Vancouver’s housing environment has more single home buyers entering the market than ever before. With inventory levels improving in many markets, and interest rates near record lows many people across the country who may have never considered buying a home in the past are recognizing that a mortgage payment on a house
can actually be the same or less than what they would spend on renting.
Here are some tips to help you navigate the home buying process:
1. Keep an eye on the future. A family of one is much more likely to upsize rather than downsize. Some day you may add children and a signifi cant other to the family. There is no such thing as the “perfect” house. Instead, determine what is essential – number of bedrooms, neighbourhood, etc. And when you do move up, your first home can provide you with equity to purchase your next home or it can be kept as an investment.
2. Get pre-approved for a mortgage. A pre-approval will let you know where you stand financially while informing the mortgage company that they are ready to buy. Additionally, this step will demonstrate to everyone involved in the purchase that you are serious.
3. Plan ahead for maintenance fees. Owning a home is a rewarding experience. However, being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and unkempt lawn won’t take care of themselves, so include future repairs and maintenance in the budget. Also keep in
mind that certain properties such as condos require less exterior maintenance.
4. Consider resale value and longevity. Purchasing a home is a great long-term investment. However, there are many reasons you may need to move, such as relocating for a job or a lifestyle change.  Therefore, it is important to think about the length of time that the home will be owned and also consider the resale value of prospective properties during the search.