Most real estate investors feel that the only things to keep in mind during making a deal is the property that you are buying and the timing of buying and selling it. This is not enough to know if you are looking for real success in the west vancouver real estate business.
Keeping what to buy and when to buy factors in mind are just half of the list of elements you should consider while making an investment. There are several other points that can make or break your deal.
Factors Beyond Your Control
There are so many things that you cannot predict or control for that matter. You may buy the best priced property in a locality that is considered the best in the region. You only know the present value of this property and can hope based on previous records that it will grow in years. There is no sure way of telling, however, how the value of the property is going to appreciate in coming years.
There could be several policies relating to real estate that could change. There could be a development in another region that could attract more buyers. There is no way one can predict how the property will evaluate few years down the line.
Your Personal Capacity
The points mentioned above are mostly the extrinsic factors but those are not the only matters that cannot be predicted. Your personal capacity and how well you will be able to handle all aspects of a deal are also not predictable.
A lot will be decided depending on how big a risk taker are you? How you manage your finances. How disciplined are you in terms of making goals and then meeting them. Real estate investments require you to take tough calls under pressure. Everyone cannot handle it well. So at some point it boils down to how you are going to fare at in a situation. A fine example would be how two different sellers sold two similar homes, in the same locality, with the same amenities manage to extract different amounts of money. One of them usually makes a lot more money than the other.
It is not always about where your property is situated and what phase the market is at. In reality it is how well you can market and advertise your product that decides the fate of your success and the profits that are going to flow.