The rental market is almost as crazy as the housing market right now. With prices on the rise its a great time to invest in something long term. I know a lot of people are looking to buy investment properties for the future but don’t know where to even start. Here are a few tips for buying an investment property in Maple Ridge:
- Look at the areas that are growing right now, not necessarily the area you like the most. When buying an investment property in Maple Ridge look at areas like East Central and West Central. Another place on the rise is Silver Valley. By looking at this development map, you can see growth in these areas is happening and by buying into it early your property would increase in price as the area is developed.
- On top of your pre-approval you want to look at what rent is going for in that particular area. By doing this you will know what type of properties you can look at. For example: if you are wanting a one bedroom condo in East Central you should look at how much similar properties are on the rental market then subtract what your mortgage and strata fees would be. I would also subtract monthly bills if you plan on paying for them such as electrical and water. From that you will get how much you would profit each month on this rental.
- Look at the building or properties condition! If you can see there is a ton of work to be done on the building itself, you would want to factor that in to the purchase or avoid it all together. A good indicator to tell if its a good building or strata is to look for lower strata fees or a larger contingency reserve fund.
- Knowing how much work you would like to put into the property/unit. Are you looking for a complete fixer upper? or Do you want something you can rent out right away? These questions are important because it could help factor in how much you should spend on the property/unit at hand.
- Check to see how close to transit and shops the property/unit is. This can help bring more renters to your property/unit because it is easier for someone without a car to get around.
- Who is going to be looking after the tenant and property? Knowing who is going to be looking after the property/unit is very important because the unit will need maintenance from time to time. You have a few options: yourself, a friend/family, a property manager or a rental agent.
- How many rentals do you want to have? Is it worth paying more for one detached house with a suite or two condos? It all depends on the type of tenants you want to have in your property.
This can be a hard and confusing process for most people especially when purchasing your first investment, thats why finding a great agent like me, who works specializes in first time home buyers and investors.
If you are looking to buy investment properties for the future but don’t know where to even start or if you are would like more information on having an investment property, Contact me at: 604-341-9937 or [email protected]