Investment Properties
With house prices going down, some clients are asking about investment properties. Maybe you sold at the peak and have some extra cash. Maybe you’re downsizing and want to invest for retirement or a child’s education. Either way, an investment property can be a great way to save for your future.
But what makes a good investment property?
Fixer uppers– A large percentage of people investing look at ‘fixer uppers’ to do so. Flipping a property is a great plan, but keep in mind some of the points from our last blog. Taking an older property, renovating it and creating a wonderful home for renters is a great plan for income properties.
Location– With so many students coming into the city of London, there is a lot of opportunity for rental properties. If your child is one of these students, a rental property could be a great option. Your child has somewhere to live (you/ they would be paying rent anyways) and you also have a long term investment. If your plan is to rent to students, pick the location accordingly. Overall think about who you want to rent and where those people would best be suited to live.
House layout– Is the setup of the house ideal for tenants? Do you have multiple communal areas? How many bedrooms /bathrooms are there? Always keep in mind your ideal renter, and if the space will accommodate their needs. Students have very different requirements than families so think about the possibilities of the space.
Amenities– What amenities are nearby that will benefit your ideal buyer? Students would likely look for properties by the school, with a good walking score and a nightlife. Young families might be looking for a garage, grocery stores and playground or schools nearby. Considering what is available to your tenants is key when finding an income location.
It’s also important to note, the city of London just passed a bill that no longer allows short term rentals that are not your permanent residence. Keep this and other bylaws in mind when you’re looking for a place.
Find a potential income property today:
If you have specific questions I’m happy to help! I have years of expereince with income properties. Give me a call!
