With rent on the rise, more and more people are looking towards affordable housing. Sure, Vancouver is one of the priciest markets on the planet, but buying a house and building equity just makes sense if rent costs pretty much the same as a mortgage. As agents specializing in the sale of townhouses in Vancouver, we’ve outlined the major costs to help you take the plunge.
While down payment is what takes up the major headspace of a would-be homeowner, you also need to plan for legal fees, property transfer tax, home inspection, and GST/HST (if it’s a new property).
The closing costs mentioned above are a one-time deal, but homeowners have recurring expenses such as property taxes, condo fees, and homeowners’ insurance. Additionally, you are required to invest in mortgage default insurance if you’re putting less than 20 percent down on your home. With the exception of GST/HST, these costs cannot be rolled into the mortgage.
As a renter, you’re probably used to calling the landlord or a management company if the dishwasher leaks or the dryer breaks, but as a homeowner all this becomes your responsibility. Condos and townhouses typically have a strata that will manage roofing and structural repairs, but you are responsible for everything inside your home.
For many people, having a place that’s really theirs outweighs all the taxes, fees, and responsibilities of home ownership. Plus, there’s a stability that’s hard to beat. If you’re looking for townhouses or duplexes, the agents at vancouvertownhouse.ca can help you find a property that meets your lifestyle—and budget.