What to Look for in Your Investment Property
Landlords tend to have common goals for their investment property: reliable passive income received with as little work as possible. The more being a landlord resembles a second job, the less their investment property yields, and the more it costs.
However, no two landlords have exactly the same needs, preferences, and budgets. Some guiding principles will dictate what you need from your investment property in Toronto or the GTA. Please read on to learn more about what to consider before buying an investment property.
Location, Location, Location
“Location, location, location” is one of the oldest maxims in real estate. You need to consider what location implies from a micro and macro perspective. For example, are you buying a property in downtown Toronto hoping that people will work from the office again and cultural life will thrive once more?
Are you watching the exodus from the city and looking for property management in Oakville as you see the housing market in the GTA heat up? These are some larger questions that have to do with location and timing.
On a more basic level, the property’s physical location has important implications too. Is it on the corner of a street? Is it directly on the main road, or a busy arterial street? Is the home near a grocery store, a good public school?
Such matters may raise the value of a home because this is what people tend to desire where they live. Even certain businesses can raise the value of a home — if the end of your street has a chain like Starbucks or Shoppers Drug Mart, it signals to the market that this is a desirable area, and your home is worth more than it would be otherwise.
Don’t Invest in What’s Hard and Costly to Undo
When you buy an investment property, you’ll want to invest money wisely in certain upgrades, but not others. You need to think about investing from the short- and long-term perspective.
It’s an excellent idea to provide aesthetic upgrades once in a while to make your property more appealing to tenants. If your home has old countertops, appliances, or washrooms, you may want to put some money in so it looks and feels modern. You’re more likely to attract tenants, and you may be able to command a higher monthly rental.
However, don’t invest too much money in something that isn’t universally desirable and hard to walk back, like an in-ground swimming pool. Sometimes property owners get carried away and end up sinking money into their property they don’t recoup when it’s time to sell.
Not everybody swims, parents with young children may think a pool is a hazard, and many people don’t want to pay the energy costs of heating that much water.
You will find the process of being a landlord simple and straightforward when you get property management in Oshawa or wherever you decide to buy property. We offer turnkey services that give landlords back their free time and peace of mind.
Do you want to buy a fixer-upper at a lower rate and put the work in yourself to get it ready for the market? Or do you want to buy a renovated home that’s ready for tenants on day one? Either way, our 24/7 maintenance services ensure landlords don’t need to tend to calls about home repair.
Knowing that you can be interrupted during evenings, weekends, and holidays is one of the biggest burdens a landlord faces. Even, or especially, when they have the contracting skills to tend to the repair, the knowledge their peace of mind and free time can be interrupted at any time can be a serious downer for landlords.
Property Management Toronto eliminates this concern. If something in the home needs to be fixed, the tenant will call us rather than the landlord. Then, we’ll put together three different options for repairs to suit different budgets and levels of complexity.
Landlords will always be supported in a way that gives them choice, transparency, and peace of mind. Whether you bought a century-old home or a unit in a building that has never been lived in, you’ll love having professional assistance with repairs.
Real Estate Consulting
Reading the market is easier when you’re allied with experienced experts familiar with the housing market in Toronto and all around the GTA. You may have some ballpark idea of what your budget is and what you’re looking for but knowing where and when to find it can be difficult and time-consuming.
You don’t want to miss out on the right opportunity because you were late in finding out about it. Have a knowledgeable expert on your side advising you. We’ll help you leverage your assets so you get the biggest possible return while doing the least amount of work.
If you use the real estate consulting services at Property Management Toronto, we’ll give you one free year of our landlord property management services.
Finally, Property Management Toronto can submit reports to landlords on a monthly and annual basis. We’ll provide you with user-friendly breakdowns to keep you in the loop about every aspect of your property.
We’re happy to walk you through the report and answer any questions you may have. Property owners need to be kept abreast of every development going on under their roof. Sometimes it’s hard for landlords to stay informed because they want to follow laws about giving tenants space, so we make this process effortless and straightforward.
Property owners need to abide by laws surrounding giving tenants space and advanced notice about when they’re going to be dropping into the property. We can remove any inconveniences raised by these legitimate issues, so staying informed is easy.
Buying an investment property is exciting, but it can also induce anxiety. There are many things to consider, lots of money involved, and the stakes are high. Plus, conditions change sharply and quickly. If you need help plotting out the right moves and fulfilling the role of the landlord after your property is purchased, don’t hesitate to reach out to Property Management Toronto today.