What Does it Mean to Buy an Investment Property in Real Estate?

In order to be called an investment property, the property in question has to show some kind of investment return. But what does that investment return actually mean? 

It could mean a few different things to different people. Does the investment show a CAP rate return? Will there be capital appreciation over the long term? Can I use the property personally and still have my expenses covered? What is the future use of the subject property (think redevelopment)? Let’s break these various scenarios down in more detail, but remember, the devil is in the details. 

What is a CAP rate? 

If you look at an apartment building with four units in it (a four-plex), there is a very quick and easy calculation that you can make to determine a CAP rate. You take…

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In A Hot Real Estate Market, Do You Need to Hire a Realtor?

The real estate market has experienced a lengthy run of multiple offers and selling prices well over asking. Is it necessary to hire a real estate agent or sell your home yourself in these hot market conditions?

It is one of the more difficult decisions facing homeowners right now. Should they hire a realtor or do a For Sale By Owner (FSBO)? There are a few factors to consider, but in the end, it all boils down to two things: time and money.

Listing a Home is Time Consuming

According to the NAR 2021 Report, FSBOs accounted for 7% of home sales. Unfortunately, homeowners tend to put so much consideration into avoiding paying realtor fees by doing an FSBO and fail to realize they need to have the time to do everything that comes with selling a…

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Are Ski Resorts The Next Best Real Estate Investment?

Are Ski Resorts The Next Best Real Estate Investment?

Housing prices are on the rise in ski regions across North America, and recreational property is one of the hottest investments out there right now.

"Despite travel restrictions, prices have continued to climb for recreational property in a ski resort. Last year prices grew on average by 5.1 percent. A report from Realtor.com shows that views of ski-town homes were 72% in 2021, while it was 36% in 2020. Particularly the North American ski resorts are hot in demand. Prime property prices of Aspen stand at around US$33,300 per square meter while Vail ski resorts stand at US$28,200.," comments Kimo Quance from The Kimo Quance Group.

“In 2020-21 US ski resorts enjoyed the fifth highest number of…

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Homes for Sale Kamloops - What you need to know before buying or selling

Buying a home can be one of the biggest financial decisions you will ever make. The process can also be stressful and intimidating, especially if you are new to Kamloops. If you're considering buying or selling a property in Kamloops, BC then this blog post is for you! We'll talk about what buyers need to know before they buy and everything sellers need to know before they sell homes in Kamloops. 

We'll discuss how much homes cost on average in the area, why it's important to use a local professional (like us!) when buying or selling your property and what neighbourhoods have properties available right now.

How much does a house cost in Kamloops?

The average price of a home in Kamloops is $545,915. This number varies depending on the size and…

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10 Things First Time Home Buyers Need to Know

Buying your first house is a big deal. It’s an exciting time but it can also be very stressful and overwhelming for you to decide what type of home or mortgage will best fit into your budget, lifestyle, family needs/wants etc., all while considering the market conditions at this point in time.
The more information that you have going into the process, as well as understanding how much financial capacity (i.e.: monthly income) are available, will help make things easier on yourself when looking for homes to buy. The more you know going in, the less stressful it will be for you. Keep an open mind and be willing to be flexible and not get too stuck into what your final vision should be, rather than what it could be.

If you are looking for a home in…

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Choosing the Right Real Estate Agent

If you are looking for a real estate agent, you may think it will be easy. After all, there likely will seem to be no shortage of them. But, it’s not quite as easy as it might seem. If you have hired an agent before, you know there is more to it than just picking the first one whose sign you see. If you are looking for a real estate agent in Kamloops or Tobiano area, here are a few tips to finding a great agent. 

Get Referrals From Your Network

The best place to start is close to home. Ask your friends and family, and even your neighbours who have used a Kamloops real estate agent recently. Have some questions ready to ask and see if it sounds like someone you would be interested in.  Make sure you ask if they liked them, if they would recommend…

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How our Real Estate Business Practices Have Adapted to the Covid19 Crisis

This is a stressful time for all of us, as together we are facing an unprecedented global crisis. COVID-19 has forced us to adapt to an ever-changing reality as we fight to contain the virus. First and foremost, we want you to know that across the country, safety measures we are taking are being guided by public health authorities and the government, and often go well beyond.

The biggest change you will see relates to how you will communicate and conduct business with your Royal LePage office or REALTOR®. Our team has access to the industry’s leading operating platform, technology that allows a Royal LePage professional to keep in touch with you, share property details, complete real estate valuations and conduct transactions electronically.

So…

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Buyers: What To Do After Your Offer is Firm and Before Possession

Congratulations on buying your home! Through all of the excitement of getting ready to move into your new home there is still work to be done before you move in. Here is a list of the things I always tell my clients to do in order to be ready for move in day:

Contact Your Lawyer or Notary. Your lawyer /notary will do the following:

• your realtor will send all required paperwork to your lawyer once you have a subject free (firm) transaction
• prepare a statement of adjustments - account for any expenses paid up to the closing point, in case of a rental property your lawyer will account for deposits collected, rental income adjustments, property taxes and city utilities
• co-ordinate any mortgage documents that need to be signed
• arrange…

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