A key reason many people choose to rent instead of buying their own home is their reluctance to sign their name to a long-term mortgage agreement.

As a renter, you’ve probably already made a commitment to a fixed schedule of payments for housing – but instead of a mortgage, it’s a lease or rental agreement. In reality, rather than being a negative, one of the major advantages of a mortgage agreement is that payments can be locked in for an extended period—which can work in your favour. Your Landlord can increase your rental payments year over year so chances are you will be paying more three or even five years down the road. Your mortgage agreement can actually protect you from the unexpected increases you may experience when you rent.

Still, some people are intimidated by the large amount of debt that is represented by a mortgage agreement. Yet if you added up all the rental payments you could expect to pay over a space of many years, you may find that going the mortgage route is actually the more affordable of the two options. Plus, at the end of the process, renters are left with nothing to show but a pile of receipts.

Rent of $1400 a month over 5 years = $84,000

Lets say you bought a home and the Mortgage was 250,000. Your amortization was 25 years and your rate was 3% fixed for a 5 year term. Your payment would be just under $1200, which gives you room for property tax and insurance to put you up to that $1400 mark. The amount you pay in interest over the 5 years is $34,600. A difference of almost $50,000. Even if your home only keeps its value after those 5 years you will have gained $50,000 in equity. Much better than the alternative of paying $84,000 to someone else.

Let’s not lose sight of the biggest financial benefit of all.

The simple fact is, when you rent, you’re building someone else’s ownership equity in the property where you live. On the other hand, when you buy a home a portion of your mortgage payment builds personal equity for you. If you decide to sell sometime in the future, that equity is something you’ll take with you as you make your next move.

Lastly, let’s not forget the creative freedom and pride of ownership that comes with owning your own property. When you buy, you decide about the home improvements and decor changes you want to make. You decide colour schemes and where to hang that favourite picture. And you’ll also earn the added equity that any such improvements may add to your home. Spending money to improve a rental property just puts value in someone else’s pocket.

With today’s low mortgage rates and some creative financing, the cost of buying a home may be lower than you think.

If you’re tired of paying off someone else’s mortgage for them, then why not call me, David Delorme for a no obligation consultation with myself and Mike Huber of Lending Max to help you find out how to make your dream of home ownership a reality.

David Delorme - Coldwell Banker Horizon Realty - 778-821-3885

One of the biggest Developments to hit Vancouver for the next 10 years!

Just South of Marine Drive, between Kerr and Boundary, this unique development puts you right on the Fraser River. It manages to give off a tranqual sense of isolation while remaining in the city limits.

A few years ago there was next to nothing here. This will probably be the next “place to live” in Vancouver by the end of the development.

Highlights:

 - Stage 1 and 2 have completed, people have move in and there are now over 200 residence that can call the River District "home."

 - Stage 3(Shoreline)

Shoreline is a 4 storey building made up of just over 60 homes and the first community right on the water.

Construction on Shoreline will begin later this year, with completions scheduled for December 2014.
Prices here start at $399,900 plus tax for a two bedroom, two bathroom up on the third floor at approximately 857 square feet. It also includes some unique multilevel units that stretch to give you both north and south views starting around 500,000.

This building is nearly sold out!

- Over the next 5 years they will look to  start the next stage of development which includes:

    - an elementary school,

    - a highschool

    - commercial buildings 

    - community centre with full size soccer field

10 years from now we will all look back at this area and wonder what happened to it. We will most likely wish we had invested in the area in its early stages.

- Im having a BBQ in the area Sunday the 14th. If you are interested in seeing what the River District Offers. Please attend and I can give you a tour.

David Delorme

Sutton West Coast Realty

778-558-3885

Phase 2 - New Water

Phase 1 - Riverwalk

            View from Kerr and Marine Drive              Second Building Phase 2 - Residents starting to move in

 Plans for the residential phase of this 10-15year development stretching from Kerr to Boundary. Only the bottom Left corner has been started. As you can see, this area will be a great new aea when complete. Plus, its on the water!

Romers Burger bar at the heart of the development        Riverwalk pier overlooking the Fraser River

    Riverwalk pier overlooking the Fraser River

Here is a unique investment property in West Kelowna(Westbank).

35 FREEHOLD cottages

3 to 4 Bedrooms - 4 different layout options
Cottages start from $499,000
Located right on Lake Okanagan, surrounded by wineries and beautiful scenery.

Only a 10 minute drive to downtown Kelowna
350+ feet of private, low bank, sandy beach
Large grassy common area complete with children’s play ground, swimming pool and hot tub
Available boat slips
Rental program and management available
Year round living

If you are looking to purchase some property and the Vancouver Market isn't your thing, my recommendation would be the Bahia Principe in the Mayan Riviera.

Many of us have been here and done the all inclusive thing. However, to us golf enthusiasts, their new development is a very interesting venture.

For the price of a starter condo in Vancouver you can have a villa beside their 5 star golf course(I've played it and i agree! The greens and fairways are immaculate and the course is teaming with local wildlife).

You can add your unit to a rental pool. The expected rate of return is 10% if rented out 40% of the year. This leaves ample time for you to enjoy it while still getting a return on your investment.

Give me a call if you want more info - 778-558-3885

Below ive added some photos.