Vancouver Real Estate Homework
If You Want To Own Vancouver Real Estate Doing Your Homework Helps (or you could just have a great realtor :) )
Are you one of the many Vancouverites struggling to figure out how you can afford to get into the market? The bad news for people that are planning to wait for the bubble to burst is that most analysts say the best you should expect is a possible housing slowdown after the 2010 Olympics. The good news is that with a little advice or research and creative thinking you can get into the market now! Some strategies from a recent article in the Vancouver Sun:
One strategy for getting started is to rent here and invest somewhere less expensive. I personally don't agree with this strategy (and will gladly explain why) but I like to make other opinions available to people, so here it is-the option......If you plan on getting into the market as an investor the crucial question becomes where can I purchase property that will give me an above-average return? To answer this question a little research may be required but I'll get you started, recent research by the Real Estate Investment Network found that Edmonton is the number one market in North America for future real estate investment gains. My dad and a lot of my family live there and I have to say I can see why, if you can stand the weather, it wouldn't be so bad.
A more creative way of purchasing a house is the growing trend of equity sharing. Equity sharing involves financing your purchase with a partner who is able to make the down payment while you pay the monthly operating and mortgage payments. With equity sharing agreements both parties share home ownership as well as the increase in equity as the property value increases. As always your deal is only as good as the contract that supports it, so please consult a professional before signing anything!
These are just a couple of ideas, there are lots more-I bought my first house with a friend and after we sold that, every house I have bought has had a suite and the first couple I had a suite and homestay students upstairs with me. Using these strategies allowed me to move up in the market a lot quicker than what I otherwise could have and freed up a lot more money for necessities like shoes, etc! If you would like to discuss ways you can get into the Vancouver real estate market, or move up faster, or expand your real estate portfolio, just give me a call or an email!
(some of the information above is based on The Vancouver Sun, July 5)