Q: Do I have to pay a commission when purchasing a condo?
A: No you do not pay a commission. Real estate commissions are always paid for by the seller. It is completely free to use the services of a Realtor when buying a condo. Your Realtor will be compensated by the seller.
Q: When is a good time to buy?
A: This is a tough question. This answer totally depends on your unique situation. Generally it is ideal to buy in what’s considered a “buyers market.” However, in recent years prices continue to climb and climb. Therefor if you are waiting for the buyers market you could be waiting awhile. Ultimately it’s your decision, people buy for various reasons, whether that’s seeking security and tired of renting, looking to build long term equity and wealth, or whatever the case is. If you find value in a certain property then pull the trigger. Value is subjective to the individual.
Q: What’s the best way to make money in real estate
A: In vancouver the best way to make money in Real estate would be to hold long term. By long term i’m talking 8-10 years minimum. Markets always go up and down but almost certainly over a longer period of 8-10 years you should certainly expect to see an increase in value.
Q: I am buying an investment property. Should the monthly rent cover my mortgage payments?
A: Ideally, yes. However, because Vancouver prices are so high generally your down payment has to be higher to cover all fees. You should certainly aim to break even monthly at minimum. You should also be budgeting for future repairs, strata fees, property taxes, insurance, and potential vacancies.
Q: My Realtor is asking me to sign an exclusive buyers agency agreement. Should I sign it?
A: Probably not. A buyers agency agreement is a contract which requires you to work with that specific Realtor for a certain time period when buying. It may also, depending on the Realtor and the contract, require you to pay commissions. If the Realtor doesn’t receive his full expected commission from the seller than you are responsible to come up with the difference. This could end up costing you thousands of dollars. So, unless you are really comfortable with the Realtor and ok paying him or her their full expected commission then sign it. If not, politely decline. If it’s an issue then find another Realtor. Personally I do not ask my buyers to ever sign one.