GET AN INVESTMENT PROPERTY MORTGAGE – A SECURE OPTION
Buying an investment property is rapidly becoming the preferred investing method in recent times. Since real estate values usually rise as time passes, it is considered a secure option to invest in. Nonetheless, to enjoy a profitable investment there are certain factors that you need to consider before applying for an investment property mortgage.
Decide on whether you are going to hold on to the property for an increase in real estate value before selling or are you going to make profits within a few months by renting out the property. Each of these types of investments comes with certain outcomes that require expertise and knowledge in that area.
I will be able to answer any questions and provide you with options that are convenient and are the best choices for you.
CTMS caters to Pickering, Ajax, Whitby and other neighboring areas.
Are you ready to get started? Give us a call, send an email or apply online.
Purchasing a second property is a current trend and excellent way to invest. Becoming a landlord can be challenging, however if you have done the math properly, the returns can be certainly worth it. Here are a few things to keep in mind before purchasing your next investment property:
1. Will You Be Making Income?
Doing research on the location of the property will give you a good idea of what the going rent is, which will help you to calculate the income the property will generate. Researching the vacancy rate in the locality will also help to give you a good idea how much money to set aside in the event your property isn’t occupied. Costs for maintenance and repairs should not be ignored and must be factored into your financial projections. After gathering all this information you should have a rough idea as to how profitable the property can be.
2. Can I Make a Sizeable Down Payment?
With Canada’s new mortgage rules, homebuyers are expected to put at least 20% down towards their property since mortgage insurance won’t cover investment properties. If you’re planning on buying in a higher-risk city, such as Vancouver, many lenders want an additional percentage down. Keeping this in mind, it is crucial to assess your current financial situation accurately to assure you can afford this additional property.
GET AN INVESTMENT PROPERTY MORTGAGE – A SECURE OPTION
Buying an investment property is rapidly becoming the preferred investing method in recent times. Since real estate values usually rise as time passes, it is considered a secure option to invest in. Nonetheless, to enjoy a profitable investment there are certain factors that you need to consider before applying for an investment property mortgage.
Decide on whether you are going to hold on to the property for an increase in real estate value before selling or are you going to make profits within a few months by renting out the property. Each of these types of investments comes with certain outcomes that require expertise and knowledge in that area.
I will be able to answer any questions and provide you with options that are convenient and are the best choices for you.
CTMS caters to Pickering, Ajax, Whitby and other neighboring areas.
Are you ready to get started? Give us a call, send an email or apply online.
Purchasing a second property is a current trend and excellent way to invest. Becoming a landlord can be challenging, however if you have done the math properly, the returns can be certainly worth it. Here are a few things to keep in mind before purchasing your next investment property:
1. Will You Be Making Income?
Doing research on the location of the property will give you a good idea of what the going rent is, which will help you to calculate the income the property will generate. Researching the vacancy rate in the locality will also help to give you a good idea how much money to set aside in the event your property isn’t occupied. Costs for maintenance and repairs should not be ignored and must be factored into your financial projections. After gathering all this information you should have a rough idea as to how profitable the property can be.
2. Can I Make a Sizeable Down Payment?
With Canada’s new mortgage rules, homebuyers are expected to put at least 20% down towards their property since mortgage insurance won’t cover investment properties. If you’re planning on buying in a higher-risk city, such as Vancouver, many lenders want an additional percentage down. Keeping this in mind, it is crucial to assess your current financial situation accurately to assure you can afford this additional property.