Posted 10.21.12 @ 7:15
There are many homes for sale that would make great income properties, but is it right for you? If you’re thinking ahead and trying to make sure you have different revenue streams, you’ll want to know what to look for. You’re going o need to work with a financial planner so you can have the best information for your retirement, then you can make the right decision for you. We as Oakville luxury realtors can help you find the best investment, so let’s get started.
Buying an Income Property is Different Than Buying a Home
There are different lending rules in play if you plan on buying Oakville luxury homes for sale as an income property instead of buying it to live in. The down payment requirements are often higher (30% by most lending standards) and you’ll need to be able to show income and everything else that you would need to show if you were just buying any Oakville homes for sale.
Know How Much You’ll Need
Different homes will bring different rents, and working with a financial planner will help you understand what will be the best long term investment for you. You may want to invest in Oakville luxury real estate like cottages that you can rent out during the summer, on the weekends and at holidays. Your options may skew more towards town homes and row houses with regular monthly tenants. Some even go as far to build barns and rent them out in summertime to weddings at $5,000 a night. Whatever it is, know that you’re making enough money to support your retirement.
Is Now the Time to Buy Oakville Homes for Sale?
There are many times of year where it’s great to buy, but now will be your last chance until February or March. If you want to be able to find a good deal on Oakville real estate but you don’t want to break the bank, now is a great time to buy. Interest rates are low and you’ll be able to find a beautiful home that you can rent out and get a steady revenue stream from.
What Kinds of Homes Rent Best?
This constantly changes over time, and you’ll really want to work with an investment planner to find out which property is the right choice for you. We’ll be able to help you find a great house, and we’ll make sure that you understand your options. There are many luxury Oakville homes for sale, so you’ll be able to have your pick of all the choices you could ever dream of. Most homes stay on the market 60 to 90 days, and most people looking at Oakville real estate see 12 homes before making their final decision.
Don’t rush things; explore your options and pick the one that feels right and works out on paper. Let us as Oakville luxury realtors help you find the right house for you.