SOURCE: Mew & Company

MEW & Company CPA Logo

July 13, 2017 18:42 ET

Vancouver Professional Accountants Caution Condo Buyers

Vancouver professional accountants advise buyers to plan ahead when pre-buying

VANCOUVER, BC--(Marketwired - July 13, 2017) - The professional accountants at Mew+Company understand that buying a home is an exciting prospect. As the condo and townhouse market heats up once again, it's important for pre-buyers to understand that even after paying the affordable deposit, they'll still need to qualify for a mortgage once construction is complete. For more, go to: http://www.mewco.ca/blog/condo-rush-vancouver-bc-mortgage-caution/

Signing up for a pre-buy when the initial deposit required is as low as $5000 can be tempting. After all, who wants to pay rent forever? However, even with tantalizingly low interest rates, it's vital for investors to plan for a day three years down the road when the unit is completed and financing is required.

There are several factors that can jeopardize a mortgage qualification. A few examples include a marital breakdown where spousal payments are required, a job loss due to an economic downturn, or a business contraction, especially if individuals are self-employed or small business owners.

Banks and lenders generally require personal and business tax returns for the last two years as part of the process of assessing credit worthiness. If business has been slow, steps will need to be taken to ensure an individual can qualify for a mortgage when it's time. It's also important to note that renewals are not automatic. A sudden change in income can complicate the process, leaving homeowners stumbling for solutions.

The point is that if future income is uncertain for any reason, it's important to turn it around before applying for a mortgage. Don't wait until the condo is built, or you could risk forfeiting your deposit.

About the Company

At Mew + Company, we've got the solution to your taxation problems. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields-including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to http://mewco.ca/

Contact Information

  • Lilly Woo, CPA, CA, CFE, CFP
    Mew + Company Chartered Professional Accountants
    604 688 9198
    Company Website: http://www.mewco.ca