investment property 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

5 investment property renovations you should do during a buyer’s market

14 06, 2019

5 investment property renovations you should do during a buyer’s market

By Vaughn at Flipside Homes|2019-05-23T17:35:18-07:00June 14th, 2019|Investment Properties|

Right now, Vancouver is a buyer’s market. This may seem surprising; but, with prices having skyrocketed over the past few years and properties flooding the market, it has seen a decline. Currently, sales in Vancouver are at their lowest point in many years. But, what does all of this mean for you? How do you stand out in this challenging market? One of the best ways is to make your home more appealing to buyers. In order to do this, you may need to engage in some investment property renovations. Before doing that, however, it is important to consider which renovations are the right fit for your property. How to use investment property renovations to your advantage in a buyer’s market In a buyer’s market, there are more homes than there are buyers. This means that sellers must entice buyers

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

5 ways to increase the value of your investment property in Vancouver using paint

14 12, 2018

5 ways to increase the value of your investment property in Vancouver using paint

By Vaughn at Flipside Homes|2018-09-23T21:54:47-07:00December 14th, 2018|Investment Properties|

Having an investment property in Vancouver is almost always a guarantee of a good return on your money. In order to make the most of your investment, however, you have to maximize the value of your property. How do you do that? An easy way to add value to your investment property in Vancouver: paint It may sound silly, but paint is actually a simple, inexpensive way to boost the value of your investment property in Vancouver. The trick is to use the paint in these five specific ways. 1. Paint the front door dark Zillow did an analysis of over 135,000 photos and homes, discovering that a dark front door can add over $6,000 to a home’s value. This is more than any other paint colour in any other part of a house. So why is a dark front

5 red flags to watch out for when purchasing an investment property in Vancouver

20 07, 2018

5 red flags to watch out for when purchasing an investment property in Vancouver

By Vaughn at Flipside Homes|2018-06-20T13:11:15-07:00July 20th, 2018|Investment Properties|

It’s a good time to be looking at buying an Investment property in Vancouver right now. But how do you ensure you don’t end up with a lemon? There are a few warnings signs to watch out for when you are on the hunt for an investment property in Vancouver. The 5 warning signs that an investment property in Vancouver could be a lemon 1. It is in a bad neighbourhood If the neighbourhood is bad, you are generally going to have a more difficult time reselling your investment property in Vancouver. How do you know the calibre of the neighbourhood though? First, take a look around. Are there lots of empty storefronts? Are the streets dirty? Do the buildings seem rundown? If so, you are likely looking at an area on the decline. While your eyes can help

How to choose the right neighbourhood for your investment property

8 06, 2018

How to choose the right neighbourhood for your investment property

By Vaughn at Flipside Homes|2018-05-22T11:47:13-07:00June 8th, 2018|Investment Properties|

When home hunting, renters and buyers tend to look at the neighbourhood that appeals most to them. However, when shopping for an investment property, there are a certain set of qualities to look for in the neighbourhood where you will buy in order to get the best return on your investment. What you should look for in a neighbourhood for your investment property 1. What does this neighbourhood offer? If you plan on renting out or flipping a property, amenities could be the factor that makes or breaks a deal. Therefore, you want to make sure you look into what each neighbourhood has to offer. Think about what would appeal to the kind of renter or buyer you are hoping to attract. For example, if you are purchasing an investment property by a university, you want to look amenities that

Buying an income property in Vancouver? What you need to know first

18 05, 2018

Buying an income property in Vancouver? What you need to know first

By Vaughn at Flipside Homes|2018-04-24T13:11:46-07:00May 18th, 2018|Investment Properties|

With rental prices skyrocketing, it is the perfect time to have an income property in Vancouver. Having an income property in Vancouver, however, is not as simple as just buying a home or condo and renting it out. So what do you need to know before purchasing an income property? What you need to know before purchasing an income property in Vancouver 1. Rental laws It is important that you review the rental laws that govern your income property in Vancouver. These include laws related to the property, as well as those governing your rights and responsibilities as a landlord. To best protect yourself, consult with a real estate lawyer to review all relevant laws before you purchase an income property. 2. Regulations around short-term rentals This is especially important now as there are a number of new regulations governing

House vs. condo: Investment property renovation tips

4 05, 2018

House vs. condo: Investment property renovation tips

By Vaughn at Flipside Homes|2018-04-24T13:14:10-07:00May 4th, 2018|Investment Properties|

There are a lot of factors to consider when weighing up a house versus a condo as an investment property. One of the central questions, however, is how easy each one is to renovate. That is why we have put together a list comparing investment property renovations for houses versus condos. Investment property renovations: houses versus condos 1. Permits Major renovations to houses often require building permits in Vancouver and surrounding cities; you’ll also need permits to do work that changes or moves electrical wires, gas lines and plumbing. By contrast, most condo renovations just need the approval of the condo board – as long as electrical, gas and plumbing systems are not affected. In some cases, that can make the process easier; but, in others, it can become difficult to get any renovation through the board. 2. Materials With

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