Ontario is likely one of the best places in Canada for investing in income property. Not only are housing prices more reasonable than places like British Columbia or Alberta, but employment opportunities make Ontario an attractive place to live. There are a variety of ways to get into real estate investment in Ontario, each offering varying levels of complexity, risk, and ease. Let’s take some time to consider the most common investment strategies in Ontario: buy-and-hold, flip, hybrid, and joint venture.
This strategy essentially refers to buying a rental property that is somewhat below market value and holding it until its value increases. You would aim to have rental income cover your mortgage so that you ultimately have a mortgage-free property on which you can continue to collect rental income indefinitely. This is a popular strategy for Ontario real estate investors because it is simple and straight-forward. Most of the risk involved revolves around getting high value tenants – those that pay their rent, stay for the long term, and adequately care for the property.
You’re probably familiar with this investment strategy as it’s becoming increasingly common and popularized in media. The goal here is to get a great deal on a “fixer upper,” renovate it, and sell it for a profit. Ontario is an old province, so these types of properties are plentiful, but not always appropriate. It can be difficult to assess how much work a property will require, so it can actually take you quite a long time to find the right fit. You also need to have the time and resources to renovate – and if anything unexpected comes up, you may diminish your profit margin. Still, with the right property, the potential for profit can be significant. Moreover, you won’t derive any income from these types of property until you sell, so it can be more difficult to get financing.
This third investment strategy is a combination of the buy-and-hold and flip strategies. First, you purchase a property that is undervalued because it requires some updating. You then make the necessary upgrades so that you can rent it in order to cover your mortgage payments. Eventually, when the market is in your favour, you can sell this property for a profit. With this type of investment, you just need to be clear about your financing needs as well as long-term goals.
As the strategy name suggests, a joint venture involves investing as a team. Especially if you haven’t got the funds to invest independently, this is a great option. Pool some partners together and invest in a property together. You’ll need to be carefully to get everything in writing including responsibilities for maintenance, tenant selection and management, and selling and profit distribution. While the joint venture is somewhat more complicated, it’s a good choice for those with limited capital who are also interested in real estate investment.
There is a lot that goes into deciding which house to buy. Money factors in, location factors in and most of all you want to love the place you will eventually call home. Here are ten tips to help you find the perfect home!
1. Put your roots in the ground: When looking for a home you want to pick a home that you could see yourself living in for many years, at least 5-7 years ideally.
2. Leave room for growth: Because you’ll want to stay in one home for several years you want to find a place that can adapt as your life changes. For instance you might have a new baby or if your child moves back home after college. Leave options open for those family planning moments, and even if you don’t have it in the budget to get a home big enough to fit those future needs you can look for one that will allow you to build on in the future.
3. What can’t you live without: Write down the features you require in a home, such as number of bedrooms and bathrooms, garage, formal dining room, family room and living room or great room, and the size of yard. These should be the items you absolutely cannot live without.
4. Check the surroundings: You aren’t just buying a home to live in when you pick a house out you are also choosing a neighborhood to live in. For instance It is preferable to buy a home that is in an up-and-coming or well-cared-for area. Homes in areas that are declining may lose value and never recover. Looking into the school systems and the crime-rate are also important factors.
5. Keep it in the budget: Understandably you want the best thing that your money can buy. However when buying a house you will need to check your finances, including looking towards current and future expenses, and don’t exceed that. It’s better to buy a home that you can easily afford than one you have to work to find money for.
6. Don’t limit yourself when looking: Make sure that you are seeing as many different homes in your price range as possible and don’t limit yourself to just old or just new, look at both.
7. Location matters: A house that is located on a busy street might be bothersome as a homeowner than one that is located inside a quiet neighborhood. Not to mention that when it comes time to re-sell your home will most likely be worth more if it’s located in a quiet area opposed to a busy one.
8. Pick your “type”: There are many different types of homes out there, so figure out which type best suites you whether it’s a single-family-home, a condo, a townhome, etc. You’ll want to pick a type that works with your lifestyle and your future plans. For instance a single-family-home will have to be maintained by the homeowner while a condo will have someone else to look over all of those needs.
9. Distinguish important from not so important: A small thing that can be fixed shouldn’t detract you from buying a perfectly good home. For instance you might go into a home and not like the paint, the cleanliness or the carpet but those are not things that are permanent so it’s something you should be able to look past. On the other hand you might be able to put a marble in the middle of the room and have it roll, you might have a slab issue and that would be something that would be something you wouldn’t want to have to deal with.
10. Look to the future: Although you want to look at your house as a home first and not an investment you should put some thought into how easy or difficult it might be to resell the home eventually.
Take these things into account as you look for a new home and remember nothing is more rewarding than finding the perfect home!
“Traveling is easy if you use a GPS or road map to reach your destination”. You should also organise before moving to keep your move well planned, easy, and less time consuming.
Here are some basic tips to prepare before moving:
Make a Moving To-Do List
You should be prepared one month before the move and plan accordingly. The moving to do list must include finding a local mover to unpack and organise at the new place.
Find top 5 local movers and packers
It’s good enough to search for 5 top leading movers in the location to get a free estimate. You can search the web or take reviews from people on the movers and their reputation.
Prefer moving companies that supply materials
Based on the quote estimate, make an agreement with a moving company that provides packing materials.
Prepare a Moving check-list
It’s important to have a printed check-list to categorise the things to move on preference. Get a list of all the items that should be packed by the movers and sort it. Mention the heavy items and outdoor items separately.
Organise utilities like TVs and Gas Connections
Make sure to disconnect your TV cable, gas connections and other similar utilities 2 weeks before the day you move.
Discover local resources
It is necessary to find local resources like supermarkets, water & cable services and other resources nearby the new place before the move. Find the necessary Organisations
Two to three weeks before the move, you must inform the organizations you are a part of, that you are moving. You also have to clear all dues with them.
Give Prior Membership Applications
Be ready a week before to fill out forms and applications for getting new residential, church memberships and more
Pack Your Essentials
You should pack valuable items like jewels and bank documents. Clear your wardrobe/closet of clothes and self pack them in bags. Its good not good to use cardboard boxes for this. Free your kitchen of perishable items
Clean your kitchen out of perishable items like soaked and frozen items and vegetables. On moving day, defrost your freezer for easy handling.
You are here because you are considering getting started as a real estate investor. You’re probably also thinking that it seems rather overwhelming when you look at the whole picture. Well, never fear because you’re about to learn a few things, and the more you know the easier everything will seem.
Before making an investment in real estate, analyze the current market and do your research. Investigate as many as 100 individual properties in that area; track your notes with a spreadsheet or database. Things to list include current pricing, projected rent earnings, and repair budgets. This information will help you find the best deal.
Make sure that you set realistic goals based on the budget that you have. You should not set a goal to buy ten houses in the span of a month if you only have a hundred thousand dollars to your name. Set reasonable expectations to avoid setbacks at all costs.
Marketing will be crucial to your success. Marketing is what generates your leads. Without solid leads, you are not going to find good deals on properties. Therefore, if something is not working in your investment plan, turn to your marketing strategy first to see what is going on and what can be adjusted.
Create an LLC if you’re positive that you’re getting into real estate. This creates a layer of protection for both yourself and your investments going into the future. There are possible tax benefits to incorporating your business as well.
Location is very important in real estate. Property conditions and other issues can be fixed. Investing in a property that is located in a bad neighborhood will probably lead to failure. When looking to purchase real estate, always make sure you investigate the area and its property value.
See if there are all of the stores and schools that you’ll need around the real estate that you’re thinking of getting for your family. You don’t want to move to an area where you’re not near anywhere that you need to go to. It would cost you a lot in traveling expenses, so keep that in mind when you move anywhere.
How does it feel knowing you’re getting serious about investing in real estate? You never know, you might just be the next Donald Trump. Of course, make the investment decisions that are right for you, and always be aware of the risk and reward. You are going to do just fine.
Can buyers do well for themselves in a sellers market?
Currently, a number of big metro areas like Austin and Houston are experiencing a sellers market. The higher prices, low inventory, and heavy competition between buyers can understandably make buyers reluctant to try to purchase a home now.
But just because it’s a sellers market, doesn’t mean that there aren’t strategies you can use to find a beautiful house within your budget. The following are 10 home-buying tricks for a crazy market:
1) Mail homeowners a letter, even if their home isn’t on the market. If you see a home you really like, you may want to take the chance of mailing a letter to the homeowners, introducing yourself politely and expressing appreciation of their home and your willingness to purchase it. Be sure you’re coming across as professional, courteous and trustworthy. Some homeowners will ignore such a letter, but there’s a chance that others will get back to you if they’ve been thinking about selling their home.
2) Develop a knowledge of the area. If you already live in the vicinity, you may have an easier time familiarizing yourself with the neighborhood you want to live in. For example, you can find out if there are any empty-nesters or senior citizens who are thinking of selling, and you can hear other information through word-of-mouth. If you live too far away, it’s especially important to have an agent on your side who knows the area inside-out.
3) Look into pre-market listings. One example is Zillow’s Make Me Move list. There’s of course no guarantee that you’ll find a home by doing this; just because a home appears on this kind of list, doesn’t mean that it will available for sale soon (and owners may always change their mind about selling). But maybe you will spot an opportunity.
4) Look into For Sale By Owner (FSBO) listings. FSBO listings involve homeowners who are trying to sell their home without an agent. If you go this route, you may find some homes at relatively lower prices, though this isn’t a guarantee. Also, you’ll need to make sure the seller is on the up-and-up with all disclosures that need to be made.
5) Look into expired listings or listings that have been withdrawn. There are a number of reasons for why the listing for a home expires. Checking out these listings might be a good way to find out about homes that owners would still like to sell.
6) Don’t overlook estate sales. You might find out about estate sales in the area and attempt to reach out to the parties involved before they list the property.
7) As much as possible, get everything prepared. Check that your credit is good and that you have the money you need. Try to get pre-approval for a mortgage. Define your limits, including the maximum you’d be willing to hand over for a down payment and what you’d be willing to negotiate on. In a sellers market, homes can get sold extremely quickly. If you find a home you like, you want to be ready to pounce.
8) Go to a showing as soon as possible. If you hear about a home that’s for sale, immediately reach out to the homeowner or their agent. Make plans to see it ASAP. Don’t put it off, even for a few days.
9) Find out what the seller wants aside from money. Maybe, after selling their home, they don’t want to move out immediately. Or maybe they need to move out by a certain date. If you can make things easier or more convenient for them, this may give you an advantage over other buyers you’re competing with.
10) Team up with an experienced real estate agent. Chances are, you can’t do this all alone. Given the competitiveness among buyers and the speed with which homes are sold, you need a good agent on your side to scout out new opportunities, move quickly on your behalf, successfully negotiate for you, and make sure that no one is taking advantage of you.
Don’t hesitate to contact us for further advice and assistance. Even in a sellers market, you can find a home you’ll love, within a budget that works for you.
When you decide to sell your property, you get what you put into the process. The sellers who is most informed and educated will often reap the best in real estate arm themselves with information.This article has many tips and methods to ensure you become smarter about real-estate selling.
Make sure all the rooms in your home are well-lit before inviting potential buyers for a viewing. A well-lit home will not only appear larger, and will put buyers at ease about potential problems in a home that is darkly lit.You may see more interested buyers if you turned on the lights.
If you are going to resell your home, you should look at it as a valuable commodity and take better care of it than you would your own home. This allows you break your expectations and negotiations once you the ability to market it to its fullest extent.
Use as many different channels as necessary to find or market your real estate. You will want to exercise every option available in order to achieve the avenues that are open to help you find the success you are seeking.
Try to sell your old house before moving to your new one if possible. It can be extremely difficult to keep up payments on two residences while waiting to obtain a buyer for your previous home.
A newer investor will likely to learn the hard way that there are serious downsides to being new to the game.
Clean up your yard to boost your home for sale. Things like busted fences, like broken fences, overgrown plants, giant compost heaps and dingy garden furniture can quickly turn off potential buyers and lower the overall value of the property.
Select a real estate agent with care before selling your home.You should know that your agent you are working with knows what they are doing. An experienced real estate agent with good credentials will make your transactions run more smoothly and at the best price.
Price your home fairly to save yourself time and trouble.
Get rid of the clutter if you show your home.
Just by making some small updates to your kitchen you can have a big impact on the value of your home. You may want to switch out one appliance to update the look and provide a focal point. It’s quite expensive to install new kitchen cabinets, so try repainting them for a new look.
The little efforts involved in keeping up with painting, painting, and other small repairs can be a bother for many homeowners. However, if you don’t keep these items up to date, the home will require a great deal of work and expense before it is ready to sell.
New flooring could be an expensive investment in which you won’t be able to enjoy it.Instead, just do a thorough cleaning of the existing flooring, so that they do not reflect negatively on the house.
Once the interior is ready, try going outside and walking around to check the exterior of the house. Focus on your home’s “curb appeal.” The exterior of your house must create a good impression on the home will make or she approaches your house for the buyer’s first time. If you see problems that would put potential buyers off, then you want it taken care of as soon as possible.
When you are considering putting your house on the market, there are certainly a number of things you should do first so as to get it ready for viewing. Besides current financial hardships, the primary reason why homes take a long time to sell is because the potential buyers cannot see themselves residing in that place. There are a lot of trade secrets that can improve a home’s visual appeal, yet there are also many other things that the seller can do to get their home sold fast. Here is a short overview of what sellers have to be doing to sell their property in today’s competitive market.
The most important thing to do is distance yourself from the feelings you put into making this house your home. Although it may be difficult to do that, selling your home for an excellent price is the most crucial consideration. To be able to take yourself out of the home, you must make it anonymous to buyers. This means giving up your forest green paint and wedding pictures for natural tones and less personal art. Next you must (we reiterate, must) get rid of all clutter and keep the house clean. Now, this is really easier said than done, since many people still reside in the home while trying to sell it. When cleaning up and de-cluttering, it is very important to not neglect the yard areas and garages as well. No matter what you do, if it is tucking items underneath a bed, getting rid of broken-down trees, or packing early, just make sure that your home is attractive. After all, potential customers are judging each house in accordance to the others.
House improvements to the most crucial areas in the home, such as the bathrooms and the kitchen, are guaranteed big money makers. If it’s not in your budget to do these improvements, you may wish to consider leaving some allowances for selling price negotiation involving these spaces in your contract. Beyond the physical appearances, key issues to the home, like a leaking roof or an awful furnace, have to be repaired before selling. Again, if they cannot be, then you’ll have to divulge these issues right away and leave room for them on the negotiation table.
Listing your property with the right agent is also something that directly affects how quickly you will sell your house. Trustworthy real estate agencies like Remax and Keller Williams have broad marketing programs where they publish listings of your home. These listings create leads on your property. It’s your realtor’s job to market your house honestly and to the right demographic. For example, if you have a small condominium for sale in Louisville, Colorado, it could be smart to try to market your property toward new families or working professionals. Your realtor should be ready to suggest things like converting the second bedroom as a nursery or an office/guestroom.
Has your house been on the market for more than a month or year? Are you presently thinking ‘If someone will agree to buy my house as is?
“Hiring a professional realtor” is probably the first thing that comes to your mind when you are required to find out a potential buyer for selling your property fast. But the trend has already changed for several property owners who are now using a quick home sale buyer for selling their homes within a limited period of time.
But you need to weigh out this option carefully and ascertain that the services of a “Buy My House” company will suit your present condition and cash requirements. You can count on some extra time to check out the reviews of the house buying investors before making a final choice. It will help you know about the expertise of the company and the time frame within which it can accomplish your home sale.
If “Buy My House” is your top priority, then you can consider using a real estate agent. With the valuable insight of the realtor, you might be able to find a prospective buyer for your home sooner or later. You will have to consult with the realtor over the phone. He/she will then visit your home, analyze the situation, take photographs, and evaluate the property and its price. In the next week, your home sale ad will get promoted through the conventional print media, the realtor’s contact list, and also through his/her own website for grabbing the attention of more number of prospective buyers. After a few days, someone interested may call you and want to visit your home. Many of these buyers desire for a home in tip-top condition and may not like to buy yours especially if it is distressed or poorly maintained. It may add to your level of disappointment and force you to think about the option of home repair and maintenance. There are “Buy My House As Is” investors who can minimize the wastage of time on multiple home visits. If you want your house sale to get confirmed without going through lengthy and tedious home selling process, then you can make a call to an experienced quick home buyer right away!
With fast home investment companies, you won’t have any risk of your home sale getting delayed due to legal documentation or any other reason. They will neither pull out of the deal at the last moment nor will try to take advantage of your situation. Some of these investors are known in the industry for bringing fair deals to home sellers and confirming the sale in as little as one or two weeks.
Your “Buy My House As Is” plan can be successful especially if you subscribe for the service of a specialized quick home selling company. The investor will focus on to give you a suitable cash offer on your home sale within 24 hours. From providing a guaranteed cash offer and removing any tension of buyer’s pull out to paying for legal charges or repairing costs, it will do all that can give you the best possible satisfaction.
In addition to this, a “Buy My House” investor will offer the best possible value for your home on sale according to current market situation. It may give you the option to sell and rent back your home. It will allow you to take your home on rent for a monthly payment even after selling it. It will be the perfect solution if you want to leverage the equity in your property without relocating to anywhere else. In this way, you can meet your cash requirement and avoid the anxiety of relocating to a new place.
When you’re considering selling your home, there are certainly a number of steps you have to do first to be able to get it ready for viewing. Besides recent economic difficulties, the number one cause why homes take a very long time to sell is because the potential buyers can’t see themselves living in that space. There are many tricks of the trade that can improve a home’s visual appeal, yet there are also several other things which the seller can do to get their house sold fast. The following is a short summary of exactly what sellers must be doing to sell their property in the current competitive market.
The most important thing you can do is disconnect yourself from the feelings you put in making this house your home. Even though it might be hard to do that, selling your house for a very good price is the most important consideration. In order to take yourself out of the house, you should make it anonymous to customers. This means giving up your forest green walls and wedding pictures for natural tones and more impersonal art. Next you must (we reiterate, must) eliminate all mess and keep the house clean. Now, that is actually easier said than done, because many people actually live in the home even while attempting to sell it. When cleaning up and de-cluttering, it is very important not to overlook the yard spaces and garages as well. Whatever you do, whether it is hiding items under a bed, removing fallen trees, or packing early, you have to make sure that your home is presentable. After all, potential customers are judging every property in comparison with the others.
House upgrades to the most vital rooms in the home, like the bathrooms and the kitchen, are guaranteed big money makers. If it’s not in your budget to do these improvements, you might need to consider allocating some allowances for price negotiation concerning these spaces in your contract. Beyond the physical looks, key issues to the home, like a leaky roof or an awful furnace, need to be fixed before selling. Once again, if they cannot be, then you will have to divulge these issues immediately and leave room for them at the negotiation table.
Listing your home with the right agent is also something that directly affects how fast you will sell your house. Trustworthy real estate agencies like Remax and Keller Williams have extensive marketing programs where they publish listings for your home. These listings create leads for your property. It’s your realtor’s responsibility to market your house honestly and to the suitable demographic. For instance, if you have a small condominium for sale in Louisville, Colorado, it could be wise to try to sell your home to new families or working professionals. Your realtor should be able to suggest things like staging the second bedroom as a nursery or an office/guestroom.
Home inspections for older houses pose challenges that property inspectors don’t confront with newer properties. Although new homes have their share of issues, older properties are definitely more prone to be filled with concerns as a result of age, use and deterioration. Three of the more common areas of older properties to which home inspectors will need to pay particular attention are electrical wiring, plumbing and structural issues.
The electrical wiring of an older property calls for meticulous inspection. It is quite possible to discover missing insulated tapes, damaged cross-sections of the wire or damaged electric sheath of the wires. Old residences were built with ungrounded electrical receptacles and fixtures, and a number of local building codes still don’t require for these to be re-wired for grounding. Nevertheless, a property inspector will mention where grounding ought to be incorporated for safety. Grounding protects family members from electrocution by forwarding the flow of any leak into the earth rather than into a person who touches a faulty fixture, appliance or tool.
Old sewer pipelines are very vulnerable to damage over time, so these demand close inspection as well. Although recognizing a major leak is easy, minor leaks can be tough to find, because a lot of the time minor leaks are concealed behind cosmetic modifications. Home-owners often polish, repair and remodel their bathrooms, which might conceal leaks and improper fittings. Older homes may have other distinct plumbing challenges that are not exactly defective but rather troublesome for maintenance and repairs. Specifically, an older home can have copper plumbing and that is not optimal when it comes time for them to be serviced. The home inspector will need to look past the veneer for these minor issues with major potential.
Structure and Roof
The structural integrity of an older property needs to be validated to ascertain that the overall sturdiness of the structure is truly the same as what is being claimed. Taking a close look at the I-beam and other structural foundations is vital, because this will demonstrate the strength and life of the building for a property buyer. Fractures and other issues in the foundation may well need some repairs, so the property inspector of an older house may have to put in more time examining this area than a new home would call for. Also, the older residence may mean an older roof, and older roofs can be quite troublesome and expensive. Cracked shingles are common among older homes and require maintenance and/or repair. In regards to the roof, chimneys and ventilation points should also be meticulously checked.
Older houses have had a chance to develop problems not seen in newer properties, so inspectors must be aware of these challenges during property inspections for these properties. This is due to different building standards in the past, as well as, the fact that over time, any part of a home could give way. It is always crucial that an inspector is at the top of their game when examining any home, but as discussed above, it is particularly important when dealing with the special challenges of an older home.