Top Tips When Buying an Investment Property in Windsor, Ontario
Interested in owning investment property in Windsor, Ontario?
Whether to expand your portfolio or start your first investment property, Windsor is a city full of potential. It has diversified its economy quite well with transportation, trade, manufacturing and tourism making significant contributions to its profits. With the city’s steady growth, real estate is a good option for the savvy investor looking for an affordable option with room for growth.
To help you get the best return on your future Windsor property investment, we’ve collected the best tips in this article. Read on to learn more!
Tip #1: Location, Location, Location
This old real estate tip can start sounding like a broken record. However, no seasoned realtor or property expert can deny the importance of location to the value of the property itself.
This can be particularly important for your investment when talking about the proximity to certain services and amenities as a selling point to your future residents. Your property will be always be described with consideration to the surrounding environment. This will have an effect on the ability to attract and maintain long-term tenants.
In the long-run, this aspect can even determine the viability of your investment in Windsor real estate. The importance of location cannot be understated.
When discussing about location, selecting the right neighborhood is an important step. You will need to perform an in depth review of Windsor’s local neighborhoods. How good is the nearby transportation? Is it by the waterfront? What about school districts? These are all questions that your future tenants will have when selecting a neighborhood for a long-term lease.
Tip #2: Budget
Try to align your investment to the amount you are willing to spend, and how you will finance your purchase. This could either be in the form of equity or a mortgage. When deciding on your budget there are other costs that should be considered as well.
Such as, if you’re purchasing property to lease out, you will need property insurance and landlord insurance. The property you have purchased may need some touch ups in terms of repairs and renovations.
If you have not factored this in your investment budget, it may be time you get in touch with a reputable property expert to advise you on the best way forward.
Tip #3: Legal Considerations
Property ownership is a highly regulated sector. Ownership and leasing of property must adhere to federal, provincial, and city landlord-tenant laws. The guidelines provided need to be followed to the letter in order to avoid fees.
It is recommended that property owners familiarize themselves with the local laws on security deposits, Fair Housing, eviction, repairs and maintenance as well as other regulatory requirements.
Tip #4: Negotiation
Negotiating the purchase of a new property is critical when it comes to getting a reasonable price. Purchasing your investment property in Windsor should not be any different.
We recommend adding few more tips:
- Negotiation should not only be focused on the asking price. You can focus on anything from closing costs to professional fees.
- Don’t be too hasty in making decisions or show desperation. This can leave you open to making a rushed deal that can have later consequences.
- If the property shows signs of damage or wear and tear, consider making a request for maintenance or a deduction for repair costs.
- Try to understand the goings-on of the current market.
Tip #5: The Services of a Property Management Company
Seasoned property investors reading this article will agree that management of a property comes with its own set of challenges. There are the late calls and demands from the tenants, maintenance and repair needs, adherence to legal provisions and keeping of accurate financial records. Without the experience or expertise, managing a rental property can be a headache.
Save yourself the frustration and stress by contacting the property experts at Property Hunters. We are the leading property management company with a large portfolio of single-family homes, terraces and condominiums. Our experienced team has the dedication and commitment to handle all property issues ably for your Windsor investment property.
Owning and leasing property in Windsor is a great way to start and grow your investment profile. To enjoy the benefits stated above, having localized information and expertise from a property professional is a must.
Offering excellent property management services and investment advice since 2006, Property Hunters has been the property experts to rely upon. With over 40 years of combined real estate experience, we are more than qualified to help you achieve greater returns for your Windsor property.
Reach out today and discuss your investment plans with our professional team at Property Hunters.