Whether you are a seasoned investor or new to the idea, the Mike and Will Team can help you. The purchasing process is the same for an investor, but there are some important differences in terms of financing. Banks require a minimum 20% down payment for a secondary home. Banks also often will not finance properties when an owner owns more than 4 homes already. For more information on this please speak with you bank or mortgage broker.
Investing Shouldn’t Be Guess Work
As experienced realtors, we have helped many clients over the years reach their retirement goals through real estate. Finding a property that yields high returns through either flipping or renting can be difficult, but with our intimate knowledge of Vancouver, we can help you make informed decisions to minimize the risks involved with real estate investment. Details like neighbourhood amenities, average rental rates, and vacancy rates are all insight that will help you make smart decisions. We have personal experience in owning rental properties and renovations and will use our knowledge to help guide you.
New to Real Estate Investment?
If you are a first-time investor, there are several things you should keep in mind while you get started toward your real estate investing dream. Knowing where to get the right mortgage, any tax implications, and finding a reliable property management company are all integral to investment success. I can connect you with the right professionals and help to streamline the whole process so you reach your property ownership goals faster.
Quick Tips For Getting Started
There are a lot of details to consider when house hunting for an investment property. Here are a few things to keep in mind when looking for your next real estate investment:
Have a goal
Have a budget
Know your price range
Look at area real estate trends
Don’t rush into a deal
The speculation and vacancy tax is a key measure in tackling the housing crisis in major urban centres in British Columbia, where home prices and rents have skyrocketed out of reach for many British Columbians.
The speculation and vacancy tax is a part of government’s 30-Point Plan to make housing more affordable for people in our province.
This new annual tax is designed to:
- Target foreign and domestic speculators who own residences in B.C. but don’t pay taxes here
- Turn empty homes into good housing for people
- Raise revenue that will directly support affordable housing
All owners of residential property in the designated taxable regions of BC must complete an annual declaration. Over 99% of British Columbians are estimated to be exempt from the tax. If you are buying a pre-sale property with the intention of selling it at completion, or planning to buy a home and leave it empty, it is very important to consider these extra tax implications.