Real estate has always been considered an attractive long-term investment option. There are many advantages to buying your first income property, but it is also important to consider several factors. In this newsletter, you’ll find out what you need to know before buying an income property.
Prepare your mortgage strategy
Buying an income property is like starting a business. Prepare your mortgage strategy as well as all the necessary documents to start the project quickly (pre-authorization letter for a personal loan, tax report, etc.)
Consider the expenses related to rental properties
It is important to remember that all the expenses you incur for your primary residence also apply to an income property: mortgage, insurance, taxes, utilities, maintenance, etc. Ideally, the building you choose will generate income and cover your monthly expenses. In the long run, the goal is to make a profit on your purchase.
Choose the ideal location
It is also important to do the proper research and consider several neighborhoods before making your choice. Target neighbourhoods that are close to schools and city attractions, such as parks, shopping and restaurants.
Get advice from experts
Finally, before embarking on a larger project, get expert advice and information to make the best choice for you!