Investment property is real estate property that has been purchased with the intention of earning a return on the investment, either through rental income, the future resale of the property or both. Before considering purchasing an investment property keep in mind your financing options. This is not your principal residence so a higher down payment will be needed in order to secure financing!
Credit Score: Again vital and will need to score in the mid to high 600’s to qualify keep in mind there are a number of advantages and disadvantages to buying an investment property and, you should talk to a lawyer, accountant, or financial expert before proceeding
You can deduct certain expenses from your income reducing taxes you owe!
- mortgage interest
- property taxes
- property management
- utility bills (if included in the rent)
- You can also deduct losses for tax purposes
You take on the responsibilities and challenges of a landlord
It may be difficult and costly to sell the property later
It may be difficult to finance the purchase
The Hilson Team is located in Milton, On and is looking forward to working or educating you on investing in our real estate market. Please feel free to contact Norm and Teri Lynn Hilson at anytime for more information.
Rent control exemptions
With one sentence buried in the 155-page document Ford government is exempting all new rental housing from any rent controls if they were “first occupied after today.”
Rental units already occupied prior to Thursday will be covered by rent controls limiting increases to the rate of inflation.
Officials in the technical briefing provided to reporters could not specify if the measure was specifically for newly-built rental housing or newly-occupied rental housing.
Fedeli told reporters “everybody who is an existing tenant today is protected,” and that the rules continue to cover all “existing buildings.”
But according to the text of the legislation tabled Thursday, if a landlord creates a new rental unit in an existing detached home or townhome after Thursday, it will also be exempt from rent controls.
The province claims the move will spur new purpose-built rental construction in the housing-starved GTA area but it will also send average rents in many cities skyrocketing.
“The number one thing we can do to increase supply is open up the market,”
Herhalt, CTV News Toronto
Choosing the right Realtor can prove to be challenging in the least. The Real Estate industry is saturated with realtors (pretending to be realtors) choose carefully!
Questions to ask
- How long have you been practicing
- Are you a full-time realtor
- Do you belong to the local real estate board
- Have you ever been brought to ethics
- Can you provide testimonials
These are a few of the questions you should be asking! Don’t get caught up in a realtor providing below the industry standard service. Call The Hilson Team for all your real estate needs. Remember Realtors Do Care!
The Hilson Team focuses their business module on providing an exceptional experience from start to finish. That means from the minute we make contact with you to the handing over of the keys, Team Hilson will be there to help! As realtors with over 30 years experience we have seen the gaps in the service of a realtor. We have built our business on removing the gaps for a seamless transaction. The Milton Real Estate Market is fast and furious and without the help of a professional your chances of securing that home are slim. Call Norm and Teri Lynn Hilson and, pack your bags!,