You might be asking yourself, how can I make this journey successful and with as less stress as possible?! Check out a few tips I put together for investment property ownership and what to think about before you make a purchase!
- Make sure you're ready to be a landlord. You're going to be the one your tenants call with anything related to the property!
- Watch out for rental restrictions especially if you're purchasing in a strata. Rentals may be limited to immediate family, there could be pet restrictions or many other different kinds of restrictions!
- Secure a downpayment. It's still required to have a downpayment even if you don't plan on living in the home.
- Start with a single family home. The last thing you want to do is commit to a project you can't handle. Start small and buy bigger homes once you figure out what you're doing.
- Look for a rental with outdoor space if possible. Having an outdoor living space in your rental can significantly raise its property value and attract more renters.
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