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How to Save Money for First Time Home Buyers in Vancouver

Purchasing a home in the Vancouver Real Estate market may seem difficult, but it doesn’t have to be. In our latest video, Diana invites Taayla Mark, the founder of Engrace Financial Solutions, to share her favourite financial tips geared towards getting first time home buyers ready for the largest purchase they will likely make.

Financial Tips for First Time Home Buyers

There are two parts to buying a home, saving for the down payment and qualifying for a mortgage. While making a down payment may seem overwhelming, manageable solutions do exist. It all starts with a good financial plan. First, you need to know how much to save. Typically, a down payment is 5% of the total cost of a home, but it can vary depending on the price of the home. This is a good place to start. Once you’ve taken a look at the market and the type of real estate you’d like to aim for, you will have a ballpark idea of what your aiming for.

Create an action plan for saving money to buy a home in Vancouver today:

  1. Stay at home longer (sorry mom and dad). Avoid the high costs of renting in Vancouver and save more by living at home.
  2. Get a second job. Don’t panic! A second source of income is an excellent way to save more, faster.
  3. Ask your parents if you can borrow equity from their home. If your parents have lived in their home for 20 to 40 years, there may be significant equity in their home that they could lend to you.

Preparing to Buy a Home? Get in touch today.

I hope that you found the information in this video valuable. If you have any questions related to saving money for a home in the Vancouver Real Estate Market, contact us here and we will be happy to help!

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If you’re looking for an agent that will understand your needs in the best way to help with your sale or purchase call West Coast Lifestyle Group today for a free, no-obligation consultation at 604-789-8202 or visit us on our website: VanCityProperties.ca

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