In these tough economic times, you might be considering home share buying. Before you do, have you given thought to who pays for the maintenance of items? What about property taxes? Have you considered contingency funds for when big-ticket items break down – as they inevitably do?
If you answered no to any of these questions, you need to hear John Wiebe, Associate with Kunh LLP, as he discusses the risks of alternative buying options – one of nine Home Buying 101 YouTube videos put out by HAVAN (Homebuilders Association Vancouver).
Making the switch from renting to owning is exciting, but many novice homebuyers find the process trickier to navigate than expected. If you're a first-time homebuyer, you may be feeling overwhelmed or nervous. To top it off, we are in a pandemic, and there are more stringent Federal qualifying mortgage rules, like the stress test, making the process seem even more daunting.
"Buying a new home is complicated enough and then there's the added layer of uncertainty with COVID," says Ron Rapp, HAVAN's CEO. "This series will provide people with market knowledge so they can make better informed decisions."
If you are ready to buy, Home Buying 101 videos feature expert speakers from several industries, including a real estate lawyer, mortgage professional, and market analyst. All of them will help demystify the process and provide valuable advice so you can purchase smarter.
In addition, the Lower Mainland has witnessed pent-up demand for homes, as well as low inventory and record low-interest rates, driven in part by the pandemic shift for more space, which is pushing average prices to record highs.
"It's more important than ever to understand the legal and financial implications of buying in 2020," says Ron Rapp. "Although we are targeting first time home buyers, these videos are a great refresher for those who are right-sizing and haven't purchased a home for a long time."
Here is a teaser of what you can expect from the video series:
Market trends and influences
Eric Bond, Principal Market Analyst, will share his insight into emerging market trends that influences homes that are built, like working from home, blurring the line between indoor/outdoor space and what form of housing is most popular.
Trending neighbourhoods and how to find your realtor
What type of neighbourhood best suits your lifestyle? Real Estate Board of Greater Vancouver (REBGV) 's chair Collette Gerber reveals the best buying tips from realtors; discover where the hot spots are, and so much more.
Mortgage 101 and buying options to enter the market
Find out which mortgage term and type of mortgage is right for you with help from Alisa Aragon, Bridgestone Financing Pros Mortgage and Leasing Expert.