Langley is a good place for property investment. There are many exciting new home developments in the area like Alexander Estates and Luxia Living. The Langley area is undergoing a construction boom as the township continues to grow. The township is gearing up to attract young families to their residential developments, which are mostly four-story apartments and midrise condominiums. Apartments in Langley are some of the most affordable houses in the lower mainland.
Langley provides plenty of investment opportunities. One place to watch is Willoughby. The community has dozens of new houses, condominiums, and apartments. The Langley Events Centre only steps away giving families easy access to parks, hockey games, and all the feel of being in an urban community.
With rent prices lower than Vancouver and Burnaby and all the conveniences of modern city life, Willoughby is definitely the place to be for young families. It is also a good source for rental properties as the area has not seen houses reach the market cap as they have in Vancouver. Whether buying a home for your family or as part of a portfolio, here are some things you should consider.
Is it a sound investment?
The first question you must ask about when looking to invest in a Langley home is whether or not it will give you good returns. Know the different communities in Langley; though Willoughby is among the best, you might find a better condo in Brookswood, for example, or a house that is more accessible in the Willowbrook area. Talk to your bank or a realtor like myself to see what options you have before making a decision.
In Canada, you must provide at least a 20% down payment on a non-owner-occupied or investment property. For owner-occupied homes, it’s only a five% down payment. Figure these into your computations before purchasing a property, especially if you’re doing it on an installment basis. Check out the mortgage calculator to get a better idea of what your new home payments will look like.
Are you buying strata or freehold?
You must decide if strata or freehold property gives you the best return on investment in Langley. Strata ownership, which is for condos, apartments, and sometimes townhomes can have relatively higher yields. They also have managers responsible for cleaning the building exteriors, driveways, entrances, and other common areas, which means you don’t need to spend on maintenance.
Strata properties can also have amenities like gyms, play places, swimming pools, and convenience stores a great addition for any new homeowner. These are benefits that a home in the price range cannot provide a new homeowner. This also looks good to renters if the home is an investment. If you are a first time home buyer check out some great tips on what you need to know before purchasing your first home.
Are you managing your property directly?
If you are looking to invest and thinking of being a hands-on landlord with no plans of getting an independent manager, you have to be familiar with the duties and responsibilities of one.
If you’re only getting into property management or leasing, you should know that it has a learning curve. The hardest part of being a landlord is finding the right tenants; if you do this, you can rest easy about things like maintenance, upkeep, and collecting dues.
If you are investing in the home for your family and wish to live in the are there is a good chance your home will appreciate during your mortgage term. While houses in the market have a higher price tag then the rest of Canada the lack of space available in the lower mainland means that the land will continue to become more desirable with time.
Conclusion
Buying a home in Langley is an excellent decision, communities like Willoughby and Brookswood offer urban living at a better cost then homes in the Surrey and Vancouver area. As a growing, business-friendly township, it is poised for even more growth in years to come.
If you’re looking for apartments or townhomes in Langley, get in touch with me today. I would be happy to help you find your next Langley home!