The local real estate market has proven to be a safe and profitable place to invest. In fact, even investors outside of Canada see the Toronto area as a highly desirable place to own properties for income purposes. We have seen prices continue to rise even with a steady supply of inventory to satisfy all the motivated buyers. Purchasing an investment property requires buyers to consider a completely different list of criteria then they normally would if they were buying a home for themselves.
It's important to determine what you are hoping to accomplish by owning an investment property. Some people will allow the equity to build in their rental properties and then take it out to pay off their own mortgage or invest the money elsewhere. Perhaps you are looking to purchase a condo to rent out for several years, and then use it as your primary residence when it's time to downsize. Investment properties can also be a valuable component of a retirement plan. Figuring out what you want your investments to accomplish is the first step in choosing the right properties to satisfy your objectives.
The size of your portfolio may also vary according to how much you want to invest in real estate. Some investors are content with two or three properties and prefer to have more of a hands-on involvement dealing with tenants and maintaining the property. Should you decide to grow your portfolio, it is essential to work with the right professionals who can assist you with your property management requirements, point you in the right direction for multi-unit financing, and even offer you unique options for low-maintenance, turn-key investment opportunities.
For professional assistance and a personalized consultation to discuss your unique investment strategy, contact me today. With years of experience as an investor myself, I make it my priority to deliver the right properties to meet your budget and long term goals.