Five Useful Tips for First Time Home Buyers
Check the Selling Prices of Local, Comparable Homes – Once you have made a "short list" of neighbourhoods, take some time to browse through comparable listings on our website or via the MLS. Browsing similar homes will allow you to better understand local selling prices.
Determine How Much You Can Afford – Using a mortgage calculator or speaking with one of our team can help you determine what you'll be able to afford. Remember, you're going to be on the hook for payments for many years; determining the price range you can afford is time well spent.
Calculate Your Total Monthly Expenditure – Be sure to include items like insurance, property taxes and strata fees (if applicable). There are home affordability calculators online that can assist with determining what your total monthly housing expense will be.
Don't Forget to Factor in Your Closing Costs – Closing costs are part of the "up front" cost of purchasing a new home and shouldn't be overlooked. If you're new to these, don't worry – our team will ensure you fully understand what you're spending.
Talk to a Robert Crowe Team Agent – Every member of our team is committed to building a long-lasting relationship with you – one that is based on honesty and trust. Let us guide you through the home buying process and we'll ensure you land the house or condo of your dreams.
Thinking About Buying? Here's Why Now is the Best Time to Buy in Vancouver
Home Prices Are on the Rise– The real estate market in Vancouver and the Lower Mainland is one of the hottest in North America, with no sign of slowing down. While we may be a bit lower than some of the high peaks in recent history, there is a lot of growth potential which means that prices have some room to climb. The earlier you buy a new home, the less you'll pay and the more you will pocket later in equity should you decide to sell.
By Historical Standards, Interest Rates Are Incredibly Low – It likely goes without saying that interest rates are as low as they've ever been, which means that if you're in the market for a mortgage there's never been a better time than now to get in. Buying a new home when rates are at their lowest means that more money stays in your pocket – and that's never a bad thing.
Getting a Mortgage is Easier by the Day – Following the market correction and "credit crunch" of 2008, getting a mortgage became very difficult for all but those who presented the lowest risk to lenders. Thankfully the situation has corrected itself and banks large and small throughout Canada are opening their doors to new home buyers who are in need of mortgages. Whether your credit is squeaky clean or slightly tarnished, your chances of being approved are better now than at any point in the past few years.
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