The number of contacts I have made including family and friends that have given me the excuse that they need more time to save is frightening. This can be true yet many are right on the edge of ready but are afraid to make the step to homeownership. In the time that they take to save, the market has vastly outperformed their saving capability and made their purchase more difficult. Their choice in opportunities was reduced and some saved themselves out of the market choices all together at least for the near future. Don't let this happen to you. You may be right on the verge to make things happen and do not realize it. Want to find out?
Managing rental properties showed me the number of tenants that rented for long terms. Many renting for 5, 10 and more years. Remember, the longer you rent the more you build someone else's future. So, why didn't they make a plan to purchase their own home? They got caught up in life's pressures. Nothing happens without a plan. Make sure you get your plan in place..
What is the best real estate to buy?
Wait till prices go down.
The value in real estate has always been more in land than improvements. Detached homes have a greater component of land than townhomes followed by apartments. The sooner you can get into real estate the better and the sooner you can migrate up to a detached home the better it is for your financial future. Current real estate data confirms the appreciation rates for detached homes vastly out performs that of the other types. There are strategies that can help get you into detached homes that may work for you. One way to find out. Right?
Real estate prices are cyclical just like the stock market and the cost of living in general. There is no wizard that can speculate accurately on where and when the market will go down. There is no doubt though that the market trend is always up. Land is a scarce commodity. The Vancouver Lower-mainland is destined to have phenomenal population growth in the future. This is certain to continue to increase the demand for housing and prices of real estate will continue up. The opportunity to get into real estate to build your financial future is now.
The opportunity cost of saving.