If you’re thinking about investing in rental property, now is the time. The combination of low interest rates and average home prices means a great potential for profit. But as with all types of investments, rental properties have their risks. That’s why it’s important to do your homework first.
Since each investment property is different, it’s important that you find a property that fits your strategy. Do you want to be a property manager and earn rental income? Or would you rather restore and resell properties at a profit? Identifying your goals will help narrow your property search.
Homes in high rent or highly populated areas are always ideal. Stay away from rural areas where there are fewer people with a smaller pool of potential renters. Think about other selling points for your property. A home near public transportation, shopping malls, or other amenities will attract renters as well as potential buyers when it comes time to sell.
You should build a supporting crew of repair specialists such as plumbers, electricians, and window specialists to handle emergency repairs with a simple phone call. Also consider finding an attorney to consult on tenant issues, a property management firm to handle day-today rental affairs, and an accountant to help with taxes on the property. Whether you are a first-time real estate investor or you have prior experience in buying property, you’ll find that there are a number of options available to you in Whitehorse.
As a real estate agent with extensive experience in dealing with rental properties, I would be more than happy to answer any questions you have. – MD