Although Vancouver Island is only recently seeing a great deal of interest from buyers moving into the area it has always been a place considered ideal for investment and with good reason. Vancouver Island is a thriving community, one with a strong and growing tourism market. Yet, you do have options when buying here. Now that more people are moving to the area, there are plenty of options in both existing home sales as well as new construction. Which type of investment is the right one for your needs?
Why Buy Existing Homes?
Existing homes for sale on Vancouver Island are numerous and this large inventory is one of the best reasons to buy here itself. It provides a wide range of opportunity to purchase in the dense wooded areas or in the older, historic components of the villages and neighbourhoods here. In short, you cannot find new construction in some of the most desired places to live here. Buying existing homes can also be more affordable even when you factor in any need to renovate extensively.
Why Buy New Construction?
Vancouver Island’s popularity is growing and not just because of tourism into the area. Many of the people funding the new construction here are doing so because they want to raise their families here or even retire in one of the most stunning environments in the area. Add to this the ability to buy new construction that’s custom to your specific needs and it is clear to see why so many people are turning to this location for all of their investment needs.
The good news is the Vancouver Island real estate market is strong and that means that buying either existing homes for sale or new construction can be seen as a worthwhile investment. The key is to get to know the individual neighbourhoods well to find the ideal place for your specific goals.