Buying property is one of the most important business decisions you can make. As with any business decision, it is ideal to buy low so your investment increases value over time. This can be exceptionally difficult in Victoria, British Columbia’s hot housing market. I have a few techniques to help you reach a better position for future value.
Purchase your property in a lesser developed area.
By purchasing in Victoria’s outlying neighbourhoods, where the area may not be fully developed, you have an opportunity to stumble upon some truly great deals with future value. With only so much room (land) on South Vancouver Island, the demand for land is always growing. Victoria is a highly sought after location to work and live and a retirement destination for all of Canada. Some outlying neighbourhoods might take some time to see the increase in value that are looking for but it is all just a matter of time. Call me to discuss different neighbourhoods that I think have major future value.
Buying the lowest priced home in the neighbourhood.
Easier said than done, but if you are looking for a big return on future value, look for a fixer upper home in a popular neighbourhood. Patience to find the right house and neighbourhood is key, be selective! It takes planning, vision and a little elbow grease, but the future value after you are complete is huge. Attempting to buy the lowest priced home can be very competitive. Have your financing in place and organize an inspector to walk through with you before you make an offer. The less “subject to’s” in your offer, the more attractive to beat out the competition. Contact me for tips on Finding lower priced home’s NOT on the MLS or for tips on how to write attractive offers.
Buy a property in the development stage.
Maybe you are not interested in doing renovations and want to live close to town? Look at buying your property in the development or pre construction stage. Developers / Builders like to have their sales pipeline moving or would like to start planning on their next project. If you make an offer at this stage, you can (sometimes) get a discount off the price tag compared to the finished product price. There is much less flexibility towards a completed house or condo building. Be careful though on projects with long completion dates because if you buy too early and the real estate market conditions change, you are locked into that investment. Are looking for new construction? Let me know and I can discuss ideas with you!
Buying in Greater Victoria.
Buying Victoria BC Real Estate has been a safe investment for many years. If you plan to live in your home for 10-20 years, your timing will not matter. These are just a few techniques to get ahead in the highly competitive Victoria, British Columbia real estate market, if you would like to spend more time brainstorming your options, please contact me to review your game plan. I look forward to hearing from you!