Parents struggle to keep their kids local as the Housing Crisis continues

(May 07, 2019 )

The average Aldergrove/Langley couple qualify for $437,000.00 with 20% down making their real estate options limited.  They can buy a condo, an older townhome, relocate or buy a 50% ownership in a house.
Many young families are choosing to relocate to Kamloops, the island, the prairies or back east rather than staying local due to the high real estate prices.
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They could join forces but there is limited product to suit 2 equal partners. There are ZERO listings under $1,000,000.00 in the Langley/Aldergrove area that have a ready made suite of high quality that a parent or equal partner would want to move into as of May 2019.  
 The typical basement suite is dark, poor quality, small and lacks style.  Our VIP team is standing by and available to help transform your subpar basement suite into a fabulous home that will surely please Mom & Dad or an equal financial partner.  Free quotes can be done during your subject removal time frame so you know exactly what to expect. 
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Other wonderful opportunities are RU zoning out of the ALR which allows 2 homes to be built.  A cape cod 2400 square foot renovated home on a 38,,000 sq ft lot just sold for $875,000.00 in Langley that allows a second home to be built.  A 1200 sq ft rancher could be constructed for Mom & Dad for approx $225,000.00 plus or minus depending on your finishings plus servicing for the lot making an all in price of $1,150,000.00 or $575,000.00 each. This can be constructed in approx 6 months plus time for permits to be obtained.  
 SR zoning out of the ALR allows you to build up to 33% of the lot value.  These lots are ideal for adding on a side suite. Our contractor estimates this can be done for approx $120,000.00 and would take approx 60-90 days to construct plus time to obtain permits. 
In Langley/Aldergrove you need to be on the same foundation as the main home and be under 968 sq ft to be legal.    See the ToL website for all the requirements for legal suites at https://www.tol.ca/at-your-service/engineering-building-development/building/secondary-suites/

Condos, townhomes and houses performed well in the last 4 years but houses have done consistently well and doubled  since 1981 every 11-13 years where condos doubled after 27 years and townhomes at 24 years.   If buying with your parents isn't an option, maybe partnering up with a friend to buy a house would be a great financial move.  No strata, large yard, good parking and an asset that will appreciate at a faster pace setting you up nicely to buy a house independently quicker.  We have a notary on our VIP team that would be happy to meet with you to discuss an exit strategy to ensure your relationships and your investments are protected. 

. Feel free to call me direct at 604-833-5634 if you would like to chat further about today's real estate opportunities.  Think out the box and profit.