Tag Archives: buying

Buying a Commercial Property in Vancouver: What to Remember

commercial propertyBuying a commercial space in Vancouver is an expensive process that you need to do with due diligence. You have to create a proper plan to ensure the success of such an endeavour. There are several factors that you need to consider when choosing a commercial property. Here are a few things to remember when it comes to choosing a commercial space for sale in Vancouver, Canada.

Look for a Good Location

You need to consider the location of the property, especially when it comes to your target market. You need to do thorough research on which areas have a higher potential to attract your target customers.

Work With A Licensed Real Estate Agent

You need to look for a certified real estate broker when looking for a property. Real estate agents can provide you with excellent properties on sale that will most likely offer you a good deal. Working with a licensed real estate broker will offer you with the assurance that they have the right set of skills to do the job for you.

Know the Laws

Most commercial properties are subject to environmental investigations to ensure that they are appropriately regulated. So, ensure that you follow the rules of law to prevent any problems in the future. You have to prepare for a property inspection and ensure that your business follows all environmental regulations set by the government.

Estimate Your Expected Returns

You should also consider the expected returns when deciding on a commercial property. Keep in mind that you’re not just profiting from your products or services. You can also create even more revenue on your commercial property as well. You should also consider rental cash flows as a measure of your ROI.

Looking for the right commercial property for your business is essential, especially if you’re looking for profitable business growth. Working with a professional can help you with your decisions and can ensure your success.

What to Do First Before Viewing Potential Homes

A couple looking to get a mortgageIf you’re thinking of buying a home, you probably have an idea of what you want. You’d love a home with a large kitchen, a spacious master’s bedroom, or a large backyard for the kids. You may even have a list of what qualifies as “the one” or the perfect home. Viewing homes is an exciting process and it’s easy to fall in love with a house that is beyond what you can actually afford.

The First Thing to Do

VIP Mortgage and other mortgage companies in Tempe note that before you start looking for a house, it is best to get prequalified first. This is to know how much you can afford and start looking for houses within that price range. Doing so can avoid disappointments and financial difficulties in the future. The best part is, it is easy to get prequalified, as you can do it with a single meeting with a lender or over the phone.

With mortgage prequalification, you can:

  • Know how much loan you can afford or borrow (an estimate) and plan accordingly.
  • Determine if you qualify for certain mortgage programs.
  • Know the requirements or the things you can do qualify for a loan and better rates.
  • Stick to properties that meet your needs and current finances.

Making Sure You Can Afford

It is common for many first-time homebuyers to get so preoccupied with finding a house that meets all their needs. They overlook this important process, which is crucial in buying “the right one.” Note that buying is a major financial commitment (which can be an investment or debt), so you need to make sure that you can afford paying for it and all the associated mortgage costs.

If you have a serious intention of buying, you can proceed with loan pre-approval. This is more detailed than prequalification, as you need to submit certain financial documents to a lender. This is to assess your credit history and current financial situation. Based on these details, your lender can tell you how much you can borrow. A pre-approval can give you an edge over others when making an offer or a bid.

What to Do First Before Viewing Potential Homes