Silver Hill Mortgage | Private Mortgage Lenders in British Columbia: Blog – Silver Hill Mortgage Corp. Debt Guru

Top things to consider when purchasing an investment property to renovate

When you are selecting a real estate investment property to renovate in British Columbia, here are 6 main factors to focus on:

Neighborhood

The location and neighborhood should be pleasant and attractive. The neighborhood should be safe, crime free and preferably family oriented. Whether you’re looking for a real estate investment in West Kelowna or a townhouse in Surrey, location in these cities certainly matters.

Renovation permits and requirements

​The property should be easy to renovate, meaning there is no need to obtain numerous permits and applications from municipal authorities. Depending on whether you are purchasing a rental or investment property to renovate in Kelowna, Kamloops, Vancouver, Victoria or Langley, make sure you understand the different requirements from municipal authorities to make renovating as smooth as possible. It is best to avoid as little resistance from a third party and to streamline the process. Find a home that has the fewest major renovation hurdles to overcome. Try to avoid situations involving problems with the building’s foundation and structure.

Access to amenities and walk score

Make sure the property has access to as many amenities as possible. These amenities would include stores, public transportation, schools and even health centers and hospitals. It’s a benefit to have many of these amenities as close to home as possible, whether you’re looking to rent the space or sell it for a profit.

Location

Avoid very isolated properties. Perhaps the price is much lower for properties located further from major cities, but they are not always as desirable. This is for the obvious reason that location is what sells and makes the property extremely desirable. The best location usually yields the best results, which should be a factor to consider when investing in British Columbia real estate.

Good know-how

​Incorporate good quality and remarkable craftsmanship into the renovation work to be carried out. Visible appreciation and recognition of the work accomplished should be obtained. Take pride in the renovation and make sure the job is done right by a professional. Avoid taking shortcuts and try not to compromise on certain aspects if you can avoid it.

New developments

Look for a location where a lot of new construction and renovations are happening. The construction activity and atmosphere will complement the property you are renovating. This will resonate an attractive image as you beautify the upcoming property.