Recently Sold By Noam

How A House In Vancouver Is Actually Cheaper Than A Condo, And A Much Better Investment Too!

When I bought my first property in Vancouver, people asked  me, why are you buying a house, shouldn’t you first buy a condo? My response was simple but confused everyone.


“I can’t afford a condo, I can only afford a house.”


For me, the issue was not down payment, fortunately I had that, the problem was that I had just moved back to Vancouver and had no job.


The great trick in the Vancouver housing market, especially for first time home owners and young families, is to skip condos, townhouses and 1/2 duplexes, and look for single family homes with 3 suites in them.  Forget mortgage helpers, think mortgage payers.


And the math is simple: (Numbers based on East Vancouver, (Feb 2013)

Rent – 2 bedroom condo = approx. $1500/ month, $0 Saved on mortgage

Own – 2 bedroom condo = approx $1900/ month, $600 Saved on mortgage

Own – 4 bedroom Home with 2 rental units

= approx $1400*/ month, $1000 saved on mortgage

(*$3400/ month - $2000/month rental income)

Pay less, save more, get more!


Owning a home, you will pay less month to month, you will save more when your mortgage is up for renewal, you can get more space, plus of course more independence, more potential for appreciation…


Of course, you do need that pesky down payment!


Contact Noam for help making your next home work for you.

Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.