income property renovations Archives

The pros and cons of buying an income property in Vancouver in 2019

18 10, 2019

The pros and cons of buying an income property in Vancouver in 2019

By Vaughn at Flipside Homes|2019-10-02T16:59:23-07:00October 18th, 2019|Investment Properties|

With Vancouver's real estate market returning to "more typical levels", now may be the time to consider investing in an income property. Not sure if buying an income property in Vancouver is right for you? We have put together some pros and cons to help you decide. The pros of buying an income property in Vancouver 1. Predictable monthly income An income property in Vancouver can be a reliable source of revenue as long as you have tenants in the home. Who would not want to make additional money every month? The best part is that when you are done with your income property, you can always put it back on the market. 2. Increasing property values Property values are generally trending up. That means if you can buy the right property at the right price, you are going to

How to price the rent for your Vancouver income property

12 04, 2019

How to price the rent for your Vancouver income property

By Vaughn at Flipside Homes|2019-01-25T14:09:29-08:00April 12th, 2019|Investment Properties|

Before buying any Vancouver income property, you need to look at the rent you could charge. Would you be able to cover your expenses? Or make a profit? Figuring this out will allow you to assess if you should buy a certain Vancouver income property. Not sure how to make this assessment? Today we will teach you the way to do it! The costs of your Vancouver income property The first element you need to look at in relation to your potential Vancouver income property is expenses. Make a list of all the expenses you need to consider. Here are a few items to get you started… 1. Down payment Think about the size of the down payment you will be making. Remember that the more you put down, the smaller your mortgage will be. 2. Mortgage How much will

Should you renovate your Vancouver income property?

6 04, 2018

Should you renovate your Vancouver income property?

By Vaughn at Flipside Homes|2018-03-23T08:52:17-07:00April 6th, 2018|Investment Properties|

It is not hard to see the benefits of a Vancouver income property. It's common knowledge around the Lower Mainland that there is always plenty of money to be made in income properties. Yet, it can be hard to know when to put cash into your income property, and when to renovate it. The benefits of renovating your Vancouver income property Renovating your Vancouver income property has an immediate, noticeable financial impact. Renovations will increase the perceived value of the property, allowing you to charge a higher rent to reflect the upgrades you have made. A renovation also helps keep long-term tenants happy, especially if the upgrades are ones they have been asking for. For those between tenants, a renovation can make the space appear fresh, drawing new people in. Remember that renovations are not all or nothing, so

Tax tips: How to claim your income property renovation costs

2 03, 2018

Tax tips: How to claim your income property renovation costs

By Vaughn at Flipside Homes|2018-03-15T17:19:12-07:00March 2nd, 2018|Investment Properties|

It is important to know the dos and don’ts of income property renovations. You cannot maximize the return on your investment property without considering taxes. That is why, in preparation for tax season, we are giving you our tips on how to claim the costs of your income property renovation. Our top tips on how to claim the costs of your income property renovation 1. Know what you can claim When it comes to taxes, it is important to know what you are able to claim. One of the main categories you can use to claim the costs of your income property renovations is capital expenses. What are capital expenses? According to the Canada Revenue Agency, they are “renovations and repairs that extend the useful life of your property or improve it beyond its original condition”. For example, if you

How staging your home can increase your investment property resale value

26 01, 2018

How staging your home can increase your investment property resale value

By Vaughn at Flipside Homes|2018-01-22T10:32:13-08:00January 26th, 2018|Investment Properties|

Having an investment property is all about profit. If you are looking to resell, one of the most effective ways to maximize your value is to have your investment property staged before putting it on the market. However, not all staging is created equal, so how do you get the most bang for your staging buck? Staging tips and tricks to help maximize your investment property’s resale value 1. Don’t forget about the outside First impressions are important, especially when it comes to homes. While many people stage the inside of their investment properties, few people remember to think about the outside. Staging the outside of a property is a big project, and it can suck up both time and money. So if you are on a budget or have little time to stage your property, we suggest that you

Income property renovations Vancouver: Appealing to your buyer

6 01, 2018

Income property renovations Vancouver: Appealing to your buyer

By Vaughn at Flipside Homes|2017-12-15T23:31:55-08:00January 6th, 2018|Investment Properties|

When you are looking to use a house as an income property, appealing to your renter or buyer is key. Renovations can help ensure your place is desirable… but only if you make choices with both high buyer appeal and return on investment. How do you make sure your Vancouver income property renovations meet these two criteria? You follow a simple set of do’s and don’t’s… The Do’s of Vancouver income property renovations Do focus on functionality. Functionality is a high priority for most buyers. Therefore, when you are planning your Vancouver income property renovations, take the time to walk through the house, considering what you would need in the space. Keep an eye on details, such as if there is enough storage space in the house. Trust us that, if a home is functional, it will be much more

Renovating an income property: How a project manager can help

2 12, 2017

Renovating an income property: How a project manager can help

By Vaughn at Flipside Homes|2018-03-15T18:00:59-07:00December 2nd, 2017|Investment Properties, Renovation Tips|

Budget is of utmost importance in an income property. That’s because an income property is a business – not a home – for the property owner. Whether you’ve purchased an income property recently, or a few years have passed and it’s time to renovate, renovating an income property should be executed differently than a home. In our experience, income property owners benefit greatly from the business-minded advice and experience of a renovation project manager during these times. Here is why. Your income property is a business You probably didn’t buy your income property just for fun – this is an investment that you expect to generate some healthy financial returns for your family. In Vancouver, investment property owners must run a tight ship – real estate prices are impossibly high, yet rents rarely cover your monthly costs. That’s why,