For investing in houses for rent in Calgary, your first and most important decision is to determine if it is the right thing to do. Just because other people invest in rental property in Calgary does not mean that it is a smart decision for you. Regardless if you are thinking about making an investment in houses, apartments, or Calgary condos for rent, it is essential that you consider everything to avoid making costly mistakes.
You need to have a plan regarding how the property will be used. For example, your interest in rental property in Calgary might be to purchase something outright, make appropriate repairs and updates, and then sell it for a profit. However, you might be interested in using long-term rentals in Calgary as a consistent source of income. These are both excellent options using different approaches.
As part of your search, you might come across Calgary condos for rent with the option to buy. For this and long-term rentals in Calgary, you need available capital for a down payment, closing costs, attorney fees, inspection fees, and so on. You would also need excellent credit to qualify for a loan unless you expect to pay cash. The difference is that when buying properties to flip, you should be able to make a return on your investment in a short period of time, whereas with rental properties, your return on investment comes as monthly rent payments from your tenants.
You also need to consider the current housing market. In Alberta cities, prices are increasing and expected to keep rising through 2017. Whether your investment entails buying and flipping or buying and renting, you want to make the right move sooner than later to take advantage of affordable prices.
The amount of work involved with flipping and renting properties is something to think about. With flipping, you need a qualified and reliable crew, one dedicated to completing the work according to schedule. Otherwise, you could miss the mark on making money from your investment. With renting, you will have to be heavily involved, making sure that rent is paid on time, maintenance is handled, and repairs are made as needed.
For the finest rental properties in Alberta, we invite you to visit our website. There, you will learn about the services that we offer at Strategic Group and find the right properties for your investment. You can also call us to speak with a company representative.
|