A good friend of mine has been in contact with a really trustworthy Vancouver Realtor, who has been telling her about all sorts of Burnaby condos for sale. My friend is really confident about her decision, and she can’t wait to buy one of those condos. She is even thinking of checking out another one from Coal Harbour Condos for sale. She’s fairly certain that it’s going to happen. I really trust the realtor, and I trust my friend too, but that doesn’t mean that I think it’s necessarily very good idea right now. But I’m just not the kind of person who invests in things or takes risks financially.
Honestly, the potential rewards of investing in the city like Vancouver right now are huge. I’m not denying that. Property prices have been on the rise for a like, a really long time now, and they don’t seem to be showing any signs of slowing down. However, the best thing to do would be to invest in a time machine and buy some property 5, 10, 20, or more years ago. In those days, property was dirt cheap, and now even a tear down a lot in east Vancouver is selling for multiple millions of dollars. Can you imagine that? A house that you’re just going to have to invest in tearing down is selling for literally millions of dollars. The world is wacky.
Anyway, I’m not saying that investing is a bad idea. I just thought about it a lot and I discussed it with my family, and close friends, and I just think that investing in real estate is a little too volatile for me. If I were to spend Millions on a property, and take out such a substantial mortgage, and then property prices plummeted, what would I do? Do you wait it out, how do you sleep at night? I guess those are the kind of questions I ask myself, and that’s why I don’t think I would be a very good real estate investor. So, I will say, right now my friend is having the time of her life. Different Strokes for different folks!