Investment Property: What to Look For
Q: My wife and I love our home (thanks to you for selling us such a good one!) we are now thinking about buying an investment property in Etobicoke but, don’t know the first thing about it. Can you give us some pointers on what to be on the lookout for and how to spot a good property?
A: So nice to hear how happy you are in your current home! I’m really glad we found you a great house that you have loved to call “home” all these years! Congratulations on thinking about a future investment by purchasing an income property in Etobicoke.
There are a myriad of factors to consider when looking for an income property; as with any property, location should be one of your main considerations. A neighbourhood in Etobicoke that is up and coming is a great area to buy into as you will see your investment soar. An investment in an established neighbourhood is also always a great buy as it will normally maintain it’s market value and you have the opportunity to increase market rents as you add value to the home.
Another factor you should consider is what type of income property you are interested in purchasing. There are many types to consider. An income property could be a single family home you rent out as a whole or an income property could be a building with 6 units in it. The choice is entirely yours. When you purchase an income property though, keep in mind you are now entering the realm of “landlord” and with that comes added responsibilities. I can help walk you through some of the ups and downs of being a landlord and even point you in the direction of some property management companies that can do the heavy lifting for you.
The best way to answer these questions and know what to look for when assessing an income property for you is to sit down for a needs analysis session. If you have 30 minutes to spend with me, I can show you how to get a great income property that will make you money for years to come.
Call me or e-mail me today and we can get you started on the road to income property investing.
Do you have any questions for Milana about real estate? Please send them to [email protected] she will do her best to answer any questions you have and if you are lucky, it might even be turned into a future post!