Vancouver’s housing market is super hot right now, not to mention expensive.
Given this dilemma, it’s no surprise that tons of younger Vancouverites doubt their ability to ever buy a home in the city they grew up in.
We’ve compiled a list of five tips for creative ways to enter Vancouver’s crazy hot housing market.
1. Be open minded
Don’t turn down the fixer-upper your real estate agent says could earn you some cash in the long run. Plus, who’s to say you can’t channel your inner Martha Stewart after moving in? Sweat equity is an affordable way to add value to a home. Whatever you do, just make sure you get a reliable building inspection to the make sure the price reflects your place’s true value.
It’s time to turn to the bank of Mom and Dad. According to the Canada Mortgage and Housing Corporation, an increasing number of parents are helping their children pay their initial down payment when purchasing a home. Consider having a chat with your parents. You may find that they’re in a position to help you. It’s better to know that before starting to shop for a mortgage.
If you’re snatching up a home, consider getting one with a legal suite you can rent out. Some homeowners can opt to rent bedrooms to college or international students. And now, there’s the possibility of building a laneway house on certain properties.
Foreclosures and court-ordered sales can be great opportunities, however, there are a lot of stages involved and these deals quite often fall through. If you’re persistent and patient, distressed property sales can sometimes be good bargains. You can find foreclosures listed in the MLS (Multiple Listing Service) with real estate brokerages.
5. Find a reduced mortgage rate
Shop around for a great mortgage rate. Try Coast Capital’s First Home Helper. It comes with a reduced mortgage rate on a five year fixed insured mortgage. You’ll get a line of credit to help manage unexpected expenses, $500 to help with legal and appraisal fees, plus up to $1,000 to invest in Help Extras™. Put your Help Extras toward an RRSP, TFSA, RESP or another investment.