Silver Hill Mortgage Corp. - Private Mortgage Lenders BC
  • Home
  • About
  • Services
  • Locations
    • Vancouver
    • Surrey
    • Abbotsford
    • Kelowna
    • Nanaimo
    • Victoria
    • White Rock
  • Apply Now
  • Contact Us
  • FAQs
  • Blog
  • Home
  • About
  • Services
  • Locations
    • Vancouver
    • Surrey
    • Abbotsford
    • Kelowna
    • Nanaimo
    • Victoria
    • White Rock
  • Apply Now
  • Contact Us
  • FAQs
  • Blog
Search

Things to Consider When Purchasing an Investment Property for Renovation in BC

7/6/2022

Comments

 
Picture
If you are considering purchasing an investment property in Kelowna, Vernon, Kamloops, or elsewhere in the Okanagan Valley or Lower Mainland, with the intention to renovate, there are key items to seriously consider. Others may consider to invest in properties in the Metro Vancouver area, spanning Vancouver, Burnaby, Langley, Surrey, or the tri-cities – but the planning remains fairly the same when looking into renovating. As you know, real estate investing in Kelowna, Vancouver, or elsewhere in BC is not cheap by any means and requires some considerable planning. The process and plan should consist of selecting the ideal property, renovating, and preparing it for rental or to sell for a profit.

Top Things to Consider When Purchasing an Investment Property for Renovation

Picture
When you are in the process of selecting a real estate investment property for renovation in BC, here are 6 main factors to focus on:

Neighbourhood

​The location and neighbourhood should be pleasant and attractive. The neighbourhood should be safe, crime free and preferably family oriented. Whether you are looking for a real estate investment property in West Kelowna, or a townhouse in Surrey, the location within those cities definitely matter.

Renovation Permits & Requirements

​The property should be easy to renovate, meaning that there is no need for many permits and applications required from the city authority. Depending on if you are buying a rental or investment property for renovation in Kelowna, Kamloops, Vancouver, Victoria, or Langley – be sure to understand the different requirements from the city authority to renovate as smoothly as possible. The least amount of resistance from any third party and streamlining the process is best. Find a house which has as little major renovation obstacles to overcome as possible. Try and avoid situations involving faulty issues with foundation and building structure.

Access to Amenities & Walking Score

​Ensure that the property has access to as many amenities as possible. These amenities would include shopping, transit, schools, and even health centres and hospitals. It is a benefit having many of these amenities as close to the residence as possible, whether you are looking to rent the space out or sell it for a profit.

Location

Avoid properties which are very isolated. Perhaps the price point may be far less for properties further out of major towns and 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 typically gets the best results, which should be a factor to consider when investing in property in BC.

Good Craftmanship

​Incorporate good quality and noticeable craftsmanship in the renovation work to be done.  A visible appreciation and acknowledgement of the work completed should be achieved. Take pride in the renovation and ensure you have the work done right by a professional. Avoid cutting corners and try not to cheap out on certain aspects if you can avoid it.

New Developments

​Seek out a location which has plenty of new construction and renovations on going. The construction activity and atmosphere will complement the property you are renovating. It will resonate an appealing image that you are beautifying the property to come.
Picture
​Renovating a property in BC is an exciting experience for many, but you want to make sure that you are familiar with the process. If you lack the experience but have the desire, you should educate yourself and seek out expert advice. You may consider connecting with several contractors and have them assist with the planning and give you independent quotes for the work to be done.
 
If you are looking to get started with renovating your property but are having challenges with the financing, and are located in Kelowna, Vancouver, Surrey, Langley, Victoria, or elsewhere in BC - get in touch with us today and we can walk you through the process of leveraging your home equity to finance your home renovation.
 
If you are looking to pursue an investment property for renovation to later rent out or sell for a profit, we may also have a private mortgage solution for you. Leave a comment below or get in touch with us today at 604.620.2697 to discuss your options.
 
Comments

    Silver Hill Blog

    Jim Horvath is the principal broker and director of Silver Hill Mortgage Corp., arranging mortgage loans for over 25 years.

    Archives

    February 2023
    September 2022
    July 2022
    May 2022
    February 2022
    January 2022
    November 2021
    September 2021
    August 2021
    June 2021
    April 2021
    March 2021
    February 2021
    October 2020
    September 2020
    August 2020
    July 2020
    March 2020
    February 2020
    December 2019
    November 2019
    October 2019
    September 2019

    Categories

    All

    RSS Feed

Picture
Silver Hill Mortgage Corp. Head Office
2902 West Broadway | Suite #302
Vancouver, BC, Canada V6K 2G8

E: info@yourequityloan.ca
P: 604.620.2697​
F: 855.299.5832 (Toll Free)


Stay in Touch

​Privacy Policy

About Us

Silver Hill Mortgage Corp. is a trusted industry leader in delivering home equity loans and other private mortgage financing solutions for homeowners and bank declined customers in British Columbia. Get in touch to get approved today.

Copyright © 2023 Silver Hill Mortgage Corp.
All rights reserved. 
Proudly serving our BC communities:
​Vancouver Private Mortgage | Surrey Private Mortgage | Burnaby Private Mortgage | Richmond Private Mortgage | Abbotsford Private Mortgage | Kelowna Private Mortgage | 
Nanaimo Private Mortgage |  Victoria Private Mortgage  | White Rock Private Mortgage | Coquitlam Private Mortgage | Langley Private Mortgage
  • Home
  • About
  • Services
  • Locations
    • Vancouver
    • Surrey
    • Abbotsford
    • Kelowna
    • Nanaimo
    • Victoria
    • White Rock
  • Apply Now
  • Contact Us
  • FAQs
  • Blog