Mistakes To Avoid While Buying Property In Vancouver

• Posted by The Matt Kuras Team  October 28, 2021 Filed in Other #Vancouver property management  #Vancouver property manager  #Vancouver realtor  #Top Vancouver realtor  #property management vancouver bc  190 views
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  Housing sales and listing of homes for sale continue to retain long-term averages in Vancouver. There are reports that reveal that residential home sales in Vancouver totaled 3,149 in September 2021, which is 13.6% less compared to the figure of September 2020. So, on a year-on-year basis, there has been a reduction in home sales. Yet, last month’s sales were 20.8% above the 10-year September sales average. This does show that housing sales are picking up although there are hiccups on the way. In September 2021, there were a total of 5,171 detached, attached, and apartments listed for sale. The new listing in September is found to be 1.2% below the 10-year average for September.

   

  Factors Affecting Home Prices In Vancouver

   

  Property price depends a lot on property type and neighborhood. This is why you need to consult a reputed property management Vancouver BC to get a house at an affordable price. In Vancouver, the sales-to-active listings ratio for September 2021 is 34.1%. Individually, this ratio is 25.5% for detached homes, 36.7% for apartments, and 53.1% for townhomes. In all the above cases, the ratio is well above 12%, the benchmark ratio below which home prices face downward pressure. This shows that townhomes are selling the best followed by apartments and detached homes.

   

  

   

  Selecting The Best Property Management Vancouver BC

   

  The best property management consultant has the following specialties. It –

  Offers free rental value assessment to homeowners
  Offers friendly and prompt service
  Maximizes rental income for house owners
  Puts up an advertisement for your property
  Complies with legal documentation requirements
  Screens tenants thoroughly and checks their credit history
  Conducts regular inspections of properties
  Is available over email and mobile phone

   

  Mistakes That You Need To Avoid

   

  • Choosing the wrong mortgage

  
  A bad mortgage can be costly in terms of taxes and interest. So, consult an accountant before choosing the right mortgage.
  
  

  • Finding problems with the home after buying it

  
  You need to look for defects with the property before purchasing it. If you are not confident about it, you should hire a professional inspector to have a look at the home. You should do it before buying the home. Otherwise, you might be staring at huge repair costs.
  
  

  • Not understanding how a credit score can impact your ability to purchase a home

  
  You need to have a fair idea about how your credit score can impact your ability to purchase a home. A mortgage professional can help you prepare your credit file before you purchase a home.
  
  Bottom Line

  Purchasing a home in Vancouver BC can be tricky. You just need to make sure that you hire the best property management Vancouver BC. They are the ones who can help you secure a suitable property at an affordable cost and in the desired neighborhood.