INCOME PROPERTIES
BUYING A RENTAL PROPERTY LOCATION
As with all real estate, location is crucial. Is the property in a desirable area that will make it easy to rent out? Is it in a stable rental environment with a low vacancy rate? RULES AND RESTRICTIONS It’s important to know your jurisdiction’s rules and bylaws for renting, as well as your legal obligations as a landlord. Do you plan to use the property as a long-term rental or short-term unit (i.e., Airbnb)? If it’s the latter, ensure short-term rental use is permitted. You should also be familiar with the rules and regulations surrounding evictions, taxes, renovations and rent increas- es.
THINGS TO CONSIDER WHEN BUYING A RENTAL PROPERTY
by Tamara Vallis
W ith interest rates on the rise and given the current economic climate, not everyone is rushing to invest in a rental property just yet. But that doesn’t mean there aren’t great invest- ment opportunities in this market or that the right opportunity isn’t just around the corner. So, it’s best to be prepared and have a clear idea of what you’re looking for—and what to avoid. For anyone planning to purchase a rental unit to generate income, the following are some tips to keep in mind during the planning stages.
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FALL/WINTER 2022 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • FALL/WINTER 2022
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