Updated February 23, 2024

Burnaby Heights Homes for Sale: Buying Tips   

Burnaby Heights, also referred to as “The Heights” or “Vancouver Heights,” is a family-oriented residential neighborhood located in North Burnaby.

Within walking distance, you’ll find stunning views, history, and a thriving business district.

In addition, easy access to other cities and great schools in a sustainable and emerging city makes it an ideal location for real estate investors.

In this article, I’ll look at the current state of Burnaby Heights homes for sale, including tips on what to consider and whether the property you want to buy will be financially viable for you.

Burnaby Heights Homes for Sale

The majority of properties for sale in Burnaby Heights are detached houses and townhouses, though the number of condos/apartments is increasing.

Burnaby Heights Homes for Sale Buying Tips

There is a lot that goes into buying a home. From where you buy it to who you deal with, and how it gets inspected, there is a lot of responsibility. Here are some tips to ease your mind when considering a home in Burnaby Heights. 

Buy With Your Target Tenants in Mind

Your property could have tenants as a mortgage helper.

When checking out properties in Burnaby Heights, it's better to avoid purchasing based on your taste.

With buy-to-let investments, carry out some research into the type of people who rent properties in the different parts of Burnaby Heights, what attracts them, and what they expect.

Look for the Best Deals

Keep an eye out for the cheaper properties in Burnaby Heights. The less you spend on buying a property, the higher your returns will be.

Focus on properties like condos/apartments when in line with your target tenant.

Consider Investment Potential

Your most important consideration should be finding a property to generate returns aligned with your cash flow targets.

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Calculate Your Margins

To meet your passive income targets, you’ll need to determine the type of returns it should generate.

A goal of 10% return is ideal; factor in an estimate of annual maintenance costs at 1% of the property value.

Consider all the additional costs that will reduce your rental income, including homeowners’ insurance and property taxes.

In addition, monthly expenses such as regular landscape maintenance and costs for repairs should also be considered.

Ensure You’re Prepared for Unexpected Expenses

When owning property, the potential for something to go wrong in an emergency – burst water pipes in the kitchen, for example – is always likely.

In preparation for such unwelcome surprises, consider setting aside 20%-30% of your rental income to cover these types of repairs.

Compare Properties of Interest With Other Rentals

A great way to establish whether your investment will yield the returns you want is to determine what properties are being rented in the surrounding area.

To verify this, you can look at online real estate platforms. Once you’ve found the property you want to purchase, consider seeking advice from a Burnaby Heights-based realtor like Adriano Valente about rentals in the area for comparison with your estimates.

Burnaby Heights Homes for Sale: Finding the Right Investment

Burnaby Heights or “Vancouver Heights” is an ideal place for a thriving business in real estate.

This location creates a happy place for the communities living there with its liveliness, peaceful scenic views, leading education, and easy access to other major cities.

When purchasing your investment property in Burnaby Heights, you should consider balancing how much money you want to make and how your goals can be achieved through the right property and tenants.

Hopefully this article has helped guide you in your search for the best properties for your real estate venture in Burnaby Heights.

I wish you the best of luck in achieving your investment goals. Call me anytime for the latest information on Burnaby Heights Real Estate, I'm happy to help.