When are you ready to buy your first piece of Vancouver real estate? It can be hard to know. That’s why I’ve decided to put together this checklist for you. Follow it and you’ll know for sure if it’s time to look at Vancouver real estate!
What you need to be ready to buy Vancouver real estate
1. Income
Before investing in Vancouver real estate, you need to make sure that you can afford it. While Vancouver real estate isn’t as expensive as you might think, your income needs to meet a few requirements.
- It needs to be steady
- It needs to be high enough for the properties you’re considering
- It needs to allow you to qualify for a loan
Make sure that you also aren’t planning a change of careers anytime soon. If you are thinking about changing jobs, it should be to another workplace that keeps your income at the same level or above where it is now.
2. Budget
Before looking for any home, you should know what your budget is. Establishing your budget will also help you know if you’re in the range of Vancouver real estate. How do you figure out what your budget is? You need to consider your income versus your expenses, looking at what is left monthly and yearly. Remember that you will not just be adding mortgage payments, but property taxes, home expenses, etc.
3. Future plans
Vancouver real estate is a significant investment – and responsibility. Therefore, before you make a purchase, you need to think about your plans. Are you thinking about moving anytime soon? Do you want to expand your family or take on a significant expense? If you’re in a relationship, is it stable enough that you want to own property together? If you aren’t sure you’re in the right place to take on a home, don’t! Wait until you are 100% ready.
Ready to enter the Vancouver real estate market? Get in touch with me to get started!
