Turning a three bedroom home into a two bedroom home with an ensuite and walk-in closet actually may decrease value despite the large capital investment.
If you want to renovate your home you’ll probably get various bids/quotes for the work. Why not receive various bids/quotes to list your property?
Property assessments are a good gauge of the overall market; however, they are not a good indicator of market value on any specific property.
Some of the basics include the return on investment (ROI).
In Victoria the return on investment properties is very low; therefore, having the bulk of your investment in real estate may not always be the best option. Diversification into other investments can be important.
When you have cash it might not be beneficial to pay all cash in a low interest environment.
It’s pretty simple in my opinion. Offer a lower commission structure and carry out more sales volume.
Not too much in my opinion. Often the sellers’ custom outdoor improvements are not so custom to the buyer, or the buyer may even find the improvements to be a liability such as a hot tub or pool.
What are the risks and differences; legal, non-legal, and non-conforming suites in greater Victoria?
Essentially there are three types of suites you’ll find in most municipalities in greater Victoria; legal conforming suites (the best scenario); legal non-conforming (zoning for the lot allows for a secondary suite but there are no permits in place for the suite); and final non-legal (the zoning does not allow for a secondary suite which also makes it impossible to be conforming). When purchasing a property with a suite one should familiarize themselves with municipal bylaws and especially the risks that come with having a legal non-conforming or non-legal suite.
A big component of deciding whether to buy a fixer upper or turnkey rental property depends on your personal circumstances and lifestyle. A larger fixer upper may not be an ideal investment property for someone living out of town or with a busy work schedule; however, it may work well for a trades person or semi-retired individual.