Are you planning on purchasing a house, condo or apartment in Burnaby? Which is the right one for you? This will all depend on your needs. If you are raising a family, a house or condo may be your best option. However; with housing costs rising in Burnaby, renting a place as opposed to buying one is the cost-effective way to go, but may not be in the long run. Looking for a place for the first time may be a scary feat, but through careful research and preparation, it really is not that hard to do.
Here are some things to consider when looking for a new place
1. Do your research
There are a lot of people who are selling/leasing out their place and post these advertisements online. If you want good deals, try looking at sites like Craigslist but be careful of suspicious postings. If the offer is too good to be true, it probably is.
You may also get good leads from your network of friends and coworkers. These referrals may be more reliable because they come from a more trusted source. Whatever method you plan on using, be sure to inquire first and research thoroughly before you seal the deal. Look at a number of places and start early to be able to get the best place.
2. Location, location, location
A good location is crucial to your search. If you are raising children, you will surely want to live in a safe, family-friendly neighborhood that is close to good schools. Meanwhile, you would also want to pick a place that is close to your workplace. Studies have shown that those who live nearer to their office are happier than those who do not. For example, would you be willing to commute everyday from Burnaby to Vancouver? Find out if the place is conveniently located. Inquire if it is easily accessible by public transportation and if there is ample parking nearby.
If you are buying a new place, try to negotiate with your realtor on a place that fits with your needs. If renting, it is suggested that you do not spend more than a third of your income on rent. Discuss with your landlord and/or real estate agent as to how you will be paying. Are you required to give some kind of downpayment or will you be paying in monthly installments? It is also important to ask for a breakdown of costs so you will avoid paying hidden fees.
4. Take notes
Whether you are shopping for yourself, with a spouse or roommates, it is recommended that you compile a checklist of things that you are looking for. Together, list down all the items that are priorities to have. This will make the hunt much easier because you have guidelines to follow and you know exactly what to look out for. When touring places, it is also a good idea to take pictures or write down notes for yourself of what you thought of each place. This way, you can easily make comparisons and use the process of elimination to make a decision.
If you have any questions about the home buying process or about any of our current listings please feel free to contact our team.