Jun 15 2017
Investing in Revenue Property
Owning a rental property has become quite the trend, but it isn't easy by any means. Choosing the right property can make or break your rental investment. Throughout Regina you will see brand new Infill homes being built in well-established neighbourhoods by builders like Zarkor Homes.
A few key things to consider when shopping for your rental property:
- Financial Responsibility - Most people buying a rental property are doing so with the help of a second mortgage. What you may not know is, Canada's new mortgage rules require a 20% down payment for the purchase of rental properties under 4 units. Ensuring the property you choose has the capacity to generate income and not just break even with your mortgage is key.
- Location, Location, Location! - It may sound obvious but not only will the location of your property help to attract and keep good tenants in your rental but there is also income from property value growth to consider long term.
- Well Built Property - The real estate market has all types of homes, from dyi renos to custom built, and you're going to want to take note of the workmanship throughout the property. The less maintenance work you're going to have to put in, the less money coming out of your pocket. Your tenants will thank you for not having to inconvenience their lives with pesky maintenance calls.
Whether you think you've got it figured out, or you're in over your head, it never hurts to call a professional for some help.