Finding a way to get into Real Estate and the market is the key. Once you are in the market things become a little bit more clearer and less frightening. Really what you need to do is find a great Realtor (us) and start moving towards your goals. Until then do some research and get to understand what to look for.
Pre-sales – What’s nice about pre-sales is that you get to buy a property in today’s dollars but get to move in down the road. That’s when the money starts to happen. Of course you need to be able to afford the down payment. Then you can purchase a pre-sale and sit on it as it appreciates. In this market it should grow as the months go on and is still being finished. Maybe you want to assign the contract down the road before it is even finished. Odds are you will be making some money in that time.
Read our previous blog on Pre-Sales here.
Area – knowing the area you are considering is key. When you understand the growth that’s about to happen you can find some gems out there. Ones that can make you some money. So imagine this, you buy a property near an area that’s going to be growing. You see that the growth has no choice but to come your way. There may be a good chance that a developer will come knocking on your door. They may want to buy your place or complex in the thought of building a tower on it.
Think about looking in areas that are adding more transportation like the skytrain. Also consider a property close to schools, hospitals and shopping. This is where city planners need to consider adding homes and where developments start.
Think Outside The Box – So in this market it obvious that Vancouver is going crazy. So why not think outside the box meaning look in the suburbs. Like the Tri-cities or Abbotsford. Find that 2 bedroom that allows pets and rentals. Find a place close to transportation, school, college, hospitals, or senior homes.
You will be able to buy for low and rent for high. Your tenants will pay off the mortgage. You only need to invest your down payment of 20%. Your property will appreciate in value and odds are you’ll be making a positive cash flow from your rent.
These are just some tips and ideas to help you make an educated decision along the way. Remember to always do your research but if you want some help. We’re only a text, call or email away.