Investment Properties

by | Oct 12, 2022 | Uncategorized

Real Estate London

With house prices going down, some clients are asking about investment properties. Maybe you sold at the peak and have some extra cash. Maybe you’re downsizing and want to invest for retirement or a child’s education. Either way, an investment property can be a great way to save for your future.

But what makes a good investment property?

Fixer uppers– A large percentage of people investing look at ‘fixer uppers’ to do so. Flipping a property is a great plan, but keep in mind some of the points from our last blog. Taking an older property, renovating it and creating a wonderful home for renters is a great plan for income properties.

Location– With so many students coming into the city of London, there is a lot of opportunity for rental properties. If your child is one of these students, a rental property could be a great option. Your child has somewhere to live (you/ they would be paying rent anyways) and you also have a long term investment. If your plan is to rent to students, pick the location accordingly. Overall think about who you want to rent and where those people would best be suited to live.

House layout– Is the setup of the house ideal for tenants? Do you have multiple communal areas? How many bedrooms /bathrooms are there? Always keep in mind your ideal renter, and if the space will accommodate their needs. Students have very different requirements than families so think about the possibilities of the space.

Amenities– What amenities are nearby that will benefit your ideal buyer? Students would likely look for properties by the school, with a good walking score and a nightlife. Young families might be looking for a garage, grocery stores and playground or schools nearby. Considering what is available to your tenants is key when finding an income location.

It’s also important to note, the city of London just passed a bill that no longer allows short term rentals that are not your permanent residence. Keep this and other bylaws in mind when you’re looking for a place.

Find a potential income property today:

London Real Estate Listings

If you have specific questions I’m happy to help! I have years of expereince with income properties. Give me a call!

519-639-6221

Rising Interest Rates

by | Sep 14, 2022 | Uncategorized

Real Estate London

Once again the Bank of Canada has increased interest rates, this time by 75 basis points. What does this increase mean for you? We sat down again with Carina Demedeiros Mortgage Specialist to ask some of your biggest questions.

Early renewal?

Interest rates might continue to rise, should you be looking at early renewals or locking in your rates when shopping for a house?

Variable, or fixed mortages?

Many people are wondering if it’s still a good idea to go with a variable mortgage, or if fixed is the best route. 

 

 

What is the stress test?

Here’s a throw back to our video going over prime (0:20 sec) and the stress test (1:25).

 

 

Want to learn more about market changes? Follow along on our social pages:

Facebook

Instagram

LinkedIn

 

Any other questions about getting into the market?

Give me a shout!

519-639-6221

‘Fixer Upper’ Properties

by | Sep 8, 2022 | Uncategorized

Real Estate London

In the last few years, ‘fixer upper’ properties have become extremely popular. Many first time home buyers and investment buyers are forgoing turn key homes for houses with a bit lower price tag, but need some work done.

Here are some tips to remember when looking at a home that needs work:

Cost

Make sure you mentally include the price of upgrades when submitting your bid. Painting and floors is one thing, but once you get into actual structural changes you need to have an idea of how much it will cost before committing.

Timing

Living in a house under construction can be…hard. Try completing major renovations before you move in so not to disrupt your life. If this isn’t possible, consider the plan for living in a house while also updating it. Are there specific rooms you can live in while the rest of the house is being worked on? Can you live on one floor while the other is being demoed? Having a plan for the construction is key.

Talk to an engineer

If you are planning on making structural changes ensure they have been approved by an engineer and the city before submitting your bid. There are bylaws you may have to adhere to as well as structural limitations. You don’t want to plan your dream home just to find out its not possible!

Photos

Before and after photos are the best way to track your process…and remember what it once looked like!

Most importantly, EXPECT THE UNEXPECTED. Delays, over budget costs, and unexpected road blocks are very common with fixer upper properties. Take your time. Do it at the pace that makes the most sense for you and remember to give yourself lots of buffer room with both time and budget. It will be a lot of work, but totally worth it in the end!

 

If you’re looking for a property, give me a call!

519-639-6221

Find what’s listed here: London Real Estate Listings

SMart-ens London Living: Masonville & Whitehills

SMart-ens London Living: Masonville & Whitehills

by | Aug 11, 2022 | Uncategorized

Real Estate London

Masonville and Whitehills are two of the more established neighbourhoods in London. They are great for families as well as investment buyers being so close to Western University.

 

Masonville Neighbourhood

Masonville is located within a 10 minute drive of the university and about a 15 minute drive from Fanshawe College. It’s very family friendly and has every amenity you would need. Though many amenities are within walking distance, this is an area where you’d likley need some kind of transportation. Luckily there is a major transit hub at Masonville Mall, allowing you to easily access almost anywhere in the city.
☑️ Price Range is approximately $600K to $1.6 mill
☑️ Neighbourhood established in the 80s/ 90s and continues to expand North towards Arva
☑️ Great neighbourhood for established families
☑️ Highest rated elementary schools
☑️ Loads of amenities and restaurants like CF Masonville Place , The Canadian Brewhouse , Richies Family Restaurant , Farm Boy

Whitehills Neighbourhood

Whitehills is one of the older neighbourhoods in London established in the 1970s. It’s perfect for first time home buyers and is filled with parks and splashpads for families. The proximity to the university is ideal for income buyers and nearly everything you need is within a 10-15 minute walk. For those without a vehicle, transit is easily accessable. There was an expansion of the neighbourhood in 2000s that connects with Hyde Park neighbourhood. 

✅ Price Range $600k- $1 million
✅ Homes built in the 70s- 2000s
✅ Great walking score
✅ Wonderful schools
✅ Lots of amenities

Do you like learning about what London has to offer? Follow along with our series on social media:

Facebook

Instagram

LinkedIn

 

Are there specific locations you’re looking forward to learning about?

Give me a shout!

519-639-6221

Worried about rising interest rates?

Worried about rising interest rates?

by | Aug 11, 2022 | Uncategorized

Real Estate London

Many of my clients have voiced their concerns about rising interest rates. With prime rates constantly in the news, it’s easy to understand why many people have questions about these increases and how it will effect their buying power. To kick off the ‘SMart-ens London Living Series‘, I took my client to meet with Carina Demedeiros Mortgage Specialist and ask some important questions on everyone’s mind.

Want to learn more about market changes? Follow along on our social pages:

Facebook

Instagram

LinkedIn

 

Any other questions about getting into the market?

Give me a shout!

519-639-6221