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4 Things you Need to know about Buying Real Estate in Vancouver

If you are thinking of moving to the lower mainland, because of its beautiful naturistic scenes, fresh air and the mild climate appeals to you, then you’re in luck. We’ve compiled this guide of things you need to know about buying real estate in Vancouver. The city’s real estate market is multifaceted with significant price increases for all lodgings such as condominiums, attached homes, detached single family homes and other residential properties. There are many diverse options for those who are seeking a place to live in one of Canada’s most popular and livable cities. However, navigating the real estate market can be hard, so here are some to-know facts and tips to keep in mind when you are buying a home in Vancouver.

 

Mild climate means easier adjustment period


With the mildest climate in Canada, moving to Vancouver means there is less of an adjustment to the weather when compared to other parts of the country. Not only is it an easier adjustment period, it is a more cost effective one as well. There is less of an investment needed in other areas, like clothing, household appliances needed for snow removal and heating costs.

 

Subject free offers are common


Real estate is in high demand, and when that usually happens, bidding wars are common and buyers have to get competitive. As a result, many buyers are making subject free offers (real estate offers made with no conditions) to make their bids appear the most committed and desirable. This can be appealing to sellers, but buyers need to proceed with caution and understand the risks.

If the seller accepts the offer always seek legal advice from a lawyer. The buyer is committed to completing the deal, so buyers have to make sure they understand the legal repercussions of a subject free offer.

 

Timelines can be tight


When there are multiple offers one on property, a lot of listings have tight timelines for the offers to be submitted. This can cause steps that help protect buyers, like home inspections, to be skipped. Buyers need to be cautious and work with an experienced real estate agent to ensure everything is covered despite the timelines.

 

Increase in deposits


In the current market, the frequency and size of the deposits offered by potential buyers to sellers has significantly increased. For homebuyers, the ability to make a big deposit can make their offer more attractive, and thus increase their chances of being considered. However, there are risks to take into account, like doing a deposit with a subject free offer. This can make it difficult to get back any funding if the deal ends up not closing in the end, as well as the effort to recoup the deposit can result in a loss of money.

 

If you are ready to buy in Vancouver, gurdialbadhgroup can help you through what can be an overwhelming process for buyers.

Gurdial S. (Dale) Badh
Office: 604-303-SOLD (7653)
Fax: 604-303-7643