It’s the perfect time to move to Vancouver. The job market is stable, the economy is recovering, and the housing market continues to rise. Now is a perfect time for millennials to move from home or stop renting and consider purchasing a home. Here are some tips to consider.
Take time to learn
Millennials are better educated than any other generation before them and have unprecedented access to tools and resources to help them make buying decisions. Buying a home or condo will be one of the largest purchases you will make. Take time and effort to research the market and understand the process of buying a home. By working with a local real estate agent and mortgage specialist you will have access to inside knowledge. There are also a lot of tools and resources out there to help buy a home, like mortgage calculators and valuation tools.
Review you finances
The recent economic downturn has left many weary of making large purchases, however, there has never been a better time to buy a home. Interest rates are low and the housing market is well on its way to recovery. It’s important to review your finances and credit to make sure you know how much home you can afford and whether or not you qualify for a mortgage. Consider additional cost of home ownership like taxes, maintenance, electricity and water. Make a budget to see how purchasing a home may affect your finances.
There is no point to shop around for a home unless you are pre-approved. You might as well go the mall without your wallet. If you’re serious about looking for a home, this is an important step in the process. Getting pre-approved is an in-depth process, but a mortgage specialist will be able to help you navigate through the necessary paperwork and answer all your questions. When a potential buyer is pre-approved, the bank has done its due diligence and is ready to lend you the money. You will know how much house you can afford, and what your mortgage payment will be. When making a offer, buyers will know you can close quickly, making it more likely for you to win the bid.
Don’t be afraid if the home needs work
You may be tempted to buy your dream home, but chances are, this won’t be the last home you purchase. Buying a home that needs some TLC may be the best investment you make. With some work, you can put in some sweat equity to increase the value of your home. While you are young it the perfect time to remodel the kitchen, add wood flooring, paint, and update the bathroom. All these activities will increase the equity of the home allowing you to refinance down the road and eventually sell at a higher price.
Remember, this is the biggest purchase you’ll probably make. Having a good agent that has your best interest in mind is important. When you find your home, hire a professional home inspector to make sure there are no surprises when you move in. Hire a professional moving company to take the stress of moving away. Hiring good people will help you enjoy the experience of buying a home.
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