The current price of homes in Toronto have become out of reach for some, so an income property allows buyers to get into a desired area or purchase a particular sized home which otherwise would be too difficult to acquire. One form of income property would be one in which the buyers live in one portion of the home while renting out another portion to tenants to offset the costs and make it much more affordable. Another form of income property would be to purchase a home or condo to rent out entirely while collecting cash to pay off the expenses and ideally make a profit.
Income properties provide buyers with a lot of options but could also be scary for others. I’ve gone through the process for my own income property as well as help clients with theirs, so I understand first-hand the fears, worries and hesitation that can arise, and I can help guide you through some challenging decisions.
Contact me today to setup a one-on-one consultation on how you can acquire an income property or discuss if it is the right decision for you.