How to Go From Renting to Owning A Home In Vancouver In 2020

By
Amy Leong

June 5, 2020

Are you a renter in Vancouver? In this article, learn the benefits of owning your own home, why 2020 is a great time to buy, and how to strategize and prepare.

How to Move From Renting to Owning A Home In Vancouver In 2020

Although housing prices in Vancouver may seem high, with the right mindset, strategy, and real estate advisors, you'd be surprised at what can be accomplished. In fact, right now is a fantastic time for people like yourself to start thinking about entering into the homeowners club. In this article, we highlight the benefits of owning your own home, and why right now in 2020 is the best time to buy your own home.

Why is owning a home better than renting?

For the majority of people, renting seems like a simple, and more affordable option. But what if we told you that it actually isn’t? Don’t get us wrong, renting has its own set of benefits. Individuals who are not planning to settle in just yet find renting to be a better option than buying a home. And that is true. There is really no point in buying a home if you are thinking about traveling the world.

However, if your goal is to start a family or a business in Vancouver, you should consider buying a home. Trust us, there is nothing better than being able to live in your own home and according to your rules. But this is not the only upside of owning a home – there’s more!

If you buy a home, you will be able to:

● Redecorate it any way you want to, whenever you want to - This is something you can not do in rentals without getting permission from your landlord. Even if you want to get a pet, you will first need to ask whether the rental is pet-friendly or not.

● Save money in the long-run - Numbers show us that the price of rentals is going up! Today, your monthly installments can be cheaper than your rent would be.

● Invest in your future - It is up to you whether you will keep the home you buy or flip and sell it. Owning a home is great because you know that every investment will pay off in the long run. Whatever you do to luxury real estate in Vancouver will only increase their value. And if you own the unit in question, you will be able to profit from that.

Is now a good time for buying your first home?

It is a perfectly normal thing to ask yourself whether now the right time to check out the real estate in Vancouver is. Well, let us, Amy & Ally, answer this question.

In case you didn’t know, interest rates in Canada are at their lowest right now. And, the lower interest rates are, the less you will pay on a mortgage. It is expected they will remain low between now and the end of 2021 so you should really use this chance to buy your home and stay away from spending a fortune. In addition to this, home prices will drop between 5% and 20%. This isn’t good news for those who intend to sell their homes, but for you, it is the best one you can get. We all know that homes in Vancouver are beautiful, but they most certainly aren’t the most affordable ones. So, use this chance to get luxury at a cost-effective price.  This and the following year offer great conditions for homebuyers in Vancouver

Simple money-saving tips for new homebuyers

Even though numbers are in your favor, you should still have to figure out how to afford your first house without drowning yourself in debts. Don’t worry, it is not as challenging as it might sound. With the help of the tips we have prepared for you, you will manage to save enough money to buy one of the fine homes listed by Engel and Volkers Vancouver.

The first thing you will have to do is calculate how much money you are going to need to spend on a home. Don’t forget to include relocation costs to get the real number! After doing this, follow these money-saving tips:

● Stop buying items you don’t actually need.

● Eat more often at home instead of spending every night at restaurants.

● Cancel unnecessary memberships and subscriptions.

● Start a side business or work overtime.

● Reduce household expenses as much as you can.

What is really important is to do your best to give up bad habits for at least a year. By doing this, you will manage to both save money and improve your health. The best possible combination!

Instead of spending money on bad habits, save it for your future plans and goals

So, what do you say - are you ready for buying your dream home? Then make sure to check out some of our affordable listings or even better - get in touch with us! Let the best luxury real estate realtors in Vancouver make your dream come true.

We Are Vancouver's Top Real Estate Advisors

Over the last 5 years, the team at Amy & Ally have sold over $350 million in real estate in Vancouver. We have helps dozens of renters achieve their dream of owning their own home. If you're ready to make the jump to purchase your first home, let's get in touch. Visit our contact page to book a free consultation!