Not sure if your ready to buy a loft or rent a luxury penthouse? When it comes to the latter decision, it shouldn't be taken lightly. Make a wrong purchase and it will surely leave a bad taste in your mouth. Home ownership is a dream for many and done correctly, can increase your wealth substantially.
A good realtor can aide you significantly, while bad one can really do some lasting damage. It would also behoove to understand what makes certain property valuable and others not desirable. So before you go out and buy a loft or condo of your dreams, read on for some great info that can save you from making a poor decision.
Reasons to rent a Vancouver Penthouse or Apartment:
Renting sure is easy. The down payments are very small (usually one month's rent or smaller) compared to making a purchase. There is not much to lose here. If you end up renting a place your not happy with, you can just move after the lease is over.
Many people say that renting is a waste of money. But if you bought a place, you would be responsible for interest on your loan, property taxes, and insurance. At least when you rent, you won't have to worry about making those extra payments. Renting is also great when you want to buy, but you want more time to scout out the area.
If you need to leave in the middle of your lease, then you can pay an amount that will allow you to exit on good terms.
There is not much downside to renting. If there are any, here they are:
- Apartments and loft rentals might have small square footage.
- Also, there usually is a lack of a yard and no garage parking.
- If you value privacy, renting can be a bummer. If your neighbor throws parties and makes a lot of noise, then you could have a bad experience.
Reasons to buy a Vancouver Penthouse or Condo:
Buying is a much more complicated and also more rewarding. Ownership carries more risk, but the upside is also much higher. When you make a home purchase you are assuming a mortgage and all the liability that comes with it. Before you buy, here is what you must consider:
- Do you have full-time employment with a stable work history
- Do you have enough money for a down payment on the home
- Are you aware of the property taxes and insurance amounts you will be responsible to pay for on an annual basis
- You don't plan on moving in the next 2 or 3 years
Assuming you are familiar with the top 3 details above, you ready to move onto the next phase
What type of Vancouver House should I purchase?
Potential homeowners should aim for a home or loft that has the potential to increase in value. Nobody can time the market perfectly, but ensuring you purchase in a great area, your home values will increase over time. Healthy home equity is not a given.
Check the Property Values
Homes zoned to great schools attract those that tend to have higher incomes and educations. These are the types of residents you want living in your neighborhoods. So be sure to make your realtor aware that you want to consider the latter detail.
But you might not have any kids and don't care about schools. Well, one technique is to look at the values of homes over the last 10 years in the neighborhoods your scouting. You should be able to see a trend here. By checking the property tax value history, you should be able to see trends.
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