Investing in Calgary real estate can be lucrative and worthwhile, but finding the right investment property requires careful research and analysis. Calgary’s real estate market is diverse, competitive, and ever-changing, making it vital to work with a real estate agent who can help you navigate the market and make an informed decision about the right investment property for you based on your finances and goals. We have 5 tips on finding the right Calgary real estate investment property for you!
Define your investment goals.
Having a clear idea of what you want your investment to achieve is paramount. For example, are you looking for a property that will provide a steady stream of rental income, or do you want to buy a fixer-upper to flip and sell for profit? Once you identify your investment goal, you can narrow your search and focus on properties that meet your criteria. It also helps you determine what type of property you should be looking for, such as a single-family home, a multi-family property, or a warehouse, for example.
Know your budget.
Before you even begin looking for properties, you should have a clear idea of how much money you are willing to invest. Consider your financing options and decide how much money you can afford to put down and how much you can pay each month. You should also evaluate additional costs such as property taxes, insurance, maintenance, and repairs. By determining your budget, you can narrow your search to properties that fit within your financial means, helping you to avoid wasted time and resources in the search process.
Research the market.
When researching the Calgary real estate market, it’s essential to consider aspects like property values, vacancy rates, and population growth. This information gives insight into the market’s overall health and which areas you may be promising for investment. It would help if you looked at trends in the market, such as whether prices are rising or falling and how long properties are sitting on the market before selling. Additionally, consider the economic factors that may impact the real estate market, such as changes in interest rates, job growth, and industry trends. If you are working with a Calgary real estate agent, they will provide you with all the market analysis you need!
Be intentional when choosing a location.
Whatever property you invest in, location is critical in Calgary real estate. If you wish to purchase a duplex home you intend to rent to a family, look at neighbourhoods with easy access to amenities like public transportation, grocery stores, parks, and schools. Properties nearby good schools and universities will always be in high demand, making them a wise investment. You can also look for communities that are experiencing growth or have plans for development in the future, like Calgary’s University District or Mahagony Lake. By carefully evaluating the location of a potential investment property, you can identify areas with the highest demand.
Work with a Calgary REALTOR®
Working with a Calgary real estate agent is instrumental in finding the right investment property. REALTORS® have access to information about the local market, including current property values, rental rates, and trends. They can also help to narrow your search down based on your investment goals, budget, and location. Calgary agents have knowledge of the industry that is valuable for clients when it comes to making a reasonable offer or negotiating a deal. Working with a REALTOR® will help you find the right investment property that meets your financial goals.
Realty Unleashed can help you navigate Calgary real estate!
Realty Unleashed has worked with many clients who have trusted us to help them find the right investment property. Our goal from day one has been to change what you expect from your REALTOR®; you can read more about our story here. You can fill out the form below, and someone from our team will get back to you!