|
Investing in Property in British Columbia
If you are looking to purchase an investment home in British Columbia, we have compiled some information to help in your buying decision. We begin with a section about the basic costs involved in purchasing a residential investment property. Please keep in mind that prices and percentages quoted represent average costs, may vary per area and are subject to change at any time without notice. Other costs, not mentioned here may come into play depending upon your purchase.,
Basic Costs of Purchasing Investment Property in B.C.
(All Prices Listed in Canadian Funds)* Home Inspection
| $250-800 CAD
| Septic Inspection
| $200-400 plus Pump-Out fee (avg. $150 plus disposal fee/gallon)
| Well Inspection
| $85-100/hr.
| Agent Fees | Normally 7-8% of first $100, 000 & 3% of remainder (plus 6% GST on this commission)
| Legal Fees
| Varies
| Property Taxes
| Balance of taxes seller has pre-paid. As an investor, you are responsible for the entire property tax bill (no special government grants).
| Property Transfer Tax
| Usually 1% of the first $200 000 and 2% of the value thereafter.
| GST
| 6% on new construction (rebates possible in some cases). |
Average Costs of Owning Investment Property in B.C.
(based on single family home) * Residential Property Management
| Avg. 8-10% of monthly income
| Vacation Property Management
| Avg. 35-45% of revenue.
| Mortgage
| Varies
| Strata Fees
| Varies
| Insurance
| Varies
| Landscape Maintenance
| Ave. $30-70/ week (lawn & light gardening)-city lot
| Water Usage Charges
| In some areas (eg. Fanny Bay)
| Closing Costs
| On purchase
|
Useful Books for Investors:  Buy Now | How to Make Your Vacation Property Work for You by Alfred & Emily Glossbrenner | Reader Review: "Great book. Worth every penny. My listings are going through the roof! I have owned long-term rentals for some time, but this was my first venture with a vacation rental. After implementing a number of suggestions from the book, my bookings are now 30% above where they were a year ago. A very, very worthwhile purchase!”
—Rick Scali, Buford, GA Click here to go to Authors' Web site (discounted rates!) |  Buy Now at Amazon.com | Forget About Location, Location, Location By Ozzie Jurock | About the Author:
Ozzie Jurock is the publisher of Jurock's Real Estate Investor, one of Canada's only truly independent real estate advisory services. He is a Fellow of the Real Estate Institute of Canada. Ozzie Jurock's is also one of Canada's leading business motivators with a distinguished 25 year career in the Canadian Real Estate Industry.
Click here for more information at Amazon.com |  Buy Now at Amazon.com | Investing in Fixer-Uppers by Jay DeCima | About the Author: Jay P. DeCima, known in the real estate industry as "Fixer Jay," owns more than 200 previously run-down homes, hosts seminars for fixer-upper investors around the United States, and publishes a monthly newsletter, Trade Secrets, for do-it-yourself real estate investors and career changers. Click here for more information on Amazon.com... |  Buy Now at Amazon.com | Real Estate Riches by Dolf De Roos
| About the Author
DOLF DE ROOS, PHD, is a successful international real estate investor and a New York Times and Wall Street Journal bestselling author. He frequently conducts seminars across the nation and throughout Australia, New Zealand, Asia, and Europe. He is also Chairman of the public real estate investment company Property Ventures Limited. Click here for more at Amazon.com... 0471711802 |
Useful Links for Investors:
Working with a Realtor:
BC Real Estate Association Property Tax Authority:
BC Assessment Property Transfer Tax:
BC Government GST on New Construction:
Federal Government Income Taxes on Rental Property:
Rental Income Guide (Federal)
Jurock.com
Informative site from one of BC's leading real estate authorities. Offers advice about investing in BC real estate. Paid subscription for weekly/monthly market updates but many free articles and resources.
MyLandcor.com
Offers automated online real estate analysis of BC properties. Great for determining your home's value or finding out the details of a potential property you want to purchase (past sales prices, comparables, property and home details, etc...) Click here to go back to Buyers' Home Page
* All prices and information on this Web site is for informational purposes only and this information is subject to change at any time without notice. For further information, please read the Waterfront West Disclaimer. PLEASE KEEP IN MIND THAT SOME OF THE CONTENT THAT WE MAKE AVAILABLE TO YOU THROUGH THIS APPLICATION COMES FROM AMAZON WEB SERVICES. ALL SUCH CONTENT IS PROVIDED TO YOU "AS IS." THIS CONTENT AND YOUR USE OF IT ARE SUBJECT TO CHANGE AND/OR REMOVAL AT ANY TIME |
