Watching the Nanaimo market everyday, I get the opportunity to see some great properties come available. With new foreclosures coming onto the market almost daily, the opportunity to pick up an investment property becomes more and more easily available.
Before taking the plunge into being a landlord there are some things that you should be aware of when purchasing a property.
First and most important is location. Certain features like oceanview and lot size should not have as much importance in value. Instead you want to look for factors that would influence a renter's decision. Location in proximity to transit, shopping, and recreation should have more value placed on them. A property's Walk Score should be something to look at. You can go to www.walkscore.com and enter in the address of any property to obtain its Walk Score. The higher the score the better.
Next, you should note the big ticket items like roof, windows, exterior walls, etc. These are the items that will cost large amounts of money down the road. Most first time investors don't think about the long term costs of a rental home/unit. This big items will quickly drain any contingency fund you have put aside.
Third, the units need to be kept up if you wish to get the most value. Offering in-suite laundry and updated interiors are big motivating features for renters. With all the new rental units being built in Nanaimo, there is more selection available to renters. You want to make sure that you stand out amongst the competition.
Typically in Nanaimo you can assume certain rental values based on the number of bedrooms and location of the property. This is where a qualified realtor comes into play. Determining the income of a property versus the cost is key if you wish to have long-term prosperity.
If you are considering the idea of an investment property then send me an email or give me a call. I would be happy to help you through the process and my services don't cost you anything as a buyer. My expertise can be of big assistance in assuring that you get the best value for your dollar.
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