Tips on Buying Your First Rental Property In Victoria BC

April 25, 2022

Investing in rental properties can be a wise financial move and a great way to earn passive income. However, owning a rental property for the first time can be challenging. If buyers are not careful, they could lose significant parts of their investment to various pitfalls while buying their first rental property. To avoid such traps, as a first-time homebuyer in Victoria BC, hiring a top real estate attorney is advisable. Thankfully, Brad MacLaren, the best realtor in Victoria BC is always ready to offer experienced assistance to homebuyers in the area. These tips below can also help you avoid costly mistakes when buying your first rental property in Victoria.

Buying Your First Rental Property in Victoria BC

 

Research The Neighborhood Carefully

When buying a new rental property, it is essential to do proper research on the neighborhood. In fact, the neighborhood plays a crucial role in how profitable the investment will be. Buyers must do the following:

  • Check crime rates
  • Research the affordability of the neighborhood
  • Look at the social amenities in the area
  • Check for ease of transportation
  •  Look at the schools’ quality in the area

Search For A Move-in-ready Home

The easiest way to save costs when buying a rental property is to get a move-in-ready home. This saves buyers from the extra cost of making any repairs or reconstructions. Ensure all parts of the home are duly inspected for significant damages. Minor repairs like a paint job can be accepted, but think twice before accidentally biting off more than you can chew.

 

Be Careful With High Vacancy Rates

To be successful with an investment property, it is essential to rent out the property continuously. Leaving the property vacant for too long can cause significant loss to the landlord. To avoid such losses, the homeowner must ensure that they get as little as still feasible for the property regularly. At least the amount must be sufficient to cover the property taxes, mortgage, and other related expenses.

 

Think Long-term When Buying A Rental Property

When purchasing a rental property, buyers need to think long-term. This is because the property is their investment, and it might take some time before they start profiting. Therefore, as a buyer, it is best to pay off all loans taken to purchase the home before thinking about profit. Also, it is essential to go for a rental property that will remain profitable in the long term.

 

Consider Hiring A Property Expert

Hiring a property manager to handle the affairs of the property will take a lot away from the landlord. The property manager can help with the purchase of the property. After the property has been purchased, the expert will be responsible for finding, screening, and running all background checks on the new tenants. The property manager will also help collect rent, hire cleaners and repair workers, and ensure all essential maintenance is performed. This saves the landlord time, money, and other resources in the long run.

 

When searching for a property manager, hiring an experienced and reputable real estate expert is best. With this, landlords can be sure that their properties are in good hands. Homeowners in Victoria, contact Brad MacLaren, the top realtor in Victoria BC, for your real estate needs!

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