Do you have fantasies of owning your own home? Do you dream of a day when you are free of mortgage and live in a home that’s all yours? If you’ve got the ambition to follow through and finances to back it up, there are plenty of Vancouver condos, homes and buildings you can buy, but pinpointing the right one can be a challenge. Here are four questions that you must answer to find out if a Vancouver real estate property is the ideal one for you.
How well does it satisfy your needs?
Desirability can be measured by identifying how well a location serves your basic needs. If you have a parent who needs professional care or children who go to school, the desirability of a property depends on how well the amenities and facilities in and around the neighbourhood or community can address these needs. This is why properties around Vancouver community centres are highly desirable for families.
Will it serve your needs in the long term?
When buying a home, you not only need to think of how it serves your needs today, but the future as well. Think of how your needs will change—if your kids are already teenagers, a four-bedroom house with a big yard won’t serve you so well when they go off to college.
As a general rule, if you expect your current family status to change within three to five years, it would be better for you to put off buying and rent a home instead. If it’s more than ten years, then you should certainly purchase.
What’s the community around it like?
The quality of the community in which you buy will have a direct role in your enjoyment of the property. Go to the police or the public library and check the crime statistics in the neighbourhoods you’re interested in. Likewise, identify if the area is prone to fire and flooding—it pays to know just how much home insurance you will need to carry.
Every property has its own set of advantages and drawbacks. If you want to identify the most desirable places to live in Vancouver, it can help to talk to a real estate agent who knows the neighbourhoods and community centres that you’re interested in like the back of their hand.
What makes an area desirable?, PropertyDetective.com
Top 10 Features of a Profitable Rental Property, Investopedia.com