Whether its generating monthly rental income or helping you invest in a longer-term real estate opportunity, investment properties can be good for a number of reasons.
But finding the right opportunity and being able to take advantage of that opportunity can take a great deal of planning. Even with this planning, lenders often consider mortgages for investment property to be higher risk lending and will, therefore, incur some of the highest rates of all mortgage types.
That’s why it’s crucial to understand all the criteria for these exciting, but challenging investments.
There are plenty of factors to consider before making the decision to buy an investment property. From strata fees, maintenance expenses and property taxes to the BC Speculation and Vacancy Tax, there can be several things to piece together to help you determine what you can qualify for and where and what you might buy.