There are many types of residential properties that can be purchased at a lower price because they are in need of repairs, fixes, and then sold for a large profit. In general, single-family homes, multi-family homes, and apartment buildings are the most common options. When considering this type of investment, you must have a strategic plan to locate the right property.

The key factors to consider when selecting real estate investments in Vancouver, Richmond, Burnaby, Surrey, Coquitlam, New West, Maple Ridge and Abbotsford is to consider location. Find the neighborhood where people are renovating the homes of the incumbents. This positive image of rejuvenation will help sell your investment. Your new property must be close to all services and not isolated from transport. Does the house have more owners than tenants? Look for new construction such as shopping malls and other developments nearby.

The property must have potential for renovation without problems from the council. If you are buying a “non-conforming” property, you could have a problem. This means that the property conformed to the original zoning and building statutes. However, it is not currently adjusted due to municipal changes in statutes. You may be upgraded for updates to meet current requirements. This can be expensive and financially unattractive for your new investment. Now is the time to make your selection! Call your local Fraser Valley real estate agent and make the offer!

Now that you have your property, make sure you are failing with the renovation process. If you’re inexperienced, consider taking courses on the lower mainland or reading books at your public library. Check magazines or get advice from your knowledgeable friend. Try to be realistic and focus on the types of renovations and types of renovation properties you are considering. Certain types of renovations get better bang for your buck. Generally, cosmetic additions to the kitchen and bathrooms will add the most value to your Fraser Valley investment. Be clear about your personal and investment objectives so that your reforms do not get out of hand and exceed the budget. Consider having an architect or home decorator come to 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 provide you with written quotes on the cost of renovations in the city of your choice. Check back on your written quotes when it’s time to get the job done! You may want to consider conducting a feasibility study to determine if the whole exercise makes financial sense. If the property is already an income property, look at the previous spending history. It may be convenient to leave it as it is and keep it as a rental property. You can always come back to your property at a later time and improve the house. Finally, if the property still looks attractive after all the steps above have been followed. Then it’s time for your accountant and attorney to review your potential investment objective before making your final decision!