The writer is a Vancouver mortgage broker with experience in bad credit mortgage in Canada applications.
The type of location best suited for a retailer seeking to flip properties is typically a neighborhood between 10 and 30 years old. These are the neighborhoods in which the average middleclass citizen lives. Neighborhoods less than 10 years old tend to have larger and more expensive homes, which offer fewer retailing opportunities.
Neighborhoods older than 30 years often consist of run-down properties in declining areas of town. This is not always the case, of course, as I have seen some areas 40-plus years old that continue to be well maintained and where pride of ownership exists. The 30-year rule is a generalization.
The propensity is for homes and neighborhoods older than that to be declining in value, and they may require a longer holding period. The ideal location is an area not suffering from functional obsolescence in which the majority of homes are well maintained.
Ideally, the neighborhood is established, has good schools nearby, and continues to have homes that sell in a shorter-than-average number of days compared to surrounding communities.
Visible characteristics often include mature landscaping, pristine lawns, and well-cared-for homes. What you are looking for is a home in obvious need of repair in a community such as this. The grass is often overgrown, the house looks run down (and usually is), and the neighbors shake their heads in disgust as they pass by. Believe me, they are waiting for someone just like you to come along and get rid of that eyesore in their neighborhood!
Property location checklist.:
• The neighborhood is between 10 and 30 years old.
• The majority of the homes are well cared for and not run down.
• Mature landscaping and pristine lawns are the norm.
• No junk cars parked in the driveway or in front of the house.
• Boats (if allowed) are properly stored.
• The neighborhood is free of trash and debris.
• Low crime rate in the area.
• Close proximity to schools, churches, and shopping.
• The neighborhood should not be located in a declining area of town.
• Home sales should be moderate to strong
Vancouver mortgage insight is provided by Duncan Seward a registered Vancouver mortgage broker with TMG. He helps clients in North Vancouver, Surrey, Vancouver, Coquitlam, Maple Ridge, Burnaby and Langley with their mortgage questions. He is an expert in
BC mortgage matters. You can check out regular mortgage updates at his blog page Vancouver Mortgage Rates.