Buying an investment property is not like making other investments. The purchase you’re making is a living part of a real community — it’s a home for people.
Many factors need to be weighed before deciding to buy an investment property and which one to select. Let’s take a look at some of the considerations you’ll make along this journey.
Location, Location, Location
One of the famous mantras in real estate is “location, location, location,” because the local geography is hugely important. People want to live in desirable parts of town to have a higher quality of life or a lifestyle that suits them.
What makes a location desirable? It depends! Everyone has personal preferences, but you need to take a larger view of the matter if you’re buying an investment property. Developers can build new homes, but they can’t build new land.
Downtown communities are often vibrant and unique, and homes here are usually coveted. Of course, there are people who want a nice, quiet, suburban lifestyle. But many people would rather have a decent plot of land in a good location than a nicer, larger home away from the action.
You may decide to buy an investment property downtown or in the suburbs, but its physical location has important ramifications you need to understand. Property Management Toronto has over 25 years of real estate experience in the Toronto market so that we can guide you on the ups and downs of locations throughout the city.
Are You Handy?
Some people are extremely handy around the home and can do renovations and fixer-up work themselves. In such cases, they may prefer to buy a more run-down home at a lower cost than a home that has already been renovated with the latest fixings and comes at a premium price.
If you have experience doing contracting work or simply have handy skills, you’ll see the bare bones of a home differently. There’s more value in a cheaper home that you can improve yourself than paying a premium for someone else to do it.
On the flip side, hiring a property management company gives you access to expert advice on a home’s condition so that you won’t have any surprises. Many homes appear to be in great shape at first glance, but upon second glance, there’s a different story!
Our landlord services include consulting — we’ll make sure you get a professional inspection, so you won’t be shocked by the need to pay for expensive things like re-wiring or a new roof. Our services are designed to smoothen and streamline every process related to owning an investment home, from beginning to end.
Timing is Everything
There are investment properties for sale in Toronto right now that you can find for a great rate. Hindsight is 20/20, but getting expert consultation helps you see the market now for what it is.
The decision to become a landlord is not something to take lightly, especially during a pandemic. In Toronto and across the province of Ontario, evictions are occurring at a greater rate as people struggle to work during COVID-19.
As a landlord, you want to find a stable tenant who can pay their monthly rent, but surely nobody feels good about kicking people out of their homes during a pandemic when job loss is soaring. From the landlord’s perspective, evicting someone disrupts payment collection and may cause headaches and guilt.
Owning an investment property is a powerful economic tool, but it’s also a large responsibility and a big undertaking. There are multiple dimensions of homeownership that you’ll want to consider. We can help you understand the timing of the real estate market and identify good value.
If this investment property is only going to provide supplementary income, and you don’t need to depend on your tenants to get by, then you’ll be cushioned if they are unable to make a monthly payment. How world events relate to your decision to own an investment property is something you’ll need to determine for yourself based on your unique circumstances.
There are always questions about how to balance upfront costs, risks and maximize profit when buying an investment property, but COVID-19 introduces new considerations you’ll have to weigh for yourself.
Buying the Home
Purchasing a home is not your usual transaction. Our experienced real estate team can guide you through the ins and outs of the process.
We’ll ensure that the investment property you buy meets all your criteria, so you can walk away from the sale knowing you got great value. This includes everything from making sure the home is assessed and inspected properly to negotiating a fair price.
Real Estate Marketing
Finally, you’ve purchased the home, and it’s time to find a tenant. Congratulations! Now, you need to ensure there’s a reliable tenant. The last thing you want is a vacant investment property, and the first thing you want is a constant stream of income from somebody who respects the home.
Property Management Toronto will make your investment property as visible as possible by plastering it on our website, social media feeds, MLS, and even Kajiji. We can oversee the entire application process and sort through prospective tenants so that you can pick from the best candidates.
Real Estate Management
Finally, when you use Property Management Toronto’s real estate services to purchase your next investment property, you’ll get free property management services for a full year! Our comprehensive services include 24/7 support, tenant selection, tenant relations, and more.
Property management services take the day-to-day landlord responsibilities out of your hands, so you can sit back, confident your property is in good hands. You’ll love these services even more when you don’t have to pay for them.
Owning an investment property is no small undertaking. Whether this is your first property or you’re adding to your portfolio, you’ll feel more confident and breathe easier when you have professional assistance. Let Property Management Toronto give you the expert help you need today.