Before buying an investment property in Greater Vancouver and beautiful British Columbia, it’s important to consider several factors to ensure a successful investment. Here are some tips to consider before purchasing an investment property:

Think about financing early: Canadian banks are conservative when it comes to issuing mortgages for rental property investments. It’s important to think about financing early on and consider the likelihood of getting approved.

Avoid a fixer-upper for your first investment property: Buying a property that’s in good condition can save you from the hassle of renovations and unexpected costs if your are not a DIYer.

Account for operating expenses: Generally, a rental property’s operating expenses comprise 50% of its income. This includes maintenance, taxes, and insurance unique to owning a rental property.

Expect the unexpected: Prepare financially for unexpected circumstances such as tenant job loss or vacancies.

Establish management processes: Handling tenants, leases, security deposits, and escrow accounts requires specialized knowledge to ensure you stay within the law and manage your property professionally.

Identify necessary repairs: Consider the current condition of the property and calculate potential renovation costs.

Market to the right tenants: Finding good tenants who take care of your property is crucial for a successful rental property.

Vet potential tenants: Establish an interview and referral process to choose tenants who will take care of your property and pay rent on time.

Establish a process to collect rent and enforce late fees: Having a clear process for rent collection and late fees helps ensure timely payments.

Consider hiring a property manager: If you don’t have the time or local knowledge to manage the property yourself, hiring a property manager can be beneficial.

Research local rental market: Understanding the local rental market trends and demand can help you make informed decisions about pricing and potential returns.

Consult with professionals: Seek advice from real estate professionals, accountants, and lawyers who specialize in investment properties to ensure you have a comprehensive understanding of the legal and financial aspects.

Remember, investing in real estate requires careful planning and research. It’s important to evaluate your financial situation, goals, and risk tolerance before making any investment decisions.

WANT TO LEARN MORE?  GET STARTED TODAY BY CALLING GREATER VANCOUVER REAL ESTATE EXPERT & REALTOR LORI HAGGARTY AT 604-807-5711 OR EMAIL LORI@BETTERLIVINGSPACES.CA!

Before buying a vacation home in Greater Vancouver and beautful British Columbia, it’s important to consider several factors to ensure a smooth and enjoyable experience. Here are 5 TIPS to consider before purchasing your next dream vacation home:

Location, location, location: The location of your vacation home is crucial. Consider whether you want to be in the mountains for winter skiing or near a lake for water activities. Also, think about the distance from your primary residence and the ease of access. A slightly longer commute may result in significant travel time during peak seasons.

Weigh all the costs: Owning a vacation home involves more than just the purchase price. Factor in property taxes, insurance (which tends to be steeper for vacation homes), maintenance costs, and other carrying costs. Depending on the location, there might be additional costs such as maintaining a septic tank or making winterization upgrades.

Completely independent: Unlike developers’ sales staff, realtors work solely for you and can provide unbiased advice. They have extensive knowledge of the local real estate market and can help you review pros and cons of various pre-construction projects and floor plans within your budget.

Expertise: Realtors can provide valuable insights into neighborhoods, schools, transportation options, and other important factors that can impact your decision.

Negotiation skills: Realtors are skilled negotiators who can help you get the best possible price for your new home

WANT TO LEARN MORE?  GET STARTED TODAY BY CALLING GREATER VANCOUVER REAL ESTATE EXPERT & REALTOR LORI HAGGARTY AT 604-807-5711 OR EMAIL LORI@BETTERLIVINGSPACES.CA!

There are advantages and disadvantages to both buying a new development home and a resale home in Greater Vancouver. Here are some of the advantages of buying a resale home:

Lower Price: Resale homes are typically less expensive than new builds. Buyers can often purchase a larger home for the same amount of money with a resale than with new construction.

More Opportunities for Home Improvements: Resale homes may provide more opportunities for home improvements. Buyers can use the existing home as a base for building a unique property through modernization or expansion.

More Land: Resale homes typically have more land than newer properties because of changes in land-use patterns.

Established Neighborhoods: Resale homes are often in older, more convenient metro areas rather than in outlying suburbs.

Here are some of the advantages of buying a new development home in Greater Vancouver:

Customization: New construction homes provide the most choices and the ability to design every aspect of your home — everything between your foundation and your roof is yours to decide.

Fewer Maintenance Costs: New construction homes will usually look more modern and have fewer maintenance costs associated with it and come with a warranty.

Brand-New Community: New builds offer a brand-new community complete with new roads and usually newer facilities nearby.

Energy Efficiency: New builds are often built with energy efficiency in mind, which can save you money on utility bills in the long run.  Electric charging stations, greener construction solutions and more included.

WANT TO LEARN MORE?  GET STARTED TODAY BY CALLING GREATER VANCOUVER REAL ESTATE EXPERT & REALTOR LORI HAGGARTY AT 604-807-5711 OR EMAIL LORI@BETTERLIVINGSPACES.CA!

When buying a new development in Greater Vancouver, it is highly recommended to work with a realtor. Here are some reasons why:

Higher Risk: If you buy a condo presale directly from the developer, their sales staff represent the developer, not you. Their sole interest is in selling as many units as possible. If you do not have your own agent for your Vancouver Condo Presale purchase, you will have to sign a form called the Disclosure-of-Risks-to-Unrepresented-Parties. Also, when you buy a new condo without an agent, there is no errors and omissions insurance applicable to the transaction.

VIP Sales Events: Up to 50% of homes in a new development in Vancouver can be sold out before the public grand opening! In many cases VIP Previews or special sales events are held well in advance of sales starting. These exclusive events are by invitation only, often with priority previews by appointment. Realtors work hard to develop relationships with the best developers so that they can get their clients priority access to the hottest new developments. At many projects, they can get you VIP Access ahead of the public opening which allows you to get the best selection and prices on your condo presale purchase.

Completely Independent: Realtors do not represent any developer; they only work for you. There are a lot of new developments and Vancouver condo presales to choose from and they will help you review the pros and cons of all the pre-construction projects and floor plans that are available in your budget. Their primary goal is to find the absolute best home for you.

Expertise: Realtors have extensive knowledge of the local real estate market and can provide valuable insights into neighborhoods, schools, transportation options, and other important factors that can impact your decision.

Negotiation Skills: Realtors are skilled negotiators who can help you get the best possible price for your new home.

WANT TO LEARN MORE?  GET STARTED TODAY BY CALLING GREATER VANCOUVER REAL ESTATE EXPERT & REALTOR LORI HAGGARTY AT 604-807-5711 OR EMAIL LORI@BETTERLIVINGSPACES.CA!