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Some of you have started the new year with a winter wedding. Others may be exchanging vows this Valentine’s Day weekend (congrats to all by the way!). The next big life transition that often arrives after a marriage is finding a new home, especially if adding a bundle of joy (or two, three, four?) is on the near horizon. In the spirit of this coming romantic weekend, or for any of you getting hitched in the future, I have decided to use my UBC real estate blog to provide you with a few casual tips to help guide you through the process of finding a new home together as newlyweds.

 

5 Tips for Newlyweds Looking for a New Home


1. Get Rid of Your Cumulative Debt


It can be tempting to start the house hunting fresh out of the gates but do yourself a favor, be patient, and pay off your debt first. With your combined incomes (when applicable) you can accomplish this quite possibly within the first year of your new union. Once you’re working with a cleaner financial slate, you can find a home and mortgage that works on your terms.


2. Consider Future Income


You may be combining incomes as newlyweds but before you take on that long term mortgage ask yourselves if it will stay that way. Many newlyweds start a family and buy a new home around the same time. When doing so, they often assume that after maternity/paternity leave both will return to the workforce. However more often than one may assume the initial “stay at home” parent becomes a long term “stay at home” parent. They realize they prefer to focus on raising their children – it can be tough to leave a one year old in the hands of daycare. All of a sudden your dual income becomes one, weighing a bit heavier on your finances.


3. Consider School Catchment


For those newlyweds with a family on the horizon moving into a favorable school catchment is essential when considering a new home. The UBC area for example is one of the most popular school catchment districts of Greater Vancouver, offering access to some of the best educational institutions around, from kindergarten to secondary school to post-secondary school.


4. Consider Community


School catchment alone does not a good neighborhood make, for newlyweds planning well in advance. Find your new home in a community that suits both your current and future lifestyle. Everything from the shops, cafes, entertainment, and indoor/outdoor recreational access is important to your quality of life. You’re integrating your entire life as a couple into the community, make sure it’s a good fit for you both.


5. Select a Real Estate Agent Specializing in Finding Homes for Newlyweds and Young Families


There are real estate agents that get into the game only to make a buck. There are others that enjoy more than the career aspirations of it all. There's an intangible reward that comes with finding the perfect home for a young couple that may very well make their new abode a place where many generations of their lineage will grow up. Finding a real estate agent that has worked with newlyweds, young couples, and families is essential to the success of your new home purchase. Having served the family friendly UBC real estate community for many years I am sensitive to the needs of newlyweds and young families considering a home in the area. Feel free to contact UBC Homes anytime and we can start with a casual conversation about taking the next exciting step in your life together.

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The Vancouver real estate market, UBC area homes in particular, has been in the news a lot at the onset of 2014 and even more so as the Chinese New Year (Year of the Horse) celebrations have passed with last weekend. It seems to be all good news.

 

This kick start at the beginning of 2014 does not stand alone, and in part is a result of a carry-over trend at the end of 2013. Back in November UBC real estate was recognized for its tremendous growth and I was even contacted by the Vancouver Observer to add my two cents to the topic, of which I was grateful to provide here.  

 

A recent article in the Globe & Mail discusses the current real estate boom in Greater Vancouver. To detail some it for you I will highlight a few key points as they relate to real estate in UBC. Much of it comes down to parents and their facilitation of their of-age children buying a home. This trend is extremely common to the UBC realty market where prospective, current, and graduating students seek to own homes in the direct area.

 

Experts will look to the Greater Vancouver real estate market and point to how expensive it is in relation to the rest of the country. Such a statement indeed has merit, but data also serves to create alternative solutions for those buying their first home, such as the students mentioned above. While an individual or young couple moving out of their parent’s home here in Vancouver (or arriving from overseas) may not be able to afford a single family detached home in Kitsilano, they now have plenty of options for affordable condos and townhouses. Nowhere is this more true than right here in the UBC community area.

 

Sales are on the rise because these alternatives exist. We can also look to the trend that occurs with the transition of the Chinese New Year (here and now). The real estate market in the UBC area, a popular destination for young Chinese homeowners (and students) due to the expansive availability of affordable condos and townhomes, tends to spike with the passing of the lunar cycle. Investors and households (with students) considering buying a home in the UBC area return to Greater Vancouver after the Chinese New Year has passed, and often make purchase decisions soon after. Even those following predictions for 2014 based upon their own birth year watch the market closely, in particular those born in the Year of the Tiger, who are predicted to benefit from buying real estate in the Year of the Horse.

 

No matter your belief on the matter, it’s a good time to buy a condo in UBC. The dynamic community continues to grow at an exciting rate – becoming a very popular residential destination for those from all walks of life. Getting in “on the ground level” is essential to a great investment, even if you plan on making your home here for more than one generation.

 

For any questions that you may have regarding UBC real estate please feel free to contact UBC Homes anytime to begin the process with a friendly conversation.

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