Choosing the Perfect Revenue Property
Strata properties can make for great investments. This is mostly because of two factors:
- There is a good demand for rental condos and townhomes. If you’re currently hoping to build a nest egg, then this might be a great option for you.
- The Strata Council and ultimately the Strata Corporation are there to handle the overseeing of common areas of the property. Now, your only concern as the owner and landlord will be the maintenance of your unit’s interior. You can also opt to delegate this task to a property management company for a completely stress-free experience as well!
What To Look For In An Investment Property
Just because it’s a condo or a townhome doesn’t mean you should snap it up right away. There are some essential features that you need to consider when you’re looking for the revenue property that’s right for you.
If it not in a good neighborhood, then the tenants will most likely stay away. Choose a neighborhood that is safe and has minimal crime. https://acdrealty.com/blog/choose-perfect-revenue-property/ https://acdrealty.com/blog/choose-perfect-revenue-property/ https://acdrealty.com/blog/choose-perfect-revenue-property/ https://acdrealty.com/blog/choose-perfect-revenue-property/ https://acdrealty.com/blog/choose-perfect-revenue-property/A property that is within close proximity to amenities like grocery stores, restaurants, schools and transportation is also favoured.
Aside from the external appearance that you need to consider in a condo or townhome, you also have to look at the quality of the interior finishes. Take a look at the lighting as well since many tenants prefer homes that feature a lot of natural light. Other attractive features include top-of-the-line kitchens, balconies and spacious bathrooms
A building that’s well-maintained and clean is paramount. Would you want to rent a unit in a building that is not well maintained? Neither will prospective tenants. Pluses can a building that offers amenities like gym facilities, a concierge, parking spaces and a swimming pool. These may increase the investment potential of your prospective rental property. It’s a sure fact that properties in Vancouver with these amenities have a higher rent. Keep in mind thought that these amenities will come at a higher cost.
The above are some basic factors when it’s time to select the perfect revenue property.
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