Purchase an Income Property

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...

  A Guide to Purchase an Income Property

with interest rate still low and properties in some markets available at reduced prices, this may be an ideal time to consider purchasing an income property , investment properties can prove to be very beneficial , especially if you've done careful research and planing , when it comes to selecting the right property , you'll need to consider several factors .  Market Timing Even if buying an income property is not part of your immediate investment plan, you should be aware of market trends so that you understand where the market is expected to go.Then, look for signs of a regional market upswing. Positive changes in the market could signal prime purchase and financing opportunities. Location, Location, Location The most important rule for choosing an income property is the same as for choosing a retail operation: the best locations create the greatest exposure and generate the most sustainable demand. Preferred houses and condo units are in communities with reliable or improving infrastructure, rising employment or other commercial or institutional development.   Neighborhood Status Carefully consider the location of your income property.You should determine transportation access and nearby services, and also be satisfied that the local community will not experience setbacks that might lower neighborhood living standards. Such setbacks could include absent owners or indifferent tenants. Similarly, as an owner, you will have a responsibility to uphold your commitment to your chosen neighborhood. j Unique Features Being selective about your property purchase might also allow you to be selective about your tenants. Ideally, your property will attract those who are willing to pay a little more rent for the features you offer, and are likely to want to stay longer. So look for features that would be considered desirable and unique from a tenant's perspective. Advantages could include consumer conveniences, attractive architecture, tasteful décor, security, parking, amenities, and access to schools, shopping, sports, leisure and entertainment activities. Property Condition Properties in need of repair need not be ignored, as long as the repairs are measurable, affordable and likely to improve the property's desirability and long- term value.The most promising properties have a solid, protected foundation and sound superstructure, as well as minimal requirements for utility upgrades. In such cases, you should be able to easily afford to invest in aesthetics that make your rental property more attractive and competitive. Careful Management Successful property management requires a professional approach that entails careful planning and accurate bookkeeping. Budgets need to be established and should include contingency funds for unexpected repairs and upgrades, and consideration for interrupted income. If you're uncertain about budget planning and bookkeeping, building repairs and maintenance or tenant/landlord legalities, you might consider hiring a trusted property management firm, or consulting with appropriate experts. IF YOU HAVE ANY IDEAS OR EXPERIENCE YOU WOULD LIKE TO SHARE WITH OTHERS ABOUT INVESTMENT PROPERTY PLEASE SHARE IT AT THE COMMENTS AREA BELOW .

Requested Information

By requesting to receive details for this project, you agree and give us consent to send you electronic email notices with requested information and also for future projects. At anytime you wish, you may unsubscribe from receiving any further emails.

Let’s stay connected – CASL

CENTURY 21 Leading Edge Realty Inc. CondosDeal.com is committed to keeping you up to date about the latest real estate and new condo projects updates through electronic newsletters, email notices.

To continue to receive future project updates and incentives after July 1, 2014, you must give consent. You may withdraw your consent at any time but please note we may still continue to communicate with you electronically in relation to your current or pending transactions, inquiries or requests.

We hope to stay connected.

FOR MORE INFORMATION ABOUT  BUYING INVESTING PROPERTY OR FOR LIST OF NEW LISTING FOR INVESTMENT PROPERTY FILL UP THE FORM BELOW AND WE WILL EMAIL IT RIGHT TO YOUR MAILBOX .
 
Sam Elgohary

Sam Elgohary is a Real Estate Broker with Century 21 servicing his clients in the Greater Toronto Area (GTA). He has a wide range of experience in Pre-construction Development and resale and is always looking to give his clients the most up-to-date knowledge about the market to help them in making new investments or selling their homes. His close connections with builders and a wide network of agents give him a competitive edge on everything to do with Toronto Real Estate. Connect with Sam: Cell 416-565-5925. You can find Sam Elgohary in Google +