Help me buy my first house!
February 25, 2013 12:08 PM Subscribe
My partner and I have saved a deposit of $50,000 to put down on a house. We're looking for a one bed flat around the Gastown area of Vancouver BC, which we may end up renting out while we move to the US for a couple of years for work, but I have no idea how to go about this.
posted by everydayanewday to shopping (9 answers total) 1 user marked this as a favorite
We've been to the bank where they quoted us a loan for $600,000 which is at least $200,000 more than we think we could comfortably repay. So with that in mind, my next step is finding a place. What is the best way to go about this? I hate estate agents with a fiery passion but can't see how we could do this without one. I'd like some advice about what to look for, how much to pay for what, and periphery costs that don't come from a dodgy sales agent. Where could I find the kind of info I'd need to be an informed buyer?
Also, on the issue of renting the place out, we'd be looking for someone to manage that while we're away. But costs for management lead me to think we wouldn't even break even on the mortgage repayments were we to do this. Does anyone have any experience in this area - how did it go for you? Could you cover the cost of the mortgage with the rent? Were your managers trustworthy, or did you come home to major damage and squatters?
If I were in my home country, I'd know much more about this, but I have no idea about property law, duties and processes in Canada. If anyone could help me make these waters a little less murky I'd be very, very grateful!