The current decline in the 2016 Calgary real estate market is well documented, yet in every market cycle there are always opportunities to be discovered. Here is where we suggest you focus for opportunities in the 2016 Calgary real estate market and beyond:
Move Up Market
Higher priced homes have and will see a greater downward adjustment than lower priced homes, so move-up or upgrade your home to take advantage of this trend. You may realize greater savings on a purchase and experience less of a loss on a sale in a market like this. Here is a search for Calgary Homes Over $1M.
A secondary suite can pay for over $200,000 of value on your mortgage, and bungalows in R-2 areas also take advantage of walk-able communities and demographic trends. Rental income of $1,000 roughly covers a $200,000 mortgage over 25 years at the current market rates. If you can utilize the lower level of your bungalow for a suite, this allows you to purchase a higher grade property in a better location and have your tenant pay for the premium. You’ll be providing affordable housing stock and bettering your lot at the same time.
Click here to search for properties in Calgary with a secondary suite.
Stay and Renovate
With trade prices moderating and anticipated to drop, now is a good time to plan that reno and/or invest in energy efficient upgrades that will save you money in the future. Here are a few renovations that we feel will stand the test of time and provide the best return on your investment:
- Adaptable spaces: Rooms that can transform to allow your family to grow in place and utilize your investment throughout its life-cycle are a great use of resources. Many folks are space challenged while kids grow through adolescence and then bang around in an empty home later in life. Any room that can transform from a bedroom to an office to a secondary suite (for a care-giver etc) is a great efficient use of space.
- Accessible Features: Homes designed for accessibility are a smart planning measure. Everyone hopes we won’t need to use these facilities but planning for your elder years and handicapped guests is just smart. With a large demographic trend to aging baby-boomers, this may also be a very smart investment for re-sale.
- Energy Efficient Features: Upgrading your insulation, appliances and lighting to be more energy efficient has always been at the top of our list. With green homes becoming the new norm, growing concerns for sustainability and energy costs ever increasing, upgrading your home’s energy efficiency will not only save you hundreds of dollars monthly but also future proof your investment’s re-sale value.
For more information on opportunities in the Calgary Real Estate market call the experts at Sano Stante Real Estate.