Category: Real Estate Information

Kamloops Real Estate Information

7 Compelling Reasons Why Buying a Home Trumps Renting in Kamloops

Information For Buyers, Real Estate Information

Are you torn between the age-old debate of buying versus renting a home in Kamloops? While renting may offer short-term flexibility, purchasing a home could be a smarter long-term financial move, especially in a thriving city like Kamloops. In this post, we’ll delve into seven compelling reasons why buying a home in Kamloops is a wiser choice compared to renting.

  1. Equity Build-Up: When you rent a home, you’re essentially paying someone else’s mortgage, with no return on investment. However, when you buy a home in Kamloops, each mortgage payment contributes to building equity in your property. Over time, as property values typically appreciate, you stand to gain substantial equity, offering financial security and potential for future investments.
  2. Stable Housing Costs: Rent prices in Kamloops, like in many cities, can fluctuate unpredictably due to market conditions and landlord decisions. By contrast, when you buy a home with a fixed-rate mortgage, you lock in stable housing costs, allowing for better budgeting and financial planning over the long haul.
  3. Potential Rental Income: Homeownership offers the flexibility to generate rental income if you have extra space in your property. Whether it’s renting out a basement suite or a spare bedroom, becoming a landlord can help offset mortgage costs and increase your cash flow. In a city like Kamloops, with a growing population and demand for rental properties, this can be a lucrative opportunity for homeowners.
  4. Freedom to Customize: One of the perks of homeownership is the freedom to personalize and customize your living space to your liking. Whether it’s painting the walls, renovating the kitchen, or landscaping the backyard, owning a home allows you to make changes that reflect your style and preferences, enhancing your overall quality of life.
  5. Long-Term Investment: Real estate in Kamloops has historically shown steady appreciation, making it an attractive long-term investment. Buying a home allows you to capitalize on this appreciation potential, potentially yielding substantial returns over time. Moreover, owning real estate provides a hedge against inflation, as property values tend to rise in tandem with inflation rates.
  6. Sense of Community: When you buy a home, you’re not just purchasing a property; you’re investing in a community. Homeownership fosters a sense of belonging and stability, as you become part of a neighborhood and engage with local amenities, schools, and organizations. Building strong community ties can enrich your life and provide invaluable social support networks.
  7. Retirement Nest Egg: Finally, owning a home in Kamloops can serve as a valuable retirement asset. By the time you retire, your mortgage may be paid off, and you’ll have a substantial asset that can supplement your retirement income or be passed down to future generations. With proper financial planning, homeownership can contribute significantly to your long-term financial security and peace of mind.

While renting may offer short-term flexibility, buying a home in Kamloops, presents numerous long-term financial and lifestyle benefits. From building equity and stable housing costs to tax advantages and community engagement, homeownership offers a path to financial security and personal fulfillment. So why wait? Take the plunge into homeownership and secure your future in beautiful Kamloops.

Contact us anytime if you have questions or would like to get started on your home search.

7 Essential Steps Every Homeowner Must Take Before Listing Their Home for Sale in Kamloops, BC

Information For Sellers, Real Estate Information

Are you gearing up to sell your home in Kamloops? Whether you’re a seasoned seller or it’s your first time putting a property on the market, proper preparation is key to a successful sale. Kamloops, with its scenic beauty and growing real estate market, offers ample opportunities for homeowners to make a lucrative sale. However, to maximize your chances of a quick and profitable sale, there are several crucial steps you should take before listing your home. Here are seven essential tasks every homeowner should prioritize:

  1. Declutter and Depersonalize: One of the first steps in preparing your home for sale is to declutter and depersonalize the space. Remove personal items such as family photos and knick-knacks. This will allow potential buyers to envision themselves living in your space. Clear out excess furniture and belongings to make rooms appear more spacious and inviting. A clutter-free home not only looks more appealing in listing photos but also allows buyers to focus on the property’s features.
  2. Enhance Curb Appeal: First impressions matter, and curb appeal plays a significant role in attracting potential buyers. Take the time to spruce up your home’s exterior by mowing the lawn, trimming hedges, and adding fresh mulch to flower beds. Consider painting the front door, updating outdoor lighting fixtures, and adding potted plants for a welcoming touch. A well-maintained exterior sets a positive tone for the rest of the viewing experience.
  3. Address Repairs and Maintenance: Tackle any necessary repairs and maintenance tasks to ensure your home is in top condition before listing. This includes fixing leaky faucets, repairing damaged walls or flooring, and servicing HVAC systems. Consider investing in minor upgrades such as replacing outdated fixtures or applying a fresh coat of paint to walls in neutral tones. A well-maintained home not only instills confidence in buyers but also helps justify your asking price.
  4. Stage Your Home: Proper staging can significantly impact how buyers perceive your home. Arrange furniture to highlight the functionality of each room and create an inviting atmosphere. Pay attention to lighting, adding lamps or opening curtains to maximize natural light. Consider adding tasteful decor elements such as rugs, throw pillows, and artwork to enhance visual appeal. Staging helps potential buyers envision themselves living in the space, increasing the likelihood of a successful sale.
  5. Conduct a Pre-Listing Inspection: While buyers typically conduct their own inspections, having a pre-listing inspection can uncover any potential issues beforehand. Addressing these issues early on can prevent last-minute surprises and negotiation hurdles during the closing process. A pre-listing inspection also demonstrates transparency and builds trust with potential buyers, giving them confidence in the condition of the property.
  6. Gather Important Documents: Organize important documents related to your home, such as warranties, permits, survey certificate and maintenance records. Buyers may request these documents during the due diligence process, so having them readily available can streamline the transaction and instill confidence in prospective buyers. Additionally, providing comprehensive documentation showcases your commitment to transparency and helps expedite the sale process.
  7. Consult with a Local Real Estate Agent: Partnering with a knowledgeable real estate agent who understands the Kamloops market can make a significant difference in the selling process. A local agent can provide invaluable insights into pricing strategies, market trends, and effective marketing techniques. They can also help you navigate negotiations, manage paperwork, and ensure a smooth transaction from listing to closing. Choose an agent with a proven track record of success in your area to maximize your selling potential.

In conclusion, preparing your home for sale in Kamloops, requires careful planning and attention to detail. By following these seven essential steps, you can increase your chances of attracting qualified buyers, securing competitive offers, and achieving a successful sale. Remember, investing time and effort into pre-listing preparation can ultimately lead to a faster and more profitable transaction.

Feel free to reach out to us if you would like a personal consultation. We provide no obligation home evaluations and can help guide you towards achieving your home sale goals.

Carriage Houses and Garden Suites in Kamloops

Kamloops Communty Information, Real Estate Information

Did you know that carriage suites and garden suites are permitted in many areas of Kamloops?

When buyers think of having a secondary suite they most often think of a basement suite but there are two other secondary residential suite options that are increasingly prevalent in the Kamloops housing market. These are carriage suites and garden suites. Many Buyers question whether a property would allow for a secondary detached suite. Here is a guide to help determine if a property or home you are looking to purchase would qualify to have a carriage home or garden suite.

What is a Carriage Home and Garden Suite and what is the difference?

Garden Suite

A garden suite is a self-contained secondary dwelling that is smaller than and an accessory to the main single family home. Garden suites are only permitted to be one storey in height and have a maximum allowable square footage of 861 square feet. Garden suites are permitted in a greater number of areas than are carriage suites.

Carriage Suite

This term is often used to describe a garden suite but is actually a different dwelling unit. In Kamloops, a carriage suite is a separate and self-contained secondary dwelling that is smaller than and an accessory to the main single family home. But, the main difference between this and a garden suite is that a carriage house can be two storeys tall and have a garage on the bottom storey. The maximum building footprint needs to be under 861 square feet but because a carriage house is two storeys tall the maximum living space can be 1022 square feet.

Where Are Garden and Carriage Suites Permitted?

According to the City of Kamloops Residential Suites Guide garden suites are permitted in the following zones:
• RS-1, RS-1S, RS-4, and RS-5
• RT-1, RT-2 (only Urban Residential lots, as per the OCP), and RT-3
• RM-2A • CD-1, and CD-5 (no suites on consecutive lots, corner lots, or lots fronting a cul-de-sac bulb)

Carriage suites are only permitted in the RS-1S zone. Carriage suites will only be considered where the property is one of the following:
• a double-fronting lot (a lot that fronts two streets)
• a corner lot with approved access from two street fronts
• a lot with lane (alley) access
• a lot that can accommodate a 4.5 m wide driveway to the carriage suite.

For garden and carriage suites a development permit and building permit is required as well as a final occupancy permit before the suite can be rented out.

Other Regulations of Note

Garden and carriage suites must abide by other regulations such as:

  • No living space permitted below the 200 year flood plain other than an entrance foyer.
  • The principal building, garden/carriage suite, and all other accessory buildings can not cover over 40% of the total lot area.
  • It is not permissible to have both a garden and carriage suite on the same single-family lot.
  • The carriage or garden suite building cannot cover more than 12% of the total lot area.
  • 40% of the front yard must be landscaped and vehicles cannot be parked in the landscaped area.
  • Suites are not permitted on lots with duplexes.

Parking

A single family home plus secondary suite must have at least 3 unstacked parking spaces, plus 40% of the front yard must be landscaped with no vehicles parked in the landscaped area. The requirement for 3 unstacked parking spaces does not mean that all of the parking spaces have to be located beside each other on the lot.

More Information

So if thinking of secondary suite options there may be more to consider than just a basement suite. A carriage or garden suite could make a great home for in-laws or a short/long term rental suite. Short term rentals are permitted within the city of Kamloops. For more information see the City of Kamloops Guide to Residential Suites or contact the planning and development department at 250-828-3561 or ac.spoolmaknull@gninnalp.

Investing in Kamloops Rental Properties

Kamloops Real Estate News, Real Estate Information

Kamloops is a great place to invest in real estate. Low vacancy rates and lower home prices than other markets like Kelowna, Victoria, and the Greater Vancouver area make Kamloops an attractive choice for investors looking to purchase a rental property.

The Canada Mortgage Housing Corporation’s 2021 rental market survey put the vacancy rate in Kamloops at 0.9. With a steadily growing city and university the rental market will likely remain strong in Kamloops.

But what kind of rental properties exist for investors? Let’s break it down.

Homes with Legal Suites

Homes with legal secondary suites are relatively few and far between compared to those with non-conforming suites in the City of Kamloops but more and more are being built this way. A legal suite means that it was constructed inline with BC Building Code requirements under a building permit and has been inspected and received an occupancy permit. The greatest concentrations of homes with legal suites are in newer homes in the Juniper West, Aberdeen, and Sun Rivers neighbourhoods. There are also others sprinkled throughout the city. The City of Kamloops maintains a registry of legal suites which can be viewed online.

Homes with Non-Conforming Suites

Non-confirming (or in-law) suites are by far the most common type of secondary suite in Kamloops. Most of the homes listed for sale as having a suite are not legal suites but are instead non-conforming. They are commonly referred to as a ‘basement’ or ‘in-law’ suite. This means they were not constructed under permit and may not even be in a neighbourhood which is zoned for secondary suites. Even if a suite is built in an area where the zoning permits secondary suites it does mean that the suite is legal. Many investors purchase homes with non-conforming secondary suites as rental properties. This does come with increased risk as compared to those homes with legal suites. As not constructed under permit, the City of Kamloops could enforce compliance or removal of the secondary suite if a complaint was received regarding the unauthorized accommodation.

Full Duplex

Full duplexes can be found throughout the city with the majority of those being in the North Kamloops, Westsyde, and Brocklehurst areas. These are excellent investments which feature two independent side by side units. These units are popular with renters as noise transfer can be less than usually occurs between upper and lower floors in many non-conforming suites. A full duplex can also feature separate side by side yards meaning a possible higher rental income due to the outdoor space available to a tenant.

Three-plex and Fourplex

A three-plex and fourplex is a building that features three and four separate residential suites. These are most often found in the areas of Downtown (South Kamloops), Westsyde, North Kamloops, and Brocklehurst. A legal three or fourplex is a rare find in Kamloops. More often they are non-conforming meaning they are a duplex which has been converted to add a secondary suite on one or each side of the building creating three or four separate residential suites.

What about Short-Term Rentals in Kamloops?

Short term rentals are largely unregulated in the City of Kamloops. With lower tourism numbers and lower numbers of short-term rental units than other jurisdictions in BC, short term rentals haven’t been a problem in the city. Because of this, the city of Kamloops has not created tighter regulations. Many strata complexes within Kamloops adopted bans on short term rentals within their own bylaws. In other strata developments short-term rentals haven’t been addressed simply because they have yet to be a problem. However future bylaw changes could be put in place to restrict short-term rentals if approved by the strata. If you are looking to invest in a property with the intention of renting it on a short term basis, a freehold single family home is your safest bet.

Outside of the City of Kamloops in the Thompson Nicola Regional District short term rentals are highly controlled and require a temporary use permit. 

Sun Peaks also tightly controls short term rentals and has its own set of rules. Here short term rentals are only allowed if the property is zoned for tourist accommodation (R1-A or RS-1A) or if the owners have a temporary use permit. Owners must also have a business license from the Sun Peaks Resort Municipality. Recent changes to the rules around short term rentals are detailed by Sun Peaks Independent News here.

New Government Legislation Removes Rental Restrictions

The BC Government recently announced that all strata rental restrictions other than short term rental restrictions have been removed. This means that buildings which previously banned or limited the number of units which could be rented will now allow rentals. In Kamloops this opens even more possibilities for investors to purchase potential rental properties. Of note, numerous strata complexes near Thompson Rivers University which previously banned or limited rentals will now allow rentals creating new opportunities for investment near the university.

So, if you are thinking of investing in a rental property there is no time like the present and our city is a great place to do so.  Contact Us to find out more about buying a rental property in beautiful Kamloops, BC.  

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