If not, you may want to consider working with a property management company. They can take care of tasks like collecting rent, addressing maintenance concerns and marketing your unit, but they also take a cut of your rental income. FINANCING CONSIDERATIONS Securing financing for a rental unit can be quite different compared to financing for owner-occu - pied properties.
TYPE OF PROPERTY Are you looking to purchase a pre-construction unit or re-sale? Keep in mind the pros and cons in both cases. If it’s your first foray into rental unit ownership, you may also want to stay clear of fixer-uppers unless you have a professional background in renovations. DO YOU HAVE THE TIME OR EXPERIENCE TO MANAGE A RENTAL PROPERTY?
41
40
FALL/WINTER 2022 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • FALL/WINTER 2022
Made with FlippingBook flipbook maker