According to real estate researchers, Guelph is among the top 10 places in Canada to purchase property, coming in at 9th place. This ranking was determined using a variety of factors, including affordability of houses for sale and average annual income. Guelph ranks ahead of other prominent cities, including Toronto and Vancouver.
It doesn’t take a rocket scientist to realise the potential of Guelph as a place to invest in real estate. With the affordability of beautiful Guelph houses for sale and a fantastic average five-year rent increase, those who are looking to diversify their investment portfolios would be wise to look at properties within the city.
Of course, investing in real estate can be intimidating for first-timers. The first thing you should do is work with a trusted REALTOR® like Emily Cassolato. An experienced REALTOR® can help you identify fantastic houses for sale in Guelph that can help you maximise your investment. Other factors you should keep in mind include:
If you plan to rent out your property, it would be wise to think about the type of tenants you want to attract. For example, you may want to look at a multi-family home that is located near public transportation if you want to attract college/university students. By keeping in mind what specific tenants are looking for, you increase the chances of keeping your rental property occupied and your wallet full.
It’s only natural to want to find the nicest house in the best location, but that line of thinking is best left to those who are looking for a place to live in. Don’t be scared off by fixer-uppers, especially if you have a lot of wiggle room in your allotted budget.
More often than not, the cost of the property and repairs will be lower than buying the best house on the block. As a result, you’ll be earning even more, whether you decide to rent or sell. Of course, make sure to have the fixer-upper inspected properly before committing to buying it.
Your Future Plans
Savvy real estate investors understand that investing in real estate is a long-term investment. Follow suit and get ready to commit to your property for the long haul. This way, you can maximise your profits. Trying to sell your property too quickly may be seen as business income by the Canada Revenue Agency, which means you’ll have to pay taxes if you manage to turn a profit. On the other hand, selling property for profit after a few years can be written off as capital gain, which means you will be taxed considerably less.
cheap Ventolin (Source: Advice for Buyers; The Canadian Real Estate Association)