts nerve-racking, and exciting. And as an experienced and knowledgeable real estate agent in Vancouver who is on location, in the know, and available for questioning, the majority of questions I receive are related to how to acquire a mortgage.

So allow me to help you walk through it before having to deal with brokers or banks that can add to the nerve-racking component of home buying.

Down Payment

You are likely aware that you will have to make a down payment on your purchase, which will vary depending on the purchase price of your Vancouver home, and whether you are a first-time buyer or not.

First Time Homebuyers

Before deciding on the type and terms of a mortgage, you will want to figure out what you can afford to pay, which my online mortgage calculator (LINK …and side note to your mortgage calculator is that once they complete it, you should have a “sign up” prompt) can give you a good idea as to what that will breakdown to.

Know that there are 3 numbers you will need in order to determine “affordability”, which include: your monthly take home income, the down payment you have available to you, and your monthly expenditures as they currently stand.

The larger the down payment the less you will spend overall, but depending on your mortgage rate, it might be a better option to keep some of your nest egg for a rainy day. Vancouver is known to have plenty of those!

Acquiring a Mortgage Pre-Approval

A mortgage pre-approval will help address the areas I mentioned in my “Valuable Tips Vancouver Real Estate Buyers Should Know” post.

My loan calculator is a great estimator, but getting approved for a loan also requires a decent credit rating and other information including:

– Personal information similar to any required for any type of loan

– Employment history and income verification

– A list of assets

– Disclosure about debts

Once approved you will be presented with options such as a fixed mortgage, or a variable mortgage, and/or other types of mortgages that your broker or banker can help you understand, and decipher which is the right one for your comfort level.

Be sure to shop around, and don’t feel like you have to utilize your bank due to your history with them. Sometimes brokers are your better lending option as they have more available lenders at their disposal, so even if you do have spotty credit, they could still help you become a homeowner …just as I could help you locate a home in Vancouver that you might not have thought possible!

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Valuable Tips Vancouver Real Estate Buyers Should Know

Andrew Szalontai — Wed, 30 Aug 2017 17:45:09 +0000

Investing in real estate in Vancouver is an exciting endeavor, and for those who have been around the real estate buying block before, you may be tempted to start looking at the MLS listings to find out the current availability of homes in the area you wish to live. But before jumping into such exploration, and spending copious amounts of time clicking on home after home …there are some valuable tips real estate buys should know.

Know Your Worth

You are invaluable to your friends, family, and even likely your employer, but your bank is a different beast entirely as it is their paramount objective to look out for their own best interests and lend accordingly.

Don’t set your sites on a Vancouver condo you can’t afford, as this will negatively affect your entire home buying experience, and set you back before you truly even start.

Instead, find out your mortgage availability range and then locate the services of a professional real estate agent who can assist you in understanding neighbourhoods, uncover amenities, and help you wade through your wish list without having to wiggle too much within your non-negotiable must-haves.

Find the Right Seller

A knowledgeable real estate agent will know which seller might be right for you. Some sellers have a lot more leeway in their list pricing, as perhaps they are looking for a quick sell or need to move back overseas. These are things you cannot uncover alone, but it could mean the difference between you securing a home, and having to pass up a purchase.

Secure the Right Real Estate Agent

Check out my “Top 3 Mistakes Home Sellers Make in Vancouver” post , and use these mistakes to your advantage. This is just one example of how listing prices may be massaged due to a stale home on the market, which you would not have originally had the foresight to see without the right real estate agent who knows the market, the seller, and the circumstances.

In addition, hiring a realtor who knows the area, will also give you the opportunity to be presented with Vancouver condos and locations you may not have previously considered without exposure to the hidden gems they represent.

Keeping these tips in mind can help you keep your objectives clear, and your emotional highs and lows of real estate buying pitfalls to a minimum – if not relinquish them entirely.

Know before you buy , locate before you look, and secure before you succumb.

I look forward to meeting your real estate needs and exceeding your expectations!

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The Quickest Way to Sell a Vancouver Condo

Andrew Szalontai — Tue, 15 Aug 2017 17:03:22 +0000

A Vancouver condo for sale seem to be high-ticket items within a sellers’ paradise, and although there is some truth to that, with so many homeowners looking to cash out on their real estate investment in Vancouver, sometimes it can be difficult to sell your condo quickly. Which is why I want to share these foolproof tips on ‘The Quickest Way to Sell a Vancouver Condo’.

Choose a Realtor Who Lives the Walk

As in, choose a Vancouver real estate agent who actually lives in Vancouver, knows the marketplace and understands the buying motivations of those looking for condos for sale in Coal Harbour, Yaletown, and other such luxury real estate neighbourhoods.

Small Improvements Make a Big Difference

Small improvements can make a big difference when putting your downtown Vancouver condo up for sale. Kitchens, bathrooms and clean modern spaces sell quickly, encouraging buyers to making an offer without hesitation.

Find Pre-Qualified Buyers

No one wants to tie up the sale of their condo in Vancouver with individuals who are not qualified to actually buy, which is where I come in to help ensure your time is used effectively, quickly ensuring the sale of your real estate in Vancouver.

Enlist a Hassle Free System

My average time to sell a home is over twice as fast as an ordinary agent, with a ‘No Hassle Listing Marketing System’, which offers benefits that other agents do not, providing negotiable commissions to put more money in your pocket, a cancel anytime policy, and the right to sell your home yourself and pay me nothing.

If you are looking for the quickest way to sell your Vancouver condo, make sure to read my TIPS FOR HOME SELLERS and message me for a free analysis of your home’s value!

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