Have you been keeping a pulse on the active Shuswap real estate market wondering how you too can get involved in an investment capacity? While you’re preparing for investment victory, you’ll have to establish a few key factors, such as how much money you have to invest, how hands-on you would like to be and what your personal risk tolerance is. Have a look at these 3 popular real estate investing opportunities to see which route may be the best for you.
PURCHASING A RENTAL PROPERTY
Rental properties are a great way to create a steady stream of income. With the right tenants and a well-maintained property, you could reap the rewards as a landlord for many years to come. Before you set out on your rental property hunt, ensure you’ve met with your trusted mortgage professional to establish your budget, financing terms and investment goals. You’ll also want to collect as much data on potential rental properties as you can to project monthly and annual net revenues. Prior to making an offer you should gather and review property tax costs, recent utility bills and other ownership obligations to determine if the property will cashflow or become an investment burden.
PURCHASE, RENOVATE, SELL
We are definitely in a DIY era with more people tackling cosmetic home renovation projects on their own. Helpful platforms such as Pinterest and Houzz make creating a renovation dream board a breeze and often include step-by-step tutorials to take your design vision to fruition. Flipping a property comes with its own pros and cons; before you set out on a buy-and-flip adventure it’s important to talk to your professionals, like your REALTOR® and Accountant about potential regulations or tax and gain implications you may fall subject to from selling.
ADD A RENTAL SUITE TO YOUR EXISTING PROPERTY
With the rising cost of rent in the Okanagan Valley, it’s not a surprise that homeowners are looking to capture or create rental opportunity within their principal residence. Investing in your existing property to capture rental income is a great way to leverage what you’ve already got; it serves as an asset both while you own and generate income as well as a feature to potential buyers if the time comes that you sell. If you’re planning a big renovation, be sure to set your budget and needs list for the project, allotting some time and funds in the projection for any surprises. Determine whether you’ll hire a residential contractor to complete the work and if you’ll tackle any renovation components on your own to save money.
For additional questions and an analysis of your unique buying situation, call on me your trusted Shuswap real estate professional, and let your real estate investing adventure begin.
RE/MAX Shuswap Realty⠀