RSS

IS NOW A GOOD TIME TO BUY AN INVESTMENT PROPERTY?



YES! ABSOLUTELY.  


Real estate prices in Calgary and surrounding areas like Okotoks, Airdrie & Cochrane have been trending downward since 2014. Rental vacancy is low. Mortgage rules have tightened meaning a lot of people are not in a position to buy a home, needing to rent. 


Now, is the time to shop around for the right investment property BUT, do not jump in without doing your homework.



INVESTMENT PROPERTY BUYING HOMEWORK


  1. Estimate 1% of property value for annual maintenance
  2. Expect to put at least 20% down to get your investment property mortgage.
  3. Buy a property that has positive rental flow from day one.
  4. Set out rules in your lease agreement and stick to them, ie, charge late rent payment fees, determine your pet policy, etc.  
  5. Screen your tenants as if you were screening them to move in with you! 
  6. Do not buy a fixer-upper unless you know for certain you have a contractor who does quality work.
  7. Look for a property close to schools, public transit, amenities, parks, grocery. 
  8. Repairs will be unexpected and can be expensive. Ask your accountant what tax deductions are available for investment properties which may include: mortgage interest, repairs or improvement costs, etc.
  9. Research municipal bylaws and rules relating to property 
  10. Research Alberta's Landlord & Tenants Act to be well informed of your rights and responsibilities as a landlord. 
 

GOALS


Own one property, or several, for a couple of decades, create high net worth, use to supplement a retirement fund, pay off mortgage using your rental income, and sell when you are ready to cash out.

 


GET EXCITED 


Due to appreciation, you are likely to sell your property at a higher price than what you bought it at, which makes selling an exciting and profitable end goal to your investment!  

 


Investing in real estate and property or any real estate for that matter is unpredictable and can have a lot of both positives and negatives.  If you decide you re ready then... 


  1. Do your homework.
  2. Contact us, Magnussen Real Estate Team, who are experienced and knowledgeable in this field and ready to help you find the right investment.  
  3. Create a solid plan and stick to it
  4. Remember, investing in rental property is not going to make you rich quickly - plan for the long term. One of the best attributes of Real Estate Investing is ownership.  You cannot lose until you sell.
 
If you are thinking about buying an investment property in Okotoks, Calgary or Airdrie - give us a call today! 
Read
Categories:   2018 | 2019 | 2020 | 2020 Real Estate | A-7662, Diamond Valley Real Estate | Acadia, Calgary Real Estate | Airdrie Real Estate | Airdrie, Airdrie Real Estate | Alberta | Arbour Lake, Calgary Real Estate | Aspen Woods, Calgary Real Estate | Auburn Bay, Calgary Real Estate | Beltline, Calgary Real Estate | Black Diamond, Black Diamond Real Estate | Braeside, Calgary Real Estate | Bridlewood, Calgary Real Estate | Buying a home | calgary | Calgary Investment Property | Calgary Real Estate | Capitol Hill, Calgary Real Estate | Carstairs, Carstairs Real Estate | Cayley, Cayley Real Estate | Cedarbrae, Calgary Real Estate | Chaparral Valley, Calgary Real Estate | Chaparral, Calgary Real Estate | Charleswood, Calgary Real Estate | Community Event | contest | Copperfield, Calgary Real Estate | Coventry Hills, Calgary Real Estate | Cranston, Calgary Real Estate | CREB | De Winton, De Winton Real Estate | Dover, Calgary Real Estate | Eau Claire, Calgary Real Estate | Events | Falconridge, Calgary Real Estate | Family Activities | Family Day 2018 | First Time Home Buyer | Fixer Upper | Forecast | Forest Lawn, Calgary Real Estate | free pumpkin | Giving Back | Glenbrook, Calgary Real Estate | Harvest Hills, Calgary Real Estate | Heritage Pointe, Heritage Pointe Real Estate | High River, High River Real Estate | Investment Property | Killarney/Glengarry, Calgary Real Estate | Legacy, Calgary Real Estate | Light Up Okotoks | Live Chat | Longview, Longview Real Estate | Magnussen Advantage | Mahogany, Calgary Real Estate | Maple Ridge, Calgary Real Estate | Market Update | McKenzie Lake, Calgary Real Estate | McKenzie Towne, Calgary Real Estate | Millrise, Calgary Real Estate | Montgomery, Calgary Real Estate | Moving to Okotoks | Nanton, Nanton Real Estate | New Brighton, Calgary Real Estate | Nolan Hill, Calgary Real Estate | Ogden, Calgary Real Estate | okotoks | Okotoks Community Events | okotoks event | Okotoks home buyer | Okotoks Homes for Sale | Okotoks Investment Property | Okotoks MLS Listings | Okotoks Real Estate | Okotoks Real Estate Team | Okotoks Realtor | Okotoks, Okotoks Real Estate | Open House | Palliser, Calgary Real Estate | Panorama Hills, Calgary Real Estate | pumpkin patch | Real Estate | real estate advice | real estate advie | Real Estate Tips | remax | Remax Okotoks | Remax Real Estate | Remax Realtor Okotoks | Renfrew, Calgary Real Estate | Riverbend, Calgary Real Estate | Rural Foothills County, Rural Foothills County Real Estate | Rural Foothills M.D., Rural Foothills M.D. Real Estate | Rural Rocky View MD, Rural Rocky View County Real Estate | Saddle Ridge, Calgary Real Estate | Scholarship | Seton, Calgary Real Estate | Signal Hill, Calgary Real Estate | Silver Springs, Calgary Real Estate | Somerset, Calgary Real Estate | Southwood, Calgary Real Estate | St Andrews Heights, Calgary Real Estate | Sundance, Calgary Real Estate | Sunnyside, Calgary Real Estate | Thing to do in Okotoks | Things to do in Calgary | Things to do in Okotoks | Turner Valley, Turner Valley Real Estate | Tuscany, Calgary Real Estate | Varsity, Calgary Real Estate | video | Walden, Calgary Real Estate | Willow Park, Calgary Real Estate | Winston Heights/Mountview, Calgary Real Estate
Categories
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.