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Buying An Abbotsford “Fixer Upper” |
There are many types of residential properties that can be purchased for a lower price because it is in need of repairs, fixed up and then sold for a hefty profit. Generally, single family homes, multi family dwellings and apartment buildings are the most common choices. When considering these type of investment, you must have a strategic plan to locate the right property.
The key factors to look for in selecting real estate investments in Vancouver, Richmond, Burnaby, Surrey, Coquitlam, New West, Maple Ridge and Abbotsford is to consider the location! Look for the neighborhood where people are renovating holder houses. This positive image of rejuvenation will help to sell your investment. Your new property should be close to all amenities and not isolated from transportation. Does the home have more owner’s then tenants? Look for new construction such as shopping centers and other nearby development.
The property should have potential for renovation without problems from city hall. If you are buying a “non-conforming” property, you could have a problem. This mean, the property conformed ot the original zoning and building bylaws. However it does not currently conform because of municipal changes to the bylaws. You may be upgraded to do upgrades that conform to current requirements. This can be expensive and financially unattractive to your new investment. Now it’s time to make your selection! Call your local Fraser Valley realtor and make the offer!
Now that you have your property, make sure you are failures with the renovation process. If you are not experienced, consider taking courses in the lower mainland or reading books in your public library. Check out magazines or get advice from your expert friend. Try and be realistic and focus on the types of renovations and types of renovation properties you are considering. Certain types of renovations get a better return form your money. Generally cosmetic additions to the kitchen and bathrooms will add the most value to your Fraser Valley investment. Have your personal goals and investment goals clear so that your renovations do not get out of hand and over budget. Consider having an architect or home decorator come and visit your property to give you ideas on how it can be improved. Look in the Yellow Pages for “architects”. Have at least three contractors give you written quotes on the cost of the renovations in the city of choice. Refer back to their written quotes when it comes time to get the job done! You may want to consider doing a feasibility study to determine if the whole exercise makes financial sense. If the property is already a revenue property, analyze the previous expense history. It may be wise to leave it as is and keep it as a rental property. You can always come back to your property at a later time and improve the home. Finally, if the property still looks attractive after you have followed all the previous steps. Then it is time for your potential investment objective to be reviewed by your accountant and lawyer before you make your final decision!
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Our rental network helps to find quality homes, apartments or vacation rentals in Canada's Fraser Valley area. Visit the website RentAbbotsford.com for more information on Fraser Valley Homes and Apartments for Sale or Rent.
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