What do you need to consider when choosing a location to invest in?
When you start to invest in a particular market you want to do your research to understand where the profitable rental markets are. You want to look for towns or cities that have lower purchase prices but also strong rental markets.
Here are some things that we look at when investing in a new market:
We familiarize ourselves with different neighbourhoods and what areas attract good tenants (Tip: joining local Facebook groups gives you a birds-eye-view of what’s going on!)
Get to know municipal by-laws with regards to long-term and short-term rentals for parking requirements, number of units allowed, etc.
Research and stay informed on the local economy, large employers, proximity to schools, healthcare, colleges and universities.
Know where the city is going. Do they have infrastructure growth plans for the future? Are they investing in housing, community services, or tourism?