Investment properties are like a bank account, but only better. They appreciate in value, can be tax write offs, and pay dividends.
Where to invest is often the most difficult part. If it’s in your budget, single family homes are the way to go. Maintenance is entirely under your control, rather than fixed start fees. As well, certain neighbourhoods provide the opportunity to create two—or even three—suites where you can generate income. That said, investing in a condo is better than not investing at all!
Key factors that make a good investment property are the local amenities, the neighbourhood itself, and the commute time.
The types of amenities and the location will affect the types of tenants you attract and determine the rate your property appreciates. Identifying future government investment or re zoning in the neighbourhood is important to. Could your property be a densification target down the road? Key indicators could be future transit plans (TransLink publishes growth outlooks on their website), commercial areas within walking distance, and current density growth in the immediate area. Generally speaking, you’ll get more value for your price point in the Valley—Surrey, Pitt Meadows, Langley, Maple Ridge—but the closer you are to the city, the appreciation is higher.