Buying Investment Property in Ottawa
Have you ever considered buying an investment property? It's an appealing way to earn an income for those who enjoy the rewards and challenges of property management. If real estate prices are high in your area, purchasing an investment property in another city may be the best avenue to profitability. Ottawa has a thriving real estate market with homes that remain more affordable to the average investor than those in Toronto or Vancouver. The city has attracted the interest of a number of investors looking to purchase income properties in our nation’s capital.
We’ll tell you what to look for in an Ottawa income property, and the best way to land the investment that suits your needs.
Know What Kind of Investor You Are
Investment properties come in all shapes and sizes. Some investors want a downtown condo that will appeal to professionals. Others are looking for family homes in the suburbs that will attract long-term tenants. Some want the kind of rental properties that appeal to students, and aren’t daunted by the turnover that comes with each new school year. For others, commercial properties beckon. Still others dream big, looking for multi-unit apartment complexes to be the cornerstone of their Ottawa business.
Each of these examples appeals to a different type of investor looking to target a different segment of the market. Before you begin your search for an Ottawa investment property, consider what kind of property you’re most interested in owning and managing. Narrowing down the list of possibilities early on will help you focus your search. We're always happy to consult with investors about their goals and desires.
Hire the Right Realtor
Working with a professional who understands your goals and needs is essential, especially if you’re shopping for an investment property from out of town. You need someone with boots on the ground who will represent your best interests and work to find a property that aligns with your business goals.
A good Realtor won’t be afraid to disagree with you, either. If your Realtor thinks your plans and goals have a weakness that can be remedied, they will tell you and explain their reasons. We’ve worked with many out of town investors who started the process with misconceptions about the market and culture of Ottawa. We used our professional and local insight to find the right properties for them, sometimes in ways that they had not previously considered.
Remember our advice to know what you want in an investment property? It’s important to start your search with a complete idea in mind, but flexibility is also key. Know which points of your ideal investment plan you are willing to compromise on, and how much, so that you don’t miss out on good opportunities just because they aren’t in perfect alignment with your initial plan.
Many Ways to Manage
Once you own an investment property, you'll have to manage it. From finding tenants to building maintenance, managing a rental property can be a full time job! If you're skilled at managing from afar, excellent. If not, be sure to factor the cost of hiring a manager into your business plan. A good manager will save you many headaches, and work to maximize the profitability of your asset. We'd be happy to refer you to competent, trustworthy property management firms in Ottawa.
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