People can have a variety of reasons or motivations to search listings of East Van houses for sale. Maybe you are starting a family or want a new home to fit the family’s needs. In any case, there are several tips you can follow so that your purchase will have the best chances of becoming beneficial for you.
Aside from being comfortable when you have a home of your own, there are other great things about home ownership. The Vancouver Sun reported in an article that two out of three families in Canada own a house. This is among the best rates on a global scale. The reason for this is that real estate in Canada is one great investment. In fact, around 80 per cent of millionaires got their first million in real estate.
Why Home Ownership is a Good Investment
Becoming a homeowner today can be really beneficial from an investment standpoint. For one, ownership of a home is the biggest source of savings for households in Canada. Also, every bit of money you pay builds equity unlike renting where your money goes to the building’s owner. The accumulated equity can be used for securing other loans and becomes an entry point to the real estate market if ever you plan on getting into the business or even if you just want to resell your home in the future. Furthermore, the value for popular East Van homes for sale increased steadily since 1998. As such, the return on investment (ROI) can be substantial.
Tips for Buyers
To realise the benefits of home ownership, you must be careful in your purchase decision. Part of this is thoroughly determining the costs of buying a particular house. CTV News emphasises that it is not only the monthly mortgage payment you should be checking out. Be sure to take into account the fee to a lawyer, closing costs, title search, and ongoing home ownership costs such as utilities and taxes.
Another piece of advice is to not skip the home inspection. Without an inspection, you might get into costly problems in the long run, which you cannot avoid once you’ve already bought the house.
Also, be aware of cost-saving programs that you might be able to participate in. Consult with real estate professionals, like Real East Van, to know exactly how these programs can benefit you.
Tips and tricks to help first-time home buyers, The Vancouver Sun, Mar. 15, 2013
Insider tips for home buyers and sellers, CTV News, Feb. 10, 2015