House for sale in Comox BC

Are You Ready to Buy a House in the Comox Valley?

Buying a home is a dream for many Canadians. If you’ve been renting for the last little while, you might be wondering when is the best time to buy. Owning a house is a great way to bolster your financial security and build equity. Although renting a home in Comox can provide you with freedom and less responsibility, you’ll eventually find yourself ready to be a homeowner. From unexpected rent increases to wanting your own space, there are a variety of reasons why renters ultimately end up buying a place of their own. So, how do you determine if you’re ready to buy? To help you out, we listed six different reasons that you’re ready to own a house in the Comox Valley.

Signs to Buy a House in the Comox Valley

  1. Your Rent is Going up

As a renter, you know all too well the troubles of annual rent increases. When your rent goes up each year, it becomes difficult to afford monthly costs while also saving for the future. This may have you feeling like you’re throwing away your hard-earned money. Dissimilar to renting, owning a house allows you to invest your money into an asset that’s yours. You also have full control over what you do, who lives in your space (e.g. pets), and what renovations you want to make. If you’re sick of rent increases, consider owning a house and investing in a property of your own. 

  1. You Have Good Credit

Credit is often a major component that holds renters back from purchasing their own house. If you have good credit (around 650), then you will likely qualify for a mortgage. The healthier your credit score is, the better chances you have at securing a great mortgage. Not to mention, the easier it will be for you to get approved. If you have excellent credit, it might be time to think about ending your lease and purchasing a home that’s yours. 

  1. You’re Able to Put Down Enough Money

Your down payment is almost as important as your credit score when it comes to buying a home. Having a solid down payment will help you out down the road. The more you put down on your home, the more you’ll save in mortgage costs. Additionally, having a substantial down payment (20% or more) will ensure that you don’t need mortgage default insurance. Besides your down payment, it is also important that you have enough saved to cover closing costs, any immediate repairs, maintenance, and emergency funds. 

Additional Signs

  1. It Makes Sense for Your Lifestyle

Owning a house is a big lifestyle change. So, the question is, are you ready to take on that commitment? When you buy a home, it’s crucial that you are ready to settle down for a while. If you know that you will be moving in the near future, it’s probably best to continue renting. You’ll want to be able to live in the home long enough to either make a profit on your investment, or at minimum, break even. It is much easier to terminate a lease than it is to sell a house, so keep this in mind while deciding what the best course of action is for you.

  1. You Can Manage Your Debt

Debt management is another key aspect that can help you determine your financial readiness for buying a house. Lenders pay close attention to your debt-to-income ratio when you apply for a mortgage. While no lender expects you to be free of debt, too high of a ratio can cause you to be denied a loan. This is because the more debt you have, the more risk you pose to the lender. Be sure to consider this before making the choice to purchase a house. 

  1. You Know What You Want

Before you buy a house, it’s a good idea to know what you want. This means determining where you want to live, what kind of property you want to live in, and what needs to be in the area. These are big decisions that you likely won’t have the answer to right away. Spend some time in different Comox neighbourhoods at different hours of the day to help you find the best location. Moreover, talk with your agent to see if they can provide you with some insight.

Contact us Today!

If you are curious about buying a house in the Comox Valley, we encourage you to contact us today! If you have any questions about properties in the area, be sure to reach out to us! We are excited to get your fall real estate goals on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

comox condos for sale

How to Add Value to Condos in the Comox Valley?

Home renovations are a great way to add value to your property. However, it is important that you choose the right upgrades for your space. After all, making the wrong renovations can end up hurting your return on investment. The best remodelling projects will ensure that your home doesn’t exceed the average price point of similar homes in your area. You want to make sure that when all is said and done, your home has the updated features and finishes without being on the upper end of the price spectrum for comparable properties. In this article, we are going to be going over everything you need to know about renovating condos in the Comox Valley. Follow along below to learn more!

Before you Begin…

Before you can begin doing renovations in a condo, you will need to get written approval from your strata. There are very few renovations that homeowners can conduct without prior approval from their strata board. If you are planning on doing any sort of rewiring, altering plumbing, or removing walls that will need written consent beforehand. 

Instead of waiting for your strata council to meet, you can send them an email to speed up the process. In your E-mail, be sure to break down each project into small steps. You’ll also want to include your anticipated start and finish dates, building permits, and insurance information. 

Ideas for Renovating Condos in the Comox Valley

  1. New Flooring/Soundproofing

Condos are often constructed with carpet since it helps to dampen noise throughout the building. However, carpeted floors are not favourable for most buyers. Especially, if they are in rough shape or outdated. By updating the flooring in your condo you can get a better ROI. Installing hardwood flooring or replacing old carpets with new ones is a good idea. Whatever flooring you choose, you want to make sure that it’s easy to clean and maintain. 

  1. Energy Efficient, Quiet Appliances

Nobody likes a loud washer and dryer. Or, a dishwasher that doesn’t clean the dishes. If you notice that your appliances are starting to go, it’s a good idea to replace them. Buyers often search for homes with new appliances since they tend to be more energy efficient. Not to mention, more aesthetically pleasing. If you’re thinking of updating your appliances, choose models that are stainless steel. By installing them prior to listing, you can make them a point of sale! 

  1. Maximize Your Kitchen Space

In a condo, maximizing space is everything. So, if you can make your kitchen feel or look bigger, it’s probably a good idea. One of the best ways to improve your kitchen is by adding more counter space. If you have room for a kitchen island or the potential for more counter space, capitalize on it! While you’re at it, consider replacing old laminate countertops with granite, quartz, or marble. This will instantly elevate your kitchen!

More Valuable Remodelling Projects!

  1. Add Built-in Storage Wherever Possible

Storage comes at a premium in condos. From cabinetry to closet systems, it all makes a big difference in how you are able to store your belongings. Smart storage systems are essential in small homes because they help maximize the space that you have. Additionally, the level of storage that your unit possesses can make the difference between your listing and someone else’s. Having great storage will help reduce clutter, promote organization, and create more living space. Talk with a contractor about how you can add built-in storage solutions to your condo. 

  1. Upgrade Doors to Save Space

Upgrading your condo’s doors is a great way to maximize space and update the look of your unit. Most condo doors were chosen by the developer because of their affordability rather than their functionality for the space. Consider replacing closet doors with sliding or bi-fold doors. Bonus points if they are mirrored! You can also change out the hardware on your doors or repaint them for an updated look. Sometimes the simplest changes can make all the difference. 

  1. Don’t be Afraid to Repaint

If you want to update your condo but are on a tight budget, consider repainting. Sometimes, all it takes is a fresh coat of paint to revamp your space completely. If you’re planning on selling right away, choosing neutral colours is best. 

Contact us About Condos in the Comox Valley Today

If you are curious about what other things you can do to up the value of your condo in the Comox Valley, we encourage you to contact us today! If you have any questions about homes in the area, be sure to reach out to us! We are excited to get your summer real estate goals on track. A condo in Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.