Buying A Home/Property Lethbridge | Real Estate For Sale Lethbridge
Perhaps you've considered venturing into the world of real estate investment yourself and are drawn to the idea of becoming a rental property owner. With homeownership rates at their lowest levels in 50 years, now might be good time to explore that opportunity.
1. Income Source
Perhaps the biggest benefit to owning rental property is that it’s a passive income source. This means that it is recurring income that requires relatively little effort to maintain. It can be an attractive option for people looking to make some money on the side, or even as additional financial security during retirement. Additionally, rental income may be taxed differently than employment income.
2. What to look for in a rental property
If you’re thinking of investing in rental property, it’s important to know which features will boost your chances of finding an excellent tenant and help make your rental stand out from the rest.
Location can often impact your quality of tenant, and therefore your revenue. While you research potential rental property locations, be aware of factors that are important to tenants. A great tenant is willing to pay more or overlook less desirable aspects of the rental unit if the property is in a great neighborhood. School and neighborhood quality (which often go hand in hand), walkability to grocery stores and parks, and close proximity to major employers (no one likes a long commute) are key features that attract great tenants. A real estate agent can help you identify neighborhoods and homes with the best rental potential.
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