If you are thinking of purchasing an investment property in Barrie, then you have come to the right place, as this article will discuss some of the top tips that will help you out:

Pick the Right Property

Remember that property investment is all about growth and profit, so make sure that you pick a piece of property that will increase in value. Buying investment property is a little tricky so you will have to do your research beforehand. Try and find out about the properties on sale and see which one is worthy of an investment.

It is recommended that you don’t invest in property in an area that you are not familiar with. Furthermore, if you come across a property that you are interested in, get its valuation done from an expert, and see whether you can use the information that they have provided you with as a negotiation tool for the price.

Consider the Cash Flow

Property investment is all about getting returns in the long term. Buying a property may be expensive, but it does not cost a lot to keep it, as you will be getting rent, and may also get tax reductions that are associated with owning a property. Just make sure that you know about all the taxes that are associated with it, so that you can work out your budget. If you are unsure about anything, then it is recommended that you take the help of an expert.

Get a Property Manager

If you are new to property investment, then there is nothing better than hiring a property manager. They will manage the property and will give you advice about your rights as a landlord, about property management and will guide you about what your responsibilities are.

Try and Understand the Market

Take out time and speak to the realtors in your area to understand what kind of property you should be investing in, and how the market functions. You can even take help from the internet and learn about property value, rent rates and the demographics of the areas you are interested in.

Choose the Right Mortgage

There are many mortgage options when it comes to investment property.  You have the option of choosing from a variable rate loan and a fixed rate loan. A fixed rate loan tends to pay off well, but variable rates come in handy over the long term.

Your Property Should Be Presentable

In order to get good tenants, you need to make sure that your property is in a good condition. Make sure that you get the property properly inspected before buying it to learn about any potential problems. Once you buy it, have a look around the house, and get damages repaired as it will help you in upgrading your selling price.

Manage Your Risks

Take your time in weighing the options when it comes investing in property. Remember that it is all about balancing your finances and getting a good share of the profit.

Hopefully, these tips will help you out. For more information, feel free to contact me. Real estate is my passion and I’d love to help you with your investment goals! Good luck!

Aaron Lillie