When people look into their options in Yaletown real estate properties, at times they go back and forth with their decision to buy or rent. While both choices have their advantages, New York Times writers Mike Bostock, Shan Carter, and Archie Tse shed light on the critical considerations when opting to buy a home instead of renting.
“Net proceeds is the amount of money you receive from the sale of your home minus the closing costs, which includes the broker’s commission and other fees, the remaining principal balance that you pay to your mortgage bank and any tax you have to pay on profit that exceeds your capital gains exclusion. If your total is negative, it means you have done very well: You made enough of a profit that it covered not only the cost of your home, but also all of your recurring expenses.”
Equity is the significant advantage of property ownership over property rental; the ownership value builds up over time. Not all property owners, however, are guaranteed to make huge profits once they decide to sell their home. There are factors that contribute to a successful sale, and below are some of them.
Regular maintenance and upkeep
Owners are responsible for keeping their properties in good shape. This applies regardless of whether they’re buying existing homes or newly constructed Yaletown condos for sale. Efforts to keep the properties in good condition overwhelm owners at first, but they discover that when the time comes to sell, they reap great rewards for their efforts.
Active involvement in the community
Yaletown is dubbed as Vancouver’s “Most Likely to Succeed,” and that distinction alone should earn it attention. However, it’s up to the members of the community to ensure that it remains a great city to live in. By getting involved in projects that could make the neighbourhood better, like a proposal to increase dog-friendly dining areas and the like, there will be a good chance of attracting property buyers in due time.
Home additions can boost value. However, owners have to be careful what to add. A deck or a porch is likely to pay off when it’s time to sell the property. On the contrary, adding a hobby-specific room like a library or an arts-and-crafts room will likely have no effect on future buyers.
The rewards that await owners when they are able to sell their property is hard to ignore when weighing the options between buying and renting. Once people are ready for property ownership, it helps to partner with reliable real estate agents like those from Vancouver Canada Homes, who can provide them with the latest listings.
(Source: Is It Better to Rent or Buy?, nytimes.com, May 22, 2014)