When should I buy my 1st condo?
Choose a realtor you are comfortable working with and he/she would be more than willing to help you do the initial leg-work and advise you in all areas of the purchasing process. Many I know have also acquired the skill of speaking both Mandarin and Cantonese in this very competitive market.
The global real estate outlooks for our city are at an "all time high". Everyone I had talked to seems to think of Vancouver as "A safe and the most livable city" in the world! Asian buyers will always be coming to Vancouver for better lifestyle and education for their families.
I urge and encourage young people to consider purchasing their 1st home ( or condo ) as soon as they can. It’s smart saving when the money is placed in the principle home as profit from the sale of their principle home is non-taxable. They should consider upgrading into a better home every 5 years or so and by the time they reach 50’s the home would have increased to a value of $1.5M minimum.
We purchased our 1st home in the Vancouver Westside neighborhood in 1988 for only $388,000 and it’s valued at $2.3M in today’s market and the profit is tax free when we sell!
If you invested in a downtown $319,000 studio (about 480 s.f.) you get a rental income of $1300/mth in a good building with corridor water-view. If you do the math, it gives you a gross return of 4.89% per year. Much further ahead than the banks and less worrisome than the stock market! The same math tells you that it doesn't make sense to rent anymore. Mortgage payments on $200,000 @ 5.25% interest is only $1,198.50/month.
I hope my information is helpful. If I could be of further assistance to you, please feel free to drop me a line!
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