I recently had the privilege of speaking at the mayoral state of the union address. Amidst all of the optimism surrounding our region and the seemingly endless growth and opportunity, I wanted to deliver a dose of practical realism to the group as we move through a predictable cycle. There’s a fortune to be made in real estate if we detach from the emotion, and become strategic and proactive in our approach. This article is an expansion on what I shared with the group. It’s precisely what I am doing inside my own portfolio.

At my firm we are tracking all 17 market drivers and a dozen different market influencers, so that we know exactly where we are in the cycle, and more importantly, what’s coming next. Since the market always moves through 3…

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Like clock work, every time the market cycle heats up, the opportunist in us comes out to play.

The slow-and-steady-wins-the-race mentality gets abandoned as people chase the sexier, faster buck.

Great people with admirable intentions to do right by their families look to “invest” some of the freshly minted equity in their home into something that has the potential to pay off big.

The right idea, but lately the conversation has begun to shift from solid, yet agreeably less sexy investments like single-family homes with suites, and duplexes, to this idea of “buying” three units in the latest pre sales condo development. 

The thinking is: I could spread out my $150,000 by putting deposits on three units and then in a year or two, when the…

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Hands up! Who Wants to Get Toured Around in a Limo and Shown the Best “Fix for Profit” Properties on the Market in Kelowna? Join us on our monthly Ugly House Tour where we chauffeur you to the 5 best ugly houses with fix for profit potential. It's a no pressure atmosphere, focused on educating you about this incredibly lucrative sector of the Kelowna real estate market. Whether you're an experienced property investor or thinking about taking on your first project, enter your name and email now to pre-register and we will send you our upcoming dates with all the details. There is limited space on the limo so please fill out the form below to reserve your spot today!

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Are You Thinking of Making an Offer on Real Estate in the Okanagan?

Buying real estate in Kelowna is a fun and exciting journey, but it can also be daunting and confusing and if not done properly, not to mention costly. Prior to making an offer on a piece of real estate you have likely done a fair amount of the legwork, including:

  • Researching the best area of town for you and your family to get the most out of your new home.
  • Evaluating your potential options relative to the current market conditions so you’re confident you are not paying too much.
  • Pre-qualifying for financing so you feel confident of how much you can spend to live within your means.
  • Finding the lowest interest rate and most flexible financing option so you aren't locking…

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Obtaining a Home Inspection is Really "Buying Peace of Mind" A home inspection is an objective visual examination of a home's structure and systems. This inspection is more than a means to avoid a “money pit”, it also can serve as a ticket for your “peace of mind” that the decision you are making is sound and was found on proper research and due diligence.

All Vantage West Realtors recommend you obtain a home inspection for a number of important reasons:

1. To ensure you are not surprised by costly defects of the home you are looking to purchase.

2. To advise you the state of major elements of the home including structural, heating, and cooling systems, electrical, plumbing, roof, environmental safety and more.

3. To learn how the mechanical…

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"My price may be on the high side, but bring me an offer!" "Just bring me an offer..." We hear the above phrase all the time... and we totally understand your thought process however it is important you also consider our thought process (based on years of proven “field tested” experience). Serious buyers look in the price range predetermined by their down payment and monthly payment ability. Unless your property is priced correctly, the down payment and monthly payment requirements will not be competitive forcing an otherwise potential buyer to not consider your property. A buyer who is seriously shopping quickly becomes very knowledgeable in his price range. If your asking price is too high it will only discourage this serious buyer from looking at and…

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11 Important Points to Consider When Shopping for Your Mortgage

How many hours do you have to work to make $40,000? If every month you had an extra $162 could you find something useful or fun to do with it? Do you realize the difference in total interest you pay to your mortgage lender on a 20 year mortgage between a 4% loan and a 5% loan is just a hair under $40,000… WOW huh? The difference in monthly payments is $162… YES that’s EVERY month. Do I have your attention? As you can see from the example above the right or wrong decision when signing your home mortgage can equate to a difference of thousands of dollars in interest paid from your hard earned money. There are very important considerations to evaluate before you commit to a 25, 30 or 35 year…

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Does Home Staging Work? Is it Worth the Additional Effort and Cost? The technical definition of home staging is the design process of de-personalizing a private residence prior to putting it up for sale. This is often achieved by reducing clutter, visually creating more space and hiding/eliminating negative challenges in the home. The practical definition is a method of giving your home that “WOW” factor to potential buyers who view your home. Come on… be honest… look at the 2 pictures below and tell me which one draws you in? A picture is worth a 1000 words so… what 1000 words does your home have to say? Whether it’s the home you’re currently living in or a vacant home, staging is a great way to engage the average buyer helping them to envision the use…

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Seasonal Shut Down If you are shutting down a property for several months you should always shut off the water supply and drain the plumbing system.

  • Insulate Exposed Piping If you have exposed water or drain piping in uninsulated spaces such as in a crawlspace, attic, outside walls; ideally you should wrap them with electrical heating tape, then insulate them.
  • Exterior Faucets The exterior faucets need to have its water supply turned off inside the house, and you also need to drain water from it by opening up the exterior faucet.
  • Remember to disconnect your garden hoses from the faucets to prevent the faucets from freezing and leaking.

Roof

  • Check roof for missing or damaged shingles and have them replaced.
  • Check flashing around…

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One good way to investigate dampness is by walking around the home during a rain storm. Check the following:

  • Gutters should be clear and drain properly. Overflowing gutters are a common problem.
  • Downspouts should not flood water next to the house. Add an extension (leader) to discharge the water well away from the home.
  • Downspouts that discharge below grade should be checked very carefully. Make sure water is not leaking into the soil or backing up into the basement through the floor drain. In some cases it is prudent to disconnect downspouts that discharge below grade and redirect the water away from the house instead. Ask a Pillar To Post inspector for advice on this.
  • Land around the house should shed water away from the house for at…

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