REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Vancouver LifeStyles (VLS) > House and Home Renovations

House and Home Renovations THIS SPACE OPEN FOR ADVERTISEMENT. YOU SHOULD BE ADVERTISING HERE!
Designing your new condo or townhouse? Renovating your kitchen? Share your photos and project ideas with other experts here! We're not just modifying our cars anymore..

Reply
 
Thread Tools
Old 08-19-2013, 09:43 AM   #1
Revscene.net has a homepage?!
 
hi-revs's Avatar
 
Join Date: Aug 2008
Location: vancouver
Posts: 1,259
Thanked 301 Times in 140 Posts
Rental potential??

I'm looking at a house approx. 3min drive from the Queensborough landing in New Westminster.
There is a legal 2 floor, 2 bedroom 2.5 bath rental property attached to the house.
Currently it's one family occupying the entire house. House was built in 2011 and this family has lived in it since.


My question, how difficult would it be to find a renter for the rental suite of this house being in Queensborough?
Our realtor says rental income is approx $1200/m. But how desired is this area?

I mean, obviously the renter would likely need their own car as transit sucks there.
There's an elementary school and community center approx 3min drive away. No high school I believe in the area.

I've noticed hat there's a lot of new town homes and houses being built there, so I'm assuming its a developing area.

Would you rent in Queensborough?
Advertisement
hi-revs is offline   Reply With Quote
Old 08-19-2013, 09:46 AM   #2
MOD MOD MOD MOD MOD
 
nabs's Avatar
 
Join Date: Dec 2003
Location: vancouver
Posts: 5,848
Thanked 3,511 Times in 1,156 Posts
I personally would not rent in Queensborough because there are a bunch of new developments in that area. If I was to choose to live there and own a vehicle I would opt to purchase in that in that area because the prices of the new developments are about as much as rent would cost.
__________________
Quote:
[03-07, 03:26] Yodamaster - The feeling when you quickly insert without hitting the sides
nabs is offline   Reply With Quote
Old 08-19-2013, 10:04 AM   #3
Banned By Establishment
 
Gridlock's Avatar
 
Join Date: Dec 2003
Location: New West
Posts: 3,998
Thanked 2,982 Times in 1,135 Posts
Queensborough is a world upon itself. Not Richmond, but part of New West in name only. The best thing you can do is check your own comps. Find properties in the area that match the specs and see what they are renting for...are good people actually renting for that money in that area?

Your realtor may have a slightly different idea on that than others.
Gridlock is offline   Reply With Quote
Old 08-19-2013, 10:16 AM   #4
Banned By Establishment
 
Join Date: Feb 2009
Location: bedroom
Posts: 3,112
Thanked 3,492 Times in 1,176 Posts
Quote:
Originally Posted by hi-revs View Post
I'm looking at a house approx. 3min drive from the Queensborough landing in New Westminster.
There is a legal 2 floor, 2 bedroom 2.5 bath rental property attached to the house.
Currently it's one family occupying the entire house. House was built in 2011 and this family has lived in it since.


My question, how difficult would it be to find a renter for the rental suite of this house being in Queensborough?
Our realtor says rental income is approx $1200/m. But how desired is this area?

I mean, obviously the renter would likely need their own car as transit sucks there.
There's an elementary school and community center approx 3min drive away. No high school I believe in the area.

I've noticed hat there's a lot of new town homes and houses being built there, so I'm assuming its a developing area.

Would you rent in Queensborough?
Queensborough is definitely one of the new up and coming neighbourhoods in New Westminster. It appeals mostly to young families or couples looking for an affordable place to purchase.

The upside is that there is (or they are building) new schools, new recreation centre, small shops, and restaurants. It is relatively close to transit and a good central location for commuting.

The downside is that it can be a little "land-locked". Although it is very walkable to the main bus routes, you still need to walk and when you are trying to appeal to renters, that isn't a good selling point. Yes, there is the POTENTIAL to have a rental income of $1200/month but this is not guaranteed. The rental market is VERY soft right now and in this location, it is even softer.

At $1200/month you are appealing to a young family....and pretty much only a young family. Students won't look because it is too far away from school, roommates don't want to be that far away from "the city" or transit, and you are priced out of welfare (which is a good thing). Although you may get great tenants (you are appealing to a good group of people), it may take longer to rent...and you may need to reduce ($1000/month is more appropriate).

If this $1200/month is a major factor in being able to afford the home, you need to walk away now. A rental in this location is more of a long game than a short game.

On the flip side, if this rental income is more of a bonus and you can easily afford to have it sit empty, then you may want to consider it. As I said above (and nabs pointed out), Queensborough is under HUGE development right now. Most of the New Westminster's new housing is being built there and it is turning into a pretty nice "community".

But to answer your question in brief...is it a desired location? At this very moment? Not to renters.
dinosaur is offline   Reply With Quote
Old 08-19-2013, 11:10 AM   #5
Revscene.net has a homepage?!
 
hi-revs's Avatar
 
Join Date: Aug 2008
Location: vancouver
Posts: 1,259
Thanked 301 Times in 140 Posts
Thanks for eveyones comments so far.
I know that for $900-$1200 people can rent closer to "the city" or even pay their own mortgage. But there are those people/young families who even if they make a decent salary, just doesn't have the downpayment to get a mortgage approval. Those are the type of renters I'm wanting to attract.

I am definitely not needing it to be rented to be able to afford this property, but it would be a big bonus. Plus my fiance and I don't need tyat big of space.

There's just too many things to consider and debate with buying in this area.
As someone mentioned, its not exactly in the middle of nowhere, but it isn't really clos to anything either. Lol. But it is central if the person drives.

We're considering this area because for what we are paying for this property, we'd be looking at +20yr old houses in richmond, burnaby, vancouver.

Condos just aren't big enough. And townhomes have too many restrictions. Thats why were opting for a single detatched home.

Btw, this will be a purchase for the long term. Its not exactly an investment property for us.

P.s what other resources can I utilize to research if that area is desirable to renters?
hi-revs is offline   Reply With Quote
Old 08-19-2013, 12:38 PM   #6
Banned By Establishment
 
Join Date: Feb 2009
Location: bedroom
Posts: 3,112
Thanked 3,492 Times in 1,176 Posts
Just look at comps on CL.

If you are buying for long-term and don't need the extra money, then don't worry about it.

In terms of location, Queensborough is no different than residentially dense areas in Surrey, Richmond, Burnaby, etc. If anything, Queensborough is closer to a lot more than most.

Give it 5 years and that area will not be recognizable so I would not be concerned. Transit access will increase and more shops and services will be built.

At some point, you will find renters it just won't be as easy as it would in other locations....but, does it matter?
dinosaur is offline   Reply With Quote
Old 08-19-2013, 12:46 PM   #7
Pull Out Towing. Women rescued for free.
 
SumAznGuy's Avatar
 
Join Date: Mar 2002
Location: Hongcouver
Posts: 8,449
Thanked 2,414 Times in 1,283 Posts
The great thing about the Queensborough area is that it is literally in the middle of everywhere. By car, take the 91 west and in 10 minutes you are in Ditchmond.
10 Minutes on the 91 east and you are in Slurry/Delta.
Less than 10 minutes you are in Coquitlam and less than 10 minutes you are at Metro.
Downtown is a little further away obviously, but still not too bad, assuming traffic is ok.
Down side to the Queensborough area is that during rush hour, traffic is BAD.
If there is an accident, then things go from bad to horrible.
__________________
Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off.
Originally posted by The7even SumAznGuy > Billboa
Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
Quote:
Originally Posted by tofu1413 View Post
and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all.

(11-0-0) Buy/Sell rating
Christine
Shitvic
Pull Out Towing
SumAznGuy is offline   Reply With Quote
Old 08-19-2013, 01:09 PM   #8
RS has made me the bitter person i am today!
 
bcedhk's Avatar
 
Join Date: May 2005
Location: 604
Posts: 4,501
Thanked 1,726 Times in 546 Posts
There is a lot of people who rent rooms out to international students who attend those english schools in New Westminster and Burnaby.
bcedhk is offline   Reply With Quote
Old 08-19-2013, 01:10 PM   #9
RS has made me the bitter person i am today!
 
bcedhk's Avatar
 
Join Date: May 2005
Location: 604
Posts: 4,501
Thanked 1,726 Times in 546 Posts
Look into the Official Community Plan for the area. Although it is only a "plan", however, it will give you a good idea of what the region is aiming for in the long run.
bcedhk is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 08:15 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net