How To Save For A Down Payment On Your Dream Home


Saving a down payment for the house you want to buy is one of the troubles that most home buyers encounter when you talk about real estate financing. If you are to buy, for example, a Kitsilano property, you can expect that the down payment for the house can be as much as twenty percent of the purchase price.

Before you start looking for homes, make sure you have an appropriate amount of money for the down payment so you will feel less pressured during the process. And if you are saving for an investment property, make sure you have a pro forma and have all the numbers worked out in advance.

Some markets are better than others at different times, and a realtor, who has his or her finger on the pulse of the market, will be able to help you out to determine if it is the right time to buy near you. Buying in Vancouver may be prohibitive due to low rental rates and high home prices, so a purchase in other cities such as Toronto, Calgary or Montreal may be more favorable.  A local Canadian realtor specializing in investments such as Drew Macmartin can help you out with this step.

If you do not know some ways to acquire money for the down payment, here are some tips you can follow:

Set aside the same amount of money every payday.

If you receive salary twice a month, why not try saving the thirty percent of your income, put in a savings account, and be strict not to use it for other reasons.

Make this habit consistent every month, and after a year or so, you will be able to save a reasonable amount of money for the down payment. Just make sure that you start doing this year or several months before you start looking for a house.

Borrow from your friends or relatives.

Lending money from them is much more convenient than applying again for another loan to banks or mortgage companies. Your friends or your relatives might give you a loan that has more flexible and easier to handle terms and conditions.

They might not even give you interest rates when you get a loan from them. But make sure that you pay your loan on time so they will not lose their trust in you.

Know how long you will need to keep the deposit.

It will help you define how you should plan for your savings. Then you analyze your current budget and find ways to reduce the daily cost and unnecessary costs.

You might also consider various ways to make extra income to increase their savings. You might want to have the yard sales, sell things online or even take the second job.

Look for a second job.

If you have lots of time, getting a second or a part-time job might be very helpful for you. It can give you additional earnings to help you save more money for the down payment

Try to work every night or have a seasonal job, like every Christmas season. Furthermore, you can also venture into a small business that requires little capital, such as writing.

Ask for an increase in your salary.

It would do you no harm if you tried asking your supervisor for an increase if you know you did perform well in your job. Create a list of significant things you did for your workplace, present it to your manager and then ask for an increase.

If your boss realized how great your contribution to the company is, he or she might give you the boost you want. In conclusion,the above guidelines will help you save for your new house successfully.

Best Vancouver Neighborhoods

There is no puzzle that the incredible diversity of inner culture, green-foliage living, and the stable economy has helped Vancouver Real Estate rank as one of the most expensive area for living on the globe.

As a whole, the infrastructure, climate, and housing also impact the fantastic quality of life within the area. For these center reasons, many have chosen their perfect Vancouver home within this vibrant and high-class town. Many people move from Ontario to Vancouver to get a taste of the great outdoors.

If you’re looking to move back east, see this recommended Newmarket agent to find affordable homes within a drive to Toronto. Toronto, like Vancouver, is seeing a housing boom. The suburbs are the only place many young families can find affordable places to live, and some notable communities are Newmarket, Uxbridge, KeswickBrampton.

Two of the best Vancouver neighborhoods include Coal Harbour and Kitsilano. The neighborhood of Coal Harbour is a slice of Vancouver’s downtown Burrard Inlet, and it features several modern and newly built condominiums with only the best in amenities, including its beautifully queued promenades.

In particular, the Kitsilano neighborhood, or “Kits” as it is also known, is a flourishing area that is within the downtown Vancouver district. See this link to Vancouver find agents in the area.

Kitsilano Neighborhood Overview

Kitsilano is surrounded on its north side by beautiful English Bay waters with Hastings Mill Park at its northwest corner and Hadden Park at its northeast corner. The area sits between Point Grey Road, which turns into Cornwall Avenue, and 16th Avenue.

At the areas east and west section, it is flanked by Burrard and Alma Street. Most of the neighborhood is comprised of students, workers, and residents that are closely connected with the University of British Columbia.

Conversely, the area residents are close-knit in that they work together as a community to show pride in their neighborhood, by maintaining its cleanliness, green foliage, and safe environment.

Kitsilano Homes Condos, Town Homes, and Lofts

The Kitsilano vicinity has both older homes and newer dwellings available that are simply stellar for the asking price. Some Kitsilano Real Estate is comprised of a combination of the best of both worlds, including those within renovated buildings that have a combination of the older classic feeling within modern surroundings.

The area is a most glorious find.

Many are quickly taking advantage of these homes that usually include one and two-story dwellings with detached or attached garages. Most of the older homes have attractive layouts that most homeowners find most suitable, and with the average square feet of more than 1400, there is plenty of room for a long stretch and adequate living space.

Consumers can locate center Kitsilano homes with charming style and at least two bedrooms and two bathrooms.

Kitsilano homes are made in classic-craftsmen style, Beaux-arts style structure, couch styles, and much more. Many of these simply-smashing homes feature fireplaces, skylights, crown moldings and refinished wood floors. Some even have stain-glass windows, hot tubs, and garden decks for the ultimate relaxation and suitable living style.

Older three and four bedroom town homes are also possible to find within this area of Vancouver Real Estate. Like Coal Harbour Real Estate, the area also boasts choices in award-winning and luxury town homes with the best in modern-quality appeal.

With stylish and outright-fashionable condominiums from one bedroom, one bedroom with a den, and two bedrooms, small families can easily find their match in center home amenities. Boutique Lofts and heritage house styles also make Kitsilano Real Estate a great lifestyle appeal for many.

Why the Kitsilano Neighbourhood

With dazzling sunset and bay side views, West 4th Avenue and Broadway shopping, and friendly neighborhoods, the Kitsilano vicinity is simply too hard to pass up when considering the perfect Vancouver dwelling. Consumers can also shop at boutiques on the east side of Fir Street and on Yew Street. This small neighborhood boasts a planetarium, a museum and several green parks and dining opportunities. There is also the exciting Kitsilano Park and other community areas, like those of Coal Harbour Real Estate that is not too far away.

The neighborhood of Kitsilano also features organic markets, yoga studios, and two commercial strips. There are also popular concert venues like the Hard Rock Café. Many find Kitsilano’s proximity to Granville Island, a major tourist and shopping district, a center attraction.

Finding the perfect Kitsilano home, condominium, town home or loft is the best choice on earth to own a piece of this highly-desirable and best Vancouver neighborhood. For those considering purchasing in the Kitsilano neighborhood, now is the time to purchase a slice of this sought-after Canadian Real Estate.