College communities offer some of the most stable, predictable property investments anyone could make. They have a reliable market base that is anchored by the presence of the campus. Students always need off-campus housing, and universities like UBC are constantly providing growing demand.
Add these factors to the swelling Vancouver real estate market, and you have ripe opportunities for solid financial gains. To help you make the best financial decision possible, here are some tips:
Get Familiar with the Market
Just because college housing markets are revered as dependable does not mean you can enter a purchase decision blindly. Research your market thoroughly first.
One of the key factors is to get a feel for market demand. Learn what types of houses are preferred by students and faculty, as well as the preferable areas for them to live. A common mistake is to purchase a home that would be considered an abnormally high price for its neighborhood. Some buyers also buy homes that are difficult to resell or rent because of features like too many bedrooms or not enough parking.
Hire a Knowledgeable Real Estate Agent
You should perform your own research, but you should also hire an experienced agent to “have your back.” They will be able to fill you in on details that take years to realize, like what neighborhoods work best for multi-family property purchases. An agent can also keep you informed of new inventory availability, including great deals on hot properties.
Another important reason to hire a good agent is that they can help you out again when you decide to resell. They can aid you in developing a marketing strategy to reach the best possible client base.
Identify Your Target Market
Before you can do marketing, you must be aware of what your intended market actually is. Will you be renting your properties to students? Are you going to try to convince parents to purchase a temporary home for their kids that they can rent out later? Are you anticipating a faculty member moving in? A retiree?
Selecting demographics such as these help guide your purchase decision, as well as your revenue-generating actions in the future.
Get Active in the Community
There are countless real estate investor clubs and conferences for any given area. Participating in their gatherings can help give you insight into making purchase decisions.
Another important way to participate in the community is to actually visit a few campus events. Attend a hockey game, a concert or just simply take a tour. Getting a feel for the lay of the land allows you to anticipate your target market. It also gives you more credibility, helping shed your “out-of-towner” status.
UBC homes for sale are certainly a golden opportunity to build wealth and engage in a vibrant campus community while doing it. For more advice on buying or investing, take a look at our buyers page.