In today’s scenario of low bank interest rates, owning a rental property is an attractive option for those who want a steady flow of income. Moreover, it makes financial sense for you if you can deduct the mortgage, insurance, property maintenance costs and other fixed costs from your gross rental income; not to mention the continual appreciation of the worth of a property not just by dint of time, but also by how well it has been managed. However, leasing out your property requires assistance of a team comprising a property agent, an insurance agent, a lawyer, a mortgage specialist etc. Unless a property is purchased with the sound evaluation of projected NOI (Net Operating Income) by professionals, leasing can turn out to be a financial burden instead of a profitable investment.
Some useful tips for leasing out property for rentals:
Some useful tips for leasing out property for rentals:
- Make sure that your financials are vetted by our team of professionals – all under one roof.
- Decide on the appropriate area, that will get you the highest rentals. Our well-researched team can give you the best suggestions on where to put your money.
- Research the average rentals in the area.
- Decide on the right mortgage plan after assessing your financials. Canadian laws state that at least 20% down payment must be made for small rental property.
- Choose an insurance solution to protect your Property against unforeseen calamities.
- Have a clear idea about the rental laws before signing the deal.
- It makes sense to hire a property manager and reduce your stress levels.
- Location value’ is a useful principle for deciding on the property.
- Evaluate the economic trends of the area.
Team06 provides all these services under one umbrella and ensures a hassle-free lease deal for your properties. It cuts across the jargon of landlord tenant laws, helps you perceive with caution the normal pitfalls of entering into a financially unviable contract.
Visitor's Count:-