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In Toronto, there is no doubt that owning property is one of the most profitable investment options. Considering purchasing an investment property to add to your list of assets? We’ve got just the thing for you. Read our blog below, and learn the best tips and tricks when purchasing investment properties, written by the top property management company in Toronto!
Choosing an investment property that has a higher chance of experiencing market value growth quickly is the main objective, but how do you accomplish this? When you first start searching around for a property, do not jump at the first “deal” you come across.
Instead, spend a good bit of time simply getting to know the market and the areas within Toronto. Once you have become used to what pricing is like, then you can start looking for deals.
Toronto is a tricky place when purchasing real estate, especially if you are not actually from Toronto. Some high demand areas have small, less than desirable pockets of streets and apartment buildings that have a significantly lower market value. It’s hard to distinguish these places often times, and some investors forgo looking into the areas they assume are desirable.
Roll up your sleeves and invest some time in learning about the dynamics of where you want to purchase. It can also be beneficial to consult with a professional that your trust to see what they have to say.
The job of a property manager it to make sure your investment property is running smoothly and functioning as it should for you and your tenant. Besides management, property managers can also offer ongoing advice to you in terms of your investment property and help you maximize your profits.
Think that a property manager is just a luxury added expense? Think again. A property manager will actually save you money down the line, as you will not need to take time off work to deal with property issues, your tenants will have a lower turnover rate, and your rent can be increased for added amenities.