FIRST TIME HOME BUYER
Rent vs. Buy?
As a first time home buyer, you might question whether or not renting is smarter than buying. To make an intelligent and informed decision, it is important to understand your financial position, and what your needs are. Renting is definitely a safe option providing flexibility and mobility, but you miss out on the long-term benefits of homeownership.
Benefits of Homeownership:
- Builds home equity
- Creates financial security for the future
- Customizability — The ability to make your home your own
- Allows time to create and build roots in a growing community and neighbourhood
Seeking advice from a mortgage specialist, like Jenn Byatt at the RBC Royal Bank, can help you to understand what you can afford, and in most cases, you will be pleasantly surprised. By developing a mortgage payment schedule that is right for you, owning your first home is manageable and possible!
New vs. Old?
It can be difficult to decide whether to purchase an existing home or a new build. Existing homes offer character, charm, and convenience; you can move in right away. On the other hand, given the current hot real estate market, bidding wars, negotiations, and looming closing dates are forcing home buyers to forgo home and safety inspections due to worries of losing the offer on the home they are looking to purchase. Check out this article in the Times Colonist regarding home buyers foregoing home inspections.
New construction offers some advantages that old builds cannot compete with. Benefits of of Buying New:
- A new home warranty
- The ability to decorate your own space
- Multiple floor plan options
- Construction by award-winning Verity Construction creating further value for your home
- Current health and safety regulations are met or exceeded
- Low maintenance
- Modern conveniences and brand new appliances with warranties
Why Buy Now?
An urban affair meets the great outdoors. Victoria is the west coast’s hidden gem, and the rest of the world is beginning to recognize its attractiveness and affordability in comparison to other cities across Canada and around the world.
Buyers that are looking into the downtown core of Victoria are now looking at locations such as Langford and Colwood because there are more options and prices are more affordable. Read more about the brisk real estate market in the Goldstream Gazette.
Weigh your options with Jenn Byatt, RBC Mortgage Specialist. To learn more about why Lakepoint One is the perfect home for you, register now.
DISCLAIMER: All data and information provided on this site is for informational purposes only. Westhills Land Corp. makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis. This post is for informational purposes only and not an offering for sale. An offering may only be made by Disclosure Statement. These plans and renderings are not intended to fully or completely represent the final product. Plans and renderings provided are preliminary layouts only for general review of type and size by client group. All sizes are approximate and subject to revision as design development proceeds. Details including but not limited to colours, interior and exterior details, landscaping, existence and location of retaining walls, views, and type and location of development on surrounding properties are all subject to change. Renderings are an artistic representation of the proposed home.