Buying or selling a home can be complicated, stressful and time-consuming. Many consider it a daunting task and if challenging enough, it can stand between you and your next home. But, when I act as your agent the home you desire, the sale you long for and the process you want made easy, is all taken care of - in fact, it's a priority!
For those who are considering Investing in Real Estate…
While many of us buy and sell our personal home in hopes of moving into a new & better home to meet our needs, there are other buyers out there that buy real estate as a business. These are what we fondly refer to as “Investor Buyers”. As an Investor Buyer, you are seeking to purchase a property in hopes of it generating an income for yourself, or rather a return on investment & a return of investment over the course of a number of years. This purchase could be that of a multi-unit rental property. Savvy & Experienced Investor Buyers are out there in the market, but we are also seeing a number of new Investor Buyers toying with the idea of getting in the action of a rental property. While this may prove to be the perfect opportunity for one buyer, it may not be ideal for the next. When considering whether or not this is the right fit for your investment, consider the following and then find the right agent to help you throughout the entire search. If you are in the Kingston area, give us a call – we’re here to help!
Some things to consider when you are seeking an investment property:
1. Evaluate the Property, both the physical property and the math assocaited with the property. You want to review the financial viability of the property to ensure that a positive return occurs during your ownership. If the numbers don’t make sense, the property may not be the right fit for you – or you may need help evaluating the math, in which case we can help.
2. You Need to understand how you profit from Real Estate Investing. Stay neutral and try to view properties with your Investor mindset. In most cases you will not be living in the building, rather making a profit from it! Such things to consider are cash flow, future potential of the property, work needed on the building and of course, the price you would have to pay to acquire the building.
3. Are you ready to be a landlord? You’ll need to consider the role you’ll play once you actually own the property. For a residential rental property, you’ll have to decide who’s going to collect the rent, lease the units, maintain the grounds and so on. Will this be you, a property management company or a live in superintendant…and of course what will this cost you?
4. Do you have the financial means to actually own a secondary property from your personal residence? Think about your lifestyle and whether or not this is a long term investment or short term. You’ll need to consider your immediate cash outlay and your mortgage financing costs. Talk to a Mortgage Professional before jumping into any Investment plans!
Best of Luck with your Investor Goals!
