Investment Tip #1
Where is a good place to invest in Langley? Are you considering purchasing an investment property in Langley? Now is an excellent time to invest in Langley with the growth of the community. There are many new developments and projects that will make Langley an attractive place to live for families for decades to come. There are many areas of Langley that provide good investment property opportunities, but I would say that my favourite is Willoughby. The Willoughby area has grown phenomenally in the past few years, including dozens of new townhome and condo developments as well as new community amenities such as the Langley Events Centre. There is high demand for properties in the area due to Willoughby being a desirable area to raise a family. Even though Willoughby shows high potential for property investments, many other areas of Langley are favorable as well. Your investment decision will depend on a lot of variables and it is best to talk to a knowledgeable Langley realtor to help with your decision.
Investment Tip #2
What kind of property will give me the best return in Langley (strata or non strata)? Whether a strata or non strata property will give you the best return depends on many variables, but you must consider what kind of renters you would like to target. The benefits of investing in a strata property are that you can offer many extra amenities and benefits to potential renters that non strata owners cannot. Lower property maintenance and great extra amenities such as pools and gyms can make your strata investment property an excellent home for many renters!
Investment Tip #3
Can you be a successful landlord in Langley? Being a great and successful landlord is not easy, but everyone can do it with the proper organization. The most stressful part about being a landlord is finding good tenants, the rest is easy. To find good tenants you must make sure you do your due diligence. Be sure to decide your minimum requirements regarding smoking, pets, wages and more before you put your property up for rent. Use your gut instinct when you meet tenants to make sure that they will be a good fit.
Investment Tip #4
How much income will the Langley property generate? In Langley, the amount of income your property can generate can vary greatly. It all depends of the type of property, the community, amenities and of course your cost. To make a wise investment decision, make sure to educate yourself about the different Langley communities. Before you start investigating potential investment properties. talk to your bank and a realtor to find out your best options.
Investment Tip #5
How much do I need to put down on an investment property in Langley? For investment properties, or non-owner occupied properties it is the law in Canada to provide at least 20% down payment on the property. This is compared to a minimum down payment of 5% for owner occupied properties. If you would like to read about the fine details, you can read a great summary at RateHub.
Investment Tip #6
If I sell the property, what kind of capital gains will I have to pay? If you sell your investment property, you must report your capital gains for the amount that your proceeds exceed your costs. According to the Income Tax Act, 50% of your capital gains are taxable. The amount you actually pay in taxes depends on your marginal tax rate. However, if your business is buying and selling properties, 100% of your capital gains are taxable. I hope that I provided some helpful advice to start your property investment search in Langley! As always, I am available to chat and answer any of your questions! Please feel free to share and add your comments below!