10/27/2021
If you have been considering adding a stream of income into your world, you have most likely considered buying a rental property. Here are 4 things you should look for in a rental property!
Neighbourhood: Location, location, location, weโve all heard it enough, but with a rental property some might overlook this aspect since they wonโt be living there. Put yourself in your prospective tenants shoes and make sure the property is in a neighborhood youโd like to live in too!
Property Taxes: High property taxes are not always a negative. If the neighborhood is great then you will attract long term renters, but some not so desirable locations still have high taxes!
Amenities: Get to know the area that youโre looking to buy in and take a walk through the parks, check out the local restaurants, and see how close the public transportation links are.
Number of Listings/Vacancies: If the area you are looking to buy in has an unusually high number of listings it could be a red flag. Just keep in mind that high vacancy areas require landlords to lower rent prices while low vacancy rates allow for higher rents.
There are plenty of factors to consider when looking for a rental property. If you are ready to pursue owning a rental property and need a commercial mortgage, reach out to me!
