Pitfalls To Investing In B.C.

By:  Shane Toews

There are always some classic pitfalls that investors fall into.  Whether your investing in a condo, apartment, townhouse or an actual house with acreage.  You need to understand the most common pitfalls.

1.      The investor does not understand the real estate market in their area.  We’re referring of course to:  The Greater Vancouver Area, Richmond, Surrey, Coquitlam, Burnaby, New West, Maple Ridge, Langley, Burnaby.  We should also include Abbotsford, Mission and Chilliwack. 

2.      Not having a clear understanding of personal and financial needs.

3.      Not having a clear focus on a realistic real estate investment plan with strategies and priorities in the given area.

4.      Not doing thorough market research and comparison shopping before making the investment

5.      Not obtaining and reviewing all the necessary documentation appropriate for a given property before making a final decision to buy.

6.      Not independently verifying financial information beforehand.

7.      Not selecting an experienced realtor with experience in the type of real estate and geographic location you are considering.

8.      Sometimes the investor does not do financial calculations beforehand.

9.      Not buying at the current “fair market prices”.

10.  And perhaps the most important, decisions are to be made with an objective assessment and not an emotional one!