big time

Hi everyone,

My wife and I are looking to finally buy a place in Vancouver after renting
for all these years. However we really don't know a lot of the ins and outs
of how to do it. I know they often offer free seminars for first time home
buyers. Does anyone know who puts these types of seminars on? Any links or
advice would be appreciated. After reading the trials and tribulations of
MooCow, I want to make sure we are completely informed before sinking our
savings into something. We're going to be looking for a two bedroom condo
in Vancouver if anyone can recommend a good realtor or mortgage broker.

Thanks for any and all suggestions.

Mike

P.S. I think I forgot to tell the newsgroup that BIG TIME GOT MARRIED THIS
SUMMER!! WOOHOO!!!

(or maybe that should be BOOHOO!!! :-)

ruskie

First tour a bunch of places you don't want to buy, just for the
experience of walking through a house and talking to the realitor.

When you do find a place you are interested in, make sure you get a
registered home inspector to check it out. They will report on
everything from structural stability to if the toilet matches the
other fixtures in the bathroom.

My 2 cents.

--
24 hours in a day, 24 beers in a case... coincidence?

t hampton

The best advice I can give regarding the purchase of a condo is to
either buy a new one or an old one. Old as in built before 1985.
I am sure you are very aware of the structural shortcomings of
multi-family housing in this market over the past decade and you want
to stay clear of any condo/apartment built between around '85 - 2001.
You may come across a condo that had prior envelope issues and had
since been repaired. I would stay away from that also for there are
often repairs that need repairs!
The good news is that there are some quality new condo construction in
this market with solid warranties.


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barnaby

Congratulations on your marriage. Or should that be condolences to your
wife?

As for condo buying, this is not the best of times to be looking. It's
something of a seller's market in the GVRD just now as inventory (number of
units for sale) is so low that some buyers are paying whatever it takes to
get the unit they want. Prices are up about 10% year over year, and if an
interest rate rise sets off a little panic buying, that figure will go up
fast.

This is not to say that you can't find a deal, only that deals are harder to
find. Be patient and do some home work. Get your mortgage pre-approved.
Chose an experienced real estate lawyer. Tour some properties to get a
sense of where the market is for the kind of unit you want. Understand the
numbers: figure out price per square foot with similar location and
amenities. Test drive some real estate agents (have them show you a unit or
three) to see if you feel comfortable dealing with them. Don't buy from the
listing agent, but feel free to torment a few while you are looking for a
agents you can work with. Most agents have good knowledge of specific
areas, so you should decide where you want to live before settling on a
couple of agents who can show you deals.

Here are some web sites where you can see what's on the market and maybe
read up on buyer and seller strategy.
http://www.realtylink.org/
http://www.mls.ca/mls/home.asp
http://www.rew.ca/
The web is a great place to get an overall look at the market, but a good
realtor will get listings two weeks or so before they are posted on the web.

Do not put too much faith in a home inspection: a home inspector will not
get access enough to tell you if your neighbour's unit leaks, and in a
strata that matters just as much as if yours leaks.

Don't be afraid to make an offer and then change your mind. You have to
make an offer to get access to the Strata Council minutes and engineering
reports, etc., but then this information should be taken into account before
you remove the subjects from your offer. If you ever need help with
interpreting this data, I could help you if you like: I am a property
manager, am used to such do***ents, and will happily look over the reports
while you keep my glass full of Kilkenny.

Most of all, have a clear sense of what it is you want to buy and what you
want to accomplish by buying. Most people are terribly unclear on this: all
their goals are mixed together, so that none is served particularly well.
They want: a place to live / to get away from paying rent / freedom to
decorate and alter beyond what a Landlord would allow / to build equity / to
make a quick profit.

I have just purchased a condo myself: it's a two bedroom near Main and 16 in
a leaky building, but I only paid $160 a foot, whereas $200 to $225 is more
usual for the size and location. Most people would not take this kind of
risk or be prepared to put up with the repairs, but I am focused on fixing a
place up and re-selling for a profit and I can do most of the interior
renovations myself.

Buy new if what you want is the lowest possible risk: the new warranty
program has some merit and there is very little being built today that is
not rain-screened and well caulked and flashed. New, however, only comes at
a price premium, just like a new car.

There are much safer deals than mine, but there is no such thing as a safe
deal - real-estate markets can fall or stall for reasons that we have not
yet got our heads around. A friend of mine just sold her Burrard and 12th 2
bedroom and is going back to being a renter because she believes the market
is at a high that will be deflated with interest rate increases, increasing
construction and a healthier stock market. I'm not of the same view - not
yet - but in her position, taking the profit from the unit she just sold and
watching the market from the outside for awhile seems very sensible.

jd

http://edwitzke.com/About.htm

http://dirs.educationcanada.com/cat/67421/


http://www.bchomesforsale.com/


these sites may help .

jd

pawn

Not to discourage you, but why a condo? How's that any different than
renting an apartment?

Why not take the difference between the carrying costs on a condo, and
renting, and invest it. You'll be ahead in the long run. Anyone who
knows anything will tell you buying a house (or a condo) is a bad
investment compared to almost anything else.

The only reason I bought a house, is simply for privacy and to be away
from people and the apartment lifestyle.

db

I agree. I would also add that you should either buy a large one or a small
one.

oh, I should have kept reading...

byron

Rob a bank.

Byron

pawn

So? Does your insight change the laws of mathematics?

Sounds to me like you're giving your clients bad advice, because without
the intangibles of ownership (most psychological), buying is almost
always a worse investment than what you could have done with the net
savings between renting and buying.


The question isn't "Is it smart?", the question is "Is it smarter?",
i.e., than investing the difference. The answer (as offered to Big
Time) is black and white.

aw

Sure, you get all that money in the end, but what are you going to do with
it? Will you and your family be comfortable with the uncertainties of
renting? Why piss away all your hard earned money and give it to others
when it's almost the same price to own as it is to rent? I don't know of
anyone who would rather rent than own if given the choice. You are
sacrificing living conditions and the sense of security for money. That is
your choice to do so if you so desire.

Real estate is worth big bucks in Vancouver. Where are you from? 150K for
a new condo in Vancouver doesn't exist unless it's 300 sqare foot bachlor
closset.

A $392118.73 is entirely possible at the end of 25 years assuming the
building is well maintained. Hell, some start at that price.


Renting is a money pit. $1100 a month for a year? $13200 a year and you
get nothing to show for it. Nothing added to your net worth. If you have
the means, renting is a money pit. I've rented and now I own and I prefer
owning much more so than renting.

Moving is expensive, but it's not expensive to the point where it's
unafordable and is more of a hassle rather than something you consider as
breaking the bank. We are talking about moving across town here though.

A condo is a good place to start ownership. At least you have some equity
in your name and you can use it later if you want to buy a house.

aw