Ways to Save Money to Buy a Home in Vancouver

In many areas of Vancouver, any realtor will tell you that there is a serious shortage of rental real estate; allied to the fact lending rates are extremely competitive, this means that renovation projects and the construction of new build houses, condos and townhomes are both attractive propositions at the moment. First time buyers in BC find themselves in an enviable position.

Saving

Getting money for that down payment is as much a psychological issue as it is a practical one. There are a multitude of ways that you could save money, but most require a mind-set change and an adjustment to your lifestyle; don’t “try” to save, actually get it done!

Taking this into account, here are our top tips for saving to buy a home in Vancouver.

Check your spending habits

Most people don’t have an accurate picture of their outgoings and spending on a monthly basis; start here by writing everything down and when every cent is accounted for you can start to understand where savings can be made. Use a spreadsheet or an app to record your results!

Build a proper budget

After recording your spending for a couple of months, build out a budget that maximises the amount that you can save; every dollar and cent counts!

You should have kept all of your expenses separate by type so you know what you can whittle away from grocery shopping and where you could make savings on personal spending for example.

No drastic cuts

You should resist the temptation to slash your budgets too far. Be realistic because, just as with dieting, if you make too many cuts life becomes less enjoyable and you’re more likely to fall off that saving wagon!

Groceries

You can make big savings here. Shop around for supermarket own brand alternatives, use coupon sites to find the best deals and check out the bargain isles too. Remember that meats can be frozen even if they are close to their sell by date, so shop around for those bargains.

Get sorting

Remember those trousers that you never wore? Or the box sets in the cupboard that you never watch anymore? Well now is the time to sell them! Use EBay, Facebook Market Place or even local flea markets to sell off some of the stuff you don’t use anymore; convert them into cold hard cash which can go towards your dream home in Vancouver!

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For more Vancouver real estate tips, contact Paul Eviston (604-737-8865) or his team of Vancouver real estate agents at Remax Select Properties. Our office is located in Kerrisdale, Vancouver and we specialize in Downtown Vancouver, East Vancouver and Westside Vancouver real estate | Learn more at www.pauleviston.com