Owning a piece of SFU real estate is a great opportunity for students, parents and property owners alike. The only caveat is that all of these individuals should consider the long-term investment ramifications of their purchase. In other words, you will want to ensure that your property will remain desirable and valuable over the years if you intend to rent it out to students or use it as convenient lodging near the Simon Fraser campus.
To help you get the most value possible out of your SFU property, here are some mistakes to avoid when traversing the SFU housing market:
Remember You Get What You Pay For
Price is but one element when weighing the overall merits of a house, apartment, condo or townhouse. Yes, you do not want to enter into a deal outside your means or purchase a home that is priced far beyond what you expect for its amenities, but on the opposite end of the spectrum you also do not want to jump at a property just because it is a bargain.
Always recall the old saying “you get what you pay for,” as well as the phrase “too good to be true” when you find a property with a rock bottom price. Consider its ability to maintain appeal over the years as well as its overall condition.
For instance, you generally do not want to a two bedroom house where one of the rooms is a glorified closet, unless that is exactly what you are looking for. Weigh your options, and try to find a property you will genuinely love, not just one you can pay off quickly.
Never Accept Surface Appearances
Some newer or recently-renovated homes have a lot of gloss without the underlying substance to match. Flashy finishes could be covering up serious structural problems, or a seemingly perfect home could encounter 24-hour road noise that makes sleeping almost impossible.
Have any property you are considering inspected as a contingency to your final offer, and also do as much research about the home’s history as well as its neighborhood as you can. The last thing you want to do is buy a home that looks perfect, only to find out months later that it has mold or that a narcotics operation was being run inside of it.
Location is such an important factor that real estate agents are fond of repeating it thrice. For university housing, location is especially important when weighing the long-term value of the property. Trying to convince students or faculty that your SFU real estate is a “few minutes from campus” when it is actually on the far side of Coquitlam will generally not fly in their eyes.
These three tips will help you from being blinded by one single factor during house hunting when you want to be evaluating the whole package. Visit our SFU property listings page to get started on researching and exploring all that the area has to offer.