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What’s waiting to Buy Costing You?

Buying a home is a very large investment, so most people wait for the right time to make this purchase. Saving for a bigger down payment makes sense because the more you put down, the less interest you will end up paying over the life of your loan, so many people wait and keep renting while they save. While this may sound like a good idea, the reality is that this situation could be costing you a lot more in the long run, so you need to weigh your options.

The only way to make the right choice is to run the numbers to see where you stand and how much money you are actually saving. You need to compare the cost of your monthly rental fee with the cost of ownership. The reason most people decide to wait is because a small down payment would require them to pay additional fees for mortgage loan insurance, which is mandatory if you are putting less than a certain percentage. As this amounts to a pretty large sum, most people choose to keep saving for a bigger down payment instead of having to double down on their down payment. This is not always a good idea because if you look closely at the numbers, you will see that waiting could actually end up costing you more in the long-term.

Wait And Save

There are two options you can consider. The first is to wait and save, or you can buy now with a smaller deposit. If you decide to wait, you have to remember that the real estate market is unpredictable and that prices go up every year, so the amount you save may not be enough for the property you want to buy in a few years from now. The prices of homes appreciate every year, so your savings may not be able to guide you through the 20% threshold that is required for a down payment. It’s also important to remember that when you are paying monthly rental fees, saving money can be hard because you will still be spending most of your pay on rent.

Buy now with a smaller deposit

If you buy a property now with a smaller deposit, you would have to pay the insurance fee that comes with the smaller deposit and more interest over the life of your mortgage, but you would be saving a hefty amount of money by not waiting until the home or condo is worth more, and in just a few years, you will have put down quite a bit of money in principle while avoiding paying all that money for rent.

If you want to buy a property, you should not always wait, and Cherry Yeung Real Estate can help. Our realtors will help you buy a condo and have access to all the houses for sale in the Richmond, Burnaby, and Vancouver areas. If you want to work with reputable real estate agents, give our office a call today!

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Mortgage Deferrals Are Done. What Should I Do Now?

The past year has been very challenging for many Canadians because of the COVID-19 pandemic, which caused a lot of uncertainty and panic. A lot of people lost their jobs and are still unsure of the future, and the experience has been very stressful and overwhelming.

To help alleviate some of the stress, the government released a mortgage deferral program, which allowed Canadians to defer their mortgage payments for six months. This helped people get through financial uncertainty during an unpreceded pandemic but this program has now ended, and homeowners will be expected to start making mortgage payments again.

Many Canadians are still facing uncertainty, so if you do not feel as though you are in a position to start making your mortgage payments again, it is best to reach out to your lender to see if there are other solutions or options they can offer. They may not be able to offer you an extension but they will work with you to offer you some flexibility until this pandemic is contained. Reach out to your branch directly because even if they cannot offer you a full deferral, they may be able to offer you lower monthly payments, so it is definitely worth asking.

Seek Additional Financing

One option you can discuss is refinancing your mortgage because interest rates are very low at the moment. This would make a very big difference, especially if you are currently locked into a fixed mortgage at a higher rate, so ask about this option because it may allow you to significantly lower your rates. Make sure you understand all the details surrounding this option because in some cases, penalties may exist, so you may have to pay a fee if you decide to break a fixed-rate mortgage. Even with these penalties, you may still end up saving a big portion, so it may be worth it, and this is why you need to look at all the details to make an informed decision.

Ask For An Extension

Additionally, you can also ask your lender about the possibility of extending your amortization period, which would add to the number of years you have to pay off your mortgage. You may end up paying more in the long run, but it will make your individual payments easier to manage, so this, too, is an option you can look into.

You can also consider selling your home and moving into a less expensive property, which would help lower your monthly costs while still allowing you to build equity. You can buy a smaller property in the city or move further out, where you may be able to get a bigger property for less. If this is something you are interested in doing, Cherry Yeung Real Estate can help. Our realtors can help you buy a condo or can show you all the houses that are for sale in the Vancouver, Burnaby, and Richmond areas, so if you want to work with a reputable real estate agent, give us a call today!

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What Is An Assignment Sale, Exactly?

An assignment sale is the sale of a contract for a pre-construction property before the unit is even built. The new buyer takes over the contract and will be responsible for the deposit, taxes, closing costs, etc. when they occupy the property.

Assignment sales are common and completely legal. However, these deals can be more complicated than conventional resales, and it’s vital to have an experienced realtor by your side to protect your interests.

Why Do Assignment Sales Happen?

Various life changes are the most common reasons why the original buyer may want to sell their rights to a unit. For example, some people need to relocate for their careers, while others may have started a family and need a bigger place. Some sellers may also be investors that never intended to close.

The Pros And Cons

Are assignment sales worth it for the buyer or the seller? Here are some pros and cons you should consider before making a decision.

For The Buyer

Pros-

  • There’s a shorter wait for the finished building in comparison to buying from a builder.
  • Assignments are usually cheaper than resale because sellers cannot market them on MLS. This means that there’ll be less competition as fewer buyers know about them.
  • Assignments are usually only allowed when the project is almost done, so you won’t need to worry about the project being suspended or cancelled.
  • Assignments could be a good option when there’s a listing shortage in the market.

Cons-

  • Be prepared to dish out a lot of cash upfront, including deposits, appreciated value, agent commission, closing costs, assignment fee and more.
  • Assignment sales can be much more complicated than conventional resale. To make sure everything gets done smoothly and correctly, you’ll need an experienced real estate lawyer and a realtor with a good understanding of the assignment market.

For The Seller

Pros-

  • You can take advantage of the rising condo market and sell the unit to reinvest in another project.
  • Allows more flexibility. You can walk away without incurring any penalties, and even some profit!
  • Avoid paying more in transfer taxes, occupancy costs and occupancy fees.

Cons-

  • Assignments can be harder to sell because they’re not allowed to be marketed or listed on MLS. They usually take longer to sell and at a lower price than at resale.
  • When you are allowed to sell may depend on factors that you cannot control; for example, some developers require a certain number of units sold before allowing assignments.
  • Not all builders allow assignments, so you should always check for the contract’s assignment clause before signing!
  • You might incur higher legal fees as assignments are more complex.

When looking to buy or sell an assignment, an agent experienced in this type of sales is your most significant resource as they can leverage their network to connect interested buyers and sellers. So if you’re interested in assignment sales in Vancouver, contact Cherry Yeung, your professional real estate consultant, today!

Buy a condo in vancouver

How Much Should You Budget For Expenses After Closing?

Buying a house is a very big step and a very large investment. You will need a down payment and money for closing costs but many people do not realize that there are other expenses associated with the purchase of a home after the closing period.

While these expenses can vary from one home purchaser to another, it is always a good idea to plan ahead so that your budget can cover all of the costs, and the following are a few aspects to keep in mind:

Moving costs

This will depend on the amount of stuff that you have as well as your timeline. If you need to rent storage, make sure you include this cost in your budget. You will then have to look at the costs of hiring a professional moving company versus doing it on your own and will have to determine which option would be best for you. Doing it yourself is not always cheaper because you will have to rent a truck and pay for gas, so be sure to keep this in mind.

Utilities

You will need electricity, natural gas, water, cable and internet as soon as you move in, so make sure to contact each of these service providers prior to your move-in date to get estimates. These services will start the day that you move into your new home, so make sure you are ready for the monthly bills that will arrive.

Household items

Most people need to purchase at least a few new items when they move into their new home, so set a budget aside for items like shower curtains, lightbulbs and hampers, for example. While these items are generally inexpensive, they can add up, so make sure you factor in these costs. You may also need a new vacuum or appliances, so the costs will vary based on your needs and the most important thing is that you are prepared for such expenses.

Window treatments

Some homes do not come with window treatments or you may dislike the existing ones if they do not match your personal style or taste. If this is the case, you will have to budget for new window treatments or replacements, and the costs will vary based on the size of the windows, the quality of your preferred materials and installation. Every home needs curtains, blinds or shades, so make sure you allocate a budget for these.

It’s hard to predict the exact amount that you should budget for expenses after closing because the number will vary dramatically but being prepared is extremely important.

Cherry Yeung Real Estate can help you find your perfect home and our real estate agents will guide you every step of the way. Whether you are looking for houses for sale in the Richmond area, want to buy a condo in Vancouver or need a realtor in the Burnaby area, we can help, so give us a call today!

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Appropriate (And Unreasonable) Inspection Repair Requests

A home inspection contingency is included in most offers because it is a very important step that will alert a buyer about serious problems like broken appliances or cracks in the foundation. The results of this report can help you determine your next steps with the seller and will confirm whether or not you want to proceed with the purchase.

If you’ve never been through this process, you may be unfamiliar with the requests that are appropriate, as well as the ones that are unreasonable. Generally, safety issues are considered legitimate negotiable repairs, as are problems with non-functioning systems. Any structural defects or serious hazards are also legitimate reasons to be concerned and such problems need to be considered carefully because they can cause you to back out of the contract.

Issues that have already been disclosed and minor nickel-and-dime requests, on the other hand, can lead to ill will on the seller’s behalf and may affect their decision to close the transaction. If you are determined to close the deal, it is generally recommended that you pass on the following requests:

Normal wear and tear

This includes some scratches on the hardwood flooring and chipped paint, to name a couple of examples. Cosmetic defects are very normal and most homes will have these issues. Sellers will not want to negotiate on these minor flaws, especially if they were visible when you made the offer.

Minor repairs

You will have to compromise in some aspects and focusing on big-picture items is far more important than worrying about small and inexpensive repairs. As a buyer, it would be ideal to get the seller to fix every little repair but this can affect their willingness to sell.

Smoke and carbon monoxide detectors

This should not be an issue because you don’t want to settle for cheap replacements in the first place and can shop and install a system that meets all of your long-term preferences once you close the deal and move in. This way, you will have peace of mind knowing you chose the system that’s in place and that it satisfies your preferences.

Landscaping changes

You may not love the unevenness of the walkway bricks or some of the plants but it is unreasonable to ask or expect the sellers to make these modifications. These are issues that were likely visible when you toured the home and requesting changes will probably irritate the sellers.

Your real estate agent will provide you with more information regarding the inspection process and the realtors at Cherry Yeung Real Estate will guide you through it. We will ensure all of the important issues are taken care of and will tell you which requests to leave out. Whether you want to buy a condo in Vancouver, need a realtor in the Burnaby region or are looking for houses that are for sale in the Richmond area, we can help, so give our office a call now!