It is likely you will find the prospect of adding Oakville rental homes to your portfolio something that will pay back in immense dividends, with a larger inventories of homes, and also interest rates at record lows. Even if you are a beginning investor or a seasoned property buyer that counts Donald Trump among your personal friends, you will be very excited about your ability to earn cash-flow on Oakville rental homes. Here are a couple tips that will be sure to help maximize every dollar:
1. Be or Wanna-Be
Oakville is a place where you can go from university student to corporate executive and if you so choose you don't necessarily need to pack up your home to do so. This means that you will truly be able to find options for rental homes in any one of Oakville's communities. Obviously, the biggest cost of real estate is vacancies and Oakville is positioned to offer lower vacancies that many other markets when it comes to rental real estate. Many young people will receive their post-secondary education and then take their first entry-level job within the same area, and it will likely result in a long-term renter for you that doesn't change until they seek home ownership. Of course, by that time there will be another red-faced university student ready to take their place.
2. Hot Spots
The first place that yields good renters is university areas. As much as everyone wants to have their own experience in residence, the frugal student (or the parents who are footing the bill) will favour more affordable accommodation close to the university. Be sure to look at areas like College Park, home to Sheridan College, or the areas surrounding McMaster University. Other areas to consider when you are considering Rental Homes are areas near the Ford Manufacturing Plant, just off of Canadian Road, and near the SNC-Lavalin, located near the Iroquois Park North Community. Despite median income in excess of $100,000, the families and singles that are most likely to be looking for longer smaller rental accommodation will make their homes near these areas.
3. How much of a sure thing is it?
Of course, all kinds of real estate are subject to quick market changes and we never truly can be sure that an investment is a great deal until after we've bought it. When purchasing Oakville Rental Homes make sure to pay close attention to the market when you are searching. This means watching different things depending on your different choices of location in which to purchase in. If you are looking towards renting to families working in manufacturing, pay close attention to any impending lay-offs or downsizing of the particular companies that are close by where you have chosen to purchase. If you are purchasing in university areas, changes will be less sudden. However, do pay close attention to any enrolment numbers, in case they are declining in the year you want to purchase. Pricing is important, but by watching small things like local classifieds you will be able to price accordingly for the market to ensure you avoid unnecessary vacancies.
Full of a rapidly growing manufacturing, digital art, life sciences, professional services and a robust arts community you are sure to find purchasing Oakville rental homes a financially rewarding experience.
Click here to download a FREE digital copy of the real estate investing book, Income For Life for Canadians.
Downloaded by over 26,354 Canadians since 2007. Grab your copy by clicking here now.
The Rock Star Real Estate Team after a game of Trampoline Dodge Ball in Mississauga, Ontario.
You can contact anyone on our team by going to their profile pages by clicking here.