What to Look for in an Investment Home

Dated: October 6 2019

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So you are in the market for an investment property. As a realtor I advice every real estate investor to look at many properties before purchasing an investment property. There are quite a few variables to think about that can either make or break the deal.

A Good Neighbourhood

You definitely do not want to take risk on your investment property by buying in a bad neighbourhood. Some of the troubles you will encounter are bad tenants, damaged property, late rent, unable to get the amount of rent that you need to cover your mortgage. One thing is investing in an upcoming area that is expectant to boom in the near future because the city is planning to build skytrain , and completely different thing is to invest in a poorly performing area. Rarely buying in bad neighbourhoods pays off, and it requires a lot more work on your part to bring the property to the desired performance.

Low Vacancy Rates

Browse what is available on the market. There are websites such as Vancouver.Craigslist.Ca and Kijiji that you can browse and get acquaint with. Browse for properties in your desired neighbourhood. How long are the rentals available on the market? Do a thorough research on competition out there, to ensure you do not run into problems finding a tenant for your property. Low vacany rates (as such is the case currently in Vancouver) suggests that there is a high demand in the area, so finding a great tenant should not be a problem.

Tenant in Place

Often when buying a property you can save a lot of time and money if the property is already rented out to tenants. That way you will save time on screening, spending time on showing and answering a lot of questions. You will save time from interviewing tenants and hoping you will get the right person. Buying a tenanted property will immediately bring you income from the property, as opposed to having a vacant property.

Renters Demographics of the Area

Who rents in your chosen area? What is the demographics, how old are they, what their jobs and income are? Depending on the crowd the neighbourhood attracts, you can market your property accordingly. If the area is family friendly such as Willoughby in Langley, you should focus on the spaciousness of your investment property, focus on the proximity to local parks and nearby elementary and secondary schools. If the neighbourhood attracts younger, single crowds you can focus your marketing efforts towards the features of the property that make great for entertaining. Discuss nearby restaurants, nightlife.

Always make sure you are abiding by the Human Rights

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Momo Kanev

Momo Kanev, exemplifies integrity, energy, hard work and creativity in every detail of the real estate transaction process. Momo, has over 10 years of experience in the construction industry. He speci....

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