Top Mistakes Vancouver Real Estate Investors Will Make 2021
Thousands invest in the Vancouver real estate because it has shown promise over the last few years. On the surface, the market seems stable, and people have already seen a handsome profit on their investments. It’s understandable why people look to real estate to invest, and in Canada, there are many areas which have the potential for investors and buyers alike. However, that doesn’t mean to say investing is without risk. So, what top mistakes could investors in the real estate market make this year?
Investors Assume They’ll Double Their Money
You love the look of West End condos. The prices are decent, and you honestly believe you’ll earn a tidy profit. Unfortunately, there’s no guarantee you’ll break even with this investment, at least not for the foreseeable future. Markets are buoyant and while it looks stable now, that doesn’t mean to say it won’t change soon. What’s more, condos are desirable but insurance costs for them is increasing. Buyers and renters are wary of such things. So, while you could invest in condos, there are no guarantees you’ll double your investment.
Assuming the Covid-19 Pandemic Won’t Impact the Market
Investors cannot ignore the Covid-19 pandemic, regardless of whether it’s directly impacted their lives. Remember, this is a global pandemic and is hitting countries hard. While it might not seem to make much difference now, it could have a lasting impact on the market in the year ahead. It’s not entirely implausible even though Vancouver real estate is a seller’s market. It’s a great time to sell but only if a buyer is willing to pay what you’re asking for a property. The pandemic is far from over and it could cause a direct impact on the real estate market. It’s important to take that into consideration when investing. Check here!
This isn’t just a mistake for the year ahead, but for anytime a buyer is looking to invest in real estate. Unfortunately, since Covid-19 has been around, people are changing the very way they do things, even view houses. Some – out of sheer panic or fear – won’t visit a property or the area in which it sits in. That’s a major mistake because you’re only seeing things through a computer screen. Photos are deceptive. Realtors make properties look ten times as good in a photo than what they are in real life. West End condos can look great in a photo but may need a lot of work to them.
You’re only going on the things you can see in a photo. That’s a rookie move to make and one which could end up costing you a fortune. Instead, view the property if you can and look around the neighbourhood too. Anyone looking to invest in Vancouver real estate should not be buying blind. Always visit the property first and get an inspection done.
Air on the Side of Caution
Real estate is great for both short and long-term investors, but it isn’t without risk. A lot of investors make simple mistakes that cost them big, and they end up taking a huge loss. Avoiding mistakes isn’t as easy as you think either, as there are lots of things that could throw a spanner in the works. Knowing what those could be, might just enable you to avoid taking a loss on West End condos or on any real estate. For more details, visit: https://www.stewartnorthtexas.com/best-time-to-visit-saint-lucia/