Key Tips for Investing in Vancouver Real Estate from the Pros at Team Kerr

Over the past few years Vancouver homes have become quite the hot commodity.  If you are toying with the idea of investing in Vancouver real estate, or perhaps have already started searching for properties, there are a few crucial things to keep in mind.  As some of the most experienced East Vancouver real estate agents, the experts at Team Kerr have seen it all.  Check out these essential tips as you start or continue your home search, and reach out to your local East Vancouver real estate agents at Team Kerr when you are ready to start moving forward!

Eliminate your Emotions when Investing in Vancouver Real Estate

Perhaps the most critical error a homebuyer can make is to become emotionally invested in a potential property.  While a certain home or property may speak to you, it can be easy to get caught up in the excitement and put on the proverbial blinders.  Don’t let yourself, or your partner, pour too much of their heart into a potential property.  Many things can happen after your viewing, and the last thing you want is to invest all of your excitement into one home and set yourself up for disappointment if you do not have the opportunity (or financial backing) to be able to close.  

Devote Time and Energy into Creating a Budget

Buying a home, apartment, or condo will likely be the largest single investment you will make.  That being the case, it is necessary to have a thorough understanding of your personal finances.  To best do this, sit down and identify your income and expected income over the course of your mortgage, any necessary expenses you have on a regular basis, cost of living in Vancouver as it pertains to your lifestyle, the cost of the homes you are interested in, and any necessary improvements or modifications on those homes.  By painting this picture you will not only be able to better identify places in your price range, but you will also avoid any unwelcome surprises as you begin making offers and paying off the home of your dreams.  

Keep an Open Mind and be willing to Compromise

There are a lot of homes, apartments, and condos to choose from in the Vancouver area.  Each one will likely have something you really enjoy, and a rare few will meet every one of your specifications perfectly.  Because those absolutely perfect homes are difficult to find, you need to be willing to compromise.  One strategy that the East Vancouver real estate agents at Team Kerr have found helpful is creating a list of “must haves” and “desires” of your new home.  As you and your partner agree on the essential attributes, you will then be able to look at what you wish your home had and find properties with your most important desires.  By keeping an open mind when shopping for homes, you will have more places to look at, more financial freedom, and probably even find a few hidden gems that would have otherwise escaped your radar.  

Here at Team Kerr, we know better than anyone the excitement and anxiety that can accompany investing in Vancouver real estate.   By following the above three steps, you can get a jumpstart on harnessing the positive aspects of excitement while eliminating the negative side of anxiety.  However, every home and homebuyer is different.  As such, we encourage you to come on in and have a chat with one of our professionals to really make the most of your property investment experience.  

For more info, please have a look at those links:

https://www.entrepreneur.com/article/248350

http://www.bankrate.com/finance/money-guides/10- lethal-mistakes- for-real- estate-investors-1.aspx

http://www.hgtv.com/design/decorating/clean-and- organize/10-best- kept-secrets- for-buying-a- home