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How Soaring Real Estate Prices Are Causing More People To Co-Own Houses

How Soaring Real Estate Prices Are Causing More People To Co-Own Houses published on No Comments on How Soaring Real Estate Prices Are Causing More People To Co-Own Houses

Owning a home is a tricky business. It requires time and effort in searching for the right house, and then lots of money to make sure that you get one that is going to be a good investment down the line, instead of a money pit that is going to cause your more heartache than gain in the short and long term. For those looking in the Vancouver area, you know that the price of real estate as been moving up steadily, making owning a home a far away “someday” dream for many people hunting on every street for a “for sale” sign that falls within their price category. Since this is now a lot further away than they previously though, people are being forced to look into the idea of co-owning homes with families or friends, something that has definitely been done before, but not as often as you would think.

Co-owning a home is when you sign a lease or mortgage plan along with family or friends so that both of you are paying for the home, making it a more affordable for both parties. The catch is that cosigning on a home means that both parties can live in the home. While this is great for everyone involved in the sense that it means a roof over their head at a survivable price, it also means that there can often be strain on the relationship because of the fact that people are living in close quarters and have a hard time getting the time alone that they need.

Some split the time in the house by allowing Party A to live there full time for a while, and then switch so that Party B lives there for a while, too. This is a tricky situation, however, because one Part is looking for a place to stay when they are not allowed in the home. Often times, there are walls put up in the home or modifications done to ensure that everyone has their own space and time to themselves. If you are co-owning a home that is in the cheaper end of the market, making room for everyone can be hard and trying at times.

Typically, co-owning a home is done as a last resort, due to all of the potential problems that it causes, but as the market continues to climb and jump at an alarming rate, many families that need to live in the area are having no choice but to do so. The rest of the country is enjoying low rates for homes, meaning that more people are able to realize their life-long dream of owning a home. The only places in the country with high rates are Vancouver and Toronto.

As the world watches to see when the real estates prices in busy Vancouver finally start to fall, many who are stuck into looking for a place to live in the city are turning to rentals or apartments or condos, a thing that, while better than nothing, tends to be a money hole for those looking to stay in the city for several years. Owning a home is the best way to use your money when it comes to property, but rentals are the only option for those who are house hunting on a budget, unless co-owning is an option for everyone searching.

While neat, co-owning has it’s only array of problems that have been previously mentioned, but it also is something that isn’t totally orthodox. While it’s been done for years, it’s not something that is well known or recommended due to all of the potential problems that could come up when investing on something as big and life-long as a home together. That being said, it is looking like the only option for many families, which provides a good – but tricky – option for those who are hunting for a house.

Written by Eddie Yan.

 

Marketing for Real Estate Agents – 5 Key Strategies Ignored Often

Marketing for Real Estate Agents – 5 Key Strategies Ignored Often published on No Comments on Marketing for Real Estate Agents – 5 Key Strategies Ignored Often

With increased competition, marketing for real estate agents has gone through a big change. The techniques and strategies that used to work earlier have become obsolete. However, there are also some key strategies which always work but are often ignored by real estate agents. Read on and know about 5 of such ignored strategies which can ensure great success when implemented.

Set up auto-responders

At a fraction of your advertising cost or even at no extra expense, you can set up auto-responders and send immediate replies to mails from potential clients or curious enquirers eager to know more about the properties that you represent in their areas. A brief “Thank You” and the assurance that you will contact as early as possible will be reassuring and heartwarming for them. On your part, you can show yourself to be a dynamic professional eager to satisfy customers.

Go mobile

This has been repeated ever since smartphones have come into the hands of average Joes and Janes. And still it is ignored. These days, most people use mobile phones to look for information – which is especially the case with finding high-expense projects such as properties. With mobile-optimized websites, mobile business cards and mobile flyers, you can be up to date with modern advertising necessities.

Link back

When you are posting an information online, such as on public forums and social media sites, why not link the post back to a relevant page of your website. This strategy never fails and you can get more traffic to your site in this way, thus making it rank better on the search engine results pages.

SMS Marketing

This is a low-cost marketing strategy which works big time. You can send a short number or code to the mobile user for his / her business use and make you contact instantly with its use. Prospective sellers or buyers can get real-time notifications from your end and arrange an appointment with you.

Virtual touring

Once a prospective buyer texts you to make an inquiry, you can reply with links to your site, photos and videos of the property. With mobile streaming, customers can easily view a property and get in touch with you if they are interested in purchasing the same. This can be highly time-saving for you as well as for the client. You can eliminate a lot of unsuccessful appointments and traveling in this way.

Making Money in Real Estate of Vancouver

Making Money in Real Estate of Vancouver published on No Comments on Making Money in Real Estate of Vancouver

If you’re captivated by the investment potential of the real estate industry in Vancouver or simply tired of the infomercials that promise millions of dollars from new and obscure ways of investing in real estate, you may want to learn how to make money in this field. The focus is not on strategies but on the fundamental ways that money is earned in real estate.

Appreciation is the most common source of profit in real estate. The increase in the value of a property is achieved in different ways for all the different types of real estate property. Developing the undeveloped land is the most obvious appreciation source. When cities expand, more and more land outside the city becomes valuable as the potential of its purchase increases. Building houses raises the value even further.

Another source of appreciation in land develops after the discovery of valuable minerals if the buyer holds the rights.

Regarding residential properties, appreciation is mostly affected by the location. Once a neighborhood develops around a property with transit routes, shopping centers, schools and playgrounds, its value increases. This trend, however, also works in reverse.

Home improvements are another source of appreciation as it is something that can be directly controlled by the owner of the property. Upgrading to a heated garage, adding a new bathroom, and remodeling the kitchen are just some of the ideas that a property owner can use to increase its value.

Commercial properties gain value for the same reasons i.e. development, location and improvement. The best commercial property is always in demand, which drives the price up. Inflation is another important factor as a piece of property will gain value even if it is not improved or developed. However, the increase in value will be slower and not as substantial.