A GUIDE TO PURCHASE INCOME PROPERTY
The Bank of Canada has lowered interest rates for the second time this year, making an income property purchase more desirable. It is important to do thorough research and planning before making a decision to buy investment properties. Below are a few key factors that one should consider before choosing a property.
- Study the market time, make sure you are up to date with market trends and changes. Look out for positive changes that may lead to prime purchases and financing opportunities.
- Location is key, specially when it comes to buying income property or investment properties. The best locations are in communities with reliable or improving infrastructure, rising employment or other commercial/institutional development.
- Look out for properties with unique features that make them stand out in the area in which you are buying. Buying a property with desirable features opens up the doors for tenants who are willing to spend the extra money and makes your property more attractive. Some of these features may include, consumer convinces, attractive architecture, tasteful decor, security, parking, amenities, access to schools and shopping.
- Property condition is another important factor in choosing the right income property. Contrary to the common belief, properties that need repair do not need to be completely ignored so long as the repairs are reasonable. The most promising properties have a solid, protected foundation and sound superstructure and general require minimal utility upgrades which makes it more desirable to purchase since one can afford to invest in aesthetics that make the rental property more attractive and competitive.
- Its very important to maintain a successful property management with set budgets and accurate bookkeeping. You should also have a contingent fund for unexpected repairs, damages or upgrades that your property may need.
Buying an income property is a beneficial investment, but you must do your research in order to make an educated decision about which property to purchase. Consult your Real Estate Agent for more details regarding specific income property purchases.
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