North Vancouver houses for sale boast some of the area’s most exclusive homes, making the area a real estate investor’s dream. Whether your interest lies in developing a luxurious vacation rental or flipping a mansion for sale, you’re in the right market when it comes to desirability and attracting elite clientele. Though these real estate markets are perfectly tailored to be a real estate investor’s dream, it’s important that investors approach their investments with a solid plan of action. Make note of these helpful real estate investment tips when investing in luxury real estate in North Vancouver.
Become crystal clear on investment goals
Before taking a deep dive into prospective real estate investment gems, you must become crystal clear on what your investment goals are to reach an in-depth understanding of what elements your investment property should have. Are you looking to invest in luxury condominium rentals? If so, first do your research to hone your goals. Ask a leading real estate agent in the market you’ve got your eye on for the appraised market values of luxury condominiums in the area. How much money do you want to make each year with your investment property?
Knowing what the current real estate market is like and its projected future over the next couple of years is key. After factoring in all of your expenses, would you be able to meet your goal? Are you looking for a monetary gain with a single real estate sale? If so, get a clear idea of what kind of profit you’re after and take the time to discuss these goals with your real estate agent. They’ll be able to clue you in on which neighborhoods attract the most residents and what luxury housing trends are especially popular so you can choose a home with a high chance of quickly selling. The clearer you are on how much money you would like to make, what your timelines are, and how much you’re willing to invest, the better, so your real estate agent can use this information to help you create an informed game plan on how to best achieve these goals.
Look for unique features
Remember: just because a home or property is large or highly-priced doesn’t mean it is inherently higher in value. Though it may be a spacious home, window placements could be less than ideal, or heating and cooling systems may require pricey updates. There could be structural issues with the home, putting a sizable dent in its resale value. Even if there are no issues with the house, extra space does not always trump the charm of an artfully designed home.
Quality shines brighter than quantity, so it’s crucial to investigate every home’s key features and craftsmanship. Was your prospective investment property designed by a highly acclaimed architect? Is there a custom-built feature in the home that can’t be recreated anywhere? Are there architectural designs in this home that you’ve never seen before in any other luxury homes? The rarer, the better. Keep this in mind, and don’t let a large lot or high price trick you into believing it will be inherently more desirable because of its size or price.
Keep local amenities on your radar
When considering luxury real estate investment properties, buying a property close to desirable amenities is always a smart move. North Vancouver homes for sale sizzle due to their attractive proximal amenities. For example, north Vancouver is home to a plethora of enticing outdoor excursions like Grouse Mountain & Capilano Suspension Bridge Park, Lynn Canyon Park, and Deep Cove Park. When it comes to noteworthy dining experiences, north Vancouver delivers. Fitness studios, theaters, and top-tier skiing destinations color this town, adding value to any real estate investment property in this area.
When looking for an investment home, note what is within walking distance. Whatever amenities are within walking distance, be sure they aren’t so close that they feel they are practically in one’s front yard, however. This will not be an issue for most luxury real estate, but a sense of privacy and serenity in one’s investment property is important. However, residents and vacation goers love being able to take a short walk or easy drive to nearby amenities, so paying attention to their location is key.
Inspect for structural issues
This is a timeless standard when considering any real estate investment property, but these inspections must be done by the most thorough and professional home inspectors. No matter how luxe or recent the build of your prospective investment property is, being unaware of any structural or home health issues can be one of your greatest impediments to successfully investing in real estate. Be sure to request a copy of the seller’s disclosure from your real estate agent. If a recent home inspection report is not available, it is easy to schedule an appointment for one. Be sure to do so before making any major decisions.
If you plan to develop land, consult with a local architect about the state of your land and the kind of climate it possesses. Is it near any potential landslides? Be sure to ask your architect about the best terrain for building. Have your real estate agent help you find an ideal lot. Be sure you are keenly aware of neighborhood and city zoning laws before you buy so you don’t have to halt or overly compromise your design visions. What is the climate like where you’d like to build your investment property? Does it have a propensity for humidity during certain seasons? Ask your architect about humidity-resistant designs or sustainable heating systems. The more research and planning you invest for the longevity of your home, the more long-term success you’ll have with your investment property.
Work with Amir Miri to find the investment property of your dreams
Amir Miri is Vancouver’s leading exclusive real estate realtor. Connect with Amir to materialize your real estate investment visions.