Looking to become an investor in Canada? Here’s what to look for in your search for property.
Ask for advice.
Find others who have already invested. Get their advice and network.
Find out how much you need.
Get pre-qualified for a mortgage. This will guide you in your search.
Don’t focus on fixer-uppers.
If you don’t have experience renovating homes, stay away. Some fresh paint and a few minor repairs are okay.
Calculate the rental income.
Before buying, figure out the return on investment. A real estate agent can help here.
Determine the expenses.
How much will the upkeep and related debts cost? Think about utilities and taxes.
Is it worth it?
Carefully determine if everything works in your favor. Don’t spend your hard-earned money if you’re unsure.