Points that arise from this anecdote: Retirees have mortgages too. A good number of Vancouverites have a lot more than their entire net worth tied up in RE. Amateurs are still attracted to the idea of developing or landlording. -vreaa
“Nanaimo & E 4th. To build or Sell: Predicament. Well my father is now in an old folks’ home, and, due to some poor choices, there is still mortgage owed on his property. My sister is currently paying the monthly payments. The house is very old, over 70 yrs, and could be called a character home but we all know character home designs are usually out of date with modern living and just not as efficient. Pretty much the house is not in the best shape either. My mother who is divorced from my father wants her (us) to sell the house then take the money and buy a townhouse or apt. in burnaby near metro for sister. I own 2 but not in Vancouver.
My idea is to build the biggest house possible with 3 suites possibly 4 with the laneway house. The only issue is we don’t have that much money to build at the moment unless I liquidate one of my other properties.. or unless I can get a LOC on the one property I don’t have a LOC on. I figure I can build a brand new but nothing fancy or luxurious home. No granite no special tiles or hardwood. Just basic stuff.
What do you think is a good selling price for a new home in this area? I’ve heard of new homes selling for over a million just because they are new in Vancouver. My reasoning is that for a bit of work in construction the profit would be way more than just selling the house as is. Anyone have any advice?”