5 Things to Check Before Buying a House in Vancouver
Buying a house is a massive investment that you need to consider carefully. It is best to visit numerous properties that meet your requirements and thoroughly inspect them before making a shortlist. You can list the pros and cons of each property on your shortlist and let it guide you when making a decision. Inspecting the property helps make you an informed choice that brings long-term satisfaction. The Vancouver real estate market can be tough to navigate, but with guidance from a reliable agent, you can buy the home you want at a fair price.
Home Purchase Checklist
Here is a list of the things you should check before you buy a house:
Neighborhood and immediate environment
The location of any house directly affects its value, so you should pay attention to it. Ensure the place is close to essential services like public transportation, schools, grocery stores, hospitals, pharmacies, fire stations, and so on. Research the area’s crime rate and noise level to verify if they are low. Family-friendly neighborhoods are ideal if peace and quiet are your priorities.
Consider the time it takes to commute from the property to your place of work and other places you regularly visit. Lastly, look at the houses close to your property and get a Vancouver real estate agent to advise on whether the average price of homes in the area will likely increase with time.
Condition of the property
Any house you buy must be in good condition. Get a professional home inspector to inspect it for any structural, foundation, plumbing, electrical wiring, and roofing issues. Their expertise will help them find hidden defects and save you thousands of dollars in future repairs. Be sure to look at how well the building has been maintained.
Ask when it was painted last and when the door knobs were changed. Visit after a rainfall to see if the house floods and if the draining system works as intended. Only pay for the house when the inspector gives you a thumbs up.
Some people prefer buying to building a home but size might be an issue. Consider the size of any house you want to purchase and ensure it meets your current and future needs. This is because most people are unlikely to move a few years after buying their house.
Factor in the number of bedrooms and bathrooms the property has and the size of every room, kitchen, and living area. Decide if the space is sufficient for your hobbies, family activities, and expansions you might undergo in the future. Do not settle for houses with limited space, as it will inconvenience you later, and the discomfort might force you to move before you plan to.
Potential resale value
It is wise to buy a house you can resell for a profit later. Assess the real estate market in the neighborhood where you want to buy a house and find out the cost of properties similar to the one you want. This will help you determine the property’s fair market value and decide if it is a good long-term investment.
Check if there are construction projects in the area or upcoming developmental plans that can raise the value of properties. The value of houses in gated communities is likely to increase with time, but they are expensive to acquire.
Other factors that increase home value are property condition, location, and demand for properties in the neighborhood. If you plan to resell your house, do not over-personalize it when renovating or restructuring because that can reduce its desirability to potential buyers.
Financial and legal considerations
You and your agent should review all the necessary documentation of any house you want to buy. This includes title deeds, property tax records, and building permits. Hire a lawyer to review the documents and determine if they are in order.
Consider the financial implications of closing the deal. Set a budget aside for your down payment, and consider different mortgage options and your property-related monthly expenses like insurance and taxes. Only agree to buy a house when your income can comfortably afford the recurring payments, and you are certain not to default.
Buying a house can be daunting, and some people without real estate experience invest in properties they later regret. The five steps above can serve as a guide to avoiding bad investments. However, working with a real estate agent is best, as their experience will help you get a fair deal on the property you want.