Fort McMurray and Wood Buffalo Regional Municipality are popular regions for buying investment property. Coldwell Banker United understands the ins and outs of purchasing rental property and the common pitfalls that face investors. The challenges of managing an investment property become more difficult if you’re living out of town. Having an experienced REALTOR® on your side can make a huge difference when you’re considering buying property to rent out.
Tips on Buying Investment Properties
Fort McMurray is a booming region, with the strong economic backing of the oil sands. This is why many people look to buy rental properties in our city. When you’re looking at properties, keep these four points in mind.
- Do your research. Buying investment properties is a serious commitment, and you want to make sure you’ve got all the facts. First, browse MLS listings and talk to an experienced Fort McMurray real estate agent. Then you’ll have the information you need to make your plan.
- Build a team. You’ll need a REALTOR® to assist you with viewing, researching, and purchasing properties. In addition, you’ll need a lawyer, and if you’re out of town, a property manager. In order to find the right people, ask your team or trusted professionals for recommendations.
- Define your budget and rental amount. Your real estate agent can help you understand all the costs associated with buying investment properties and maintaining your purchase. For example, consider capital growth potential, property taxes, and the costs of changing tenants.
- Get pre-approved for a mortgage. Knowing exactly how much you can afford will narrow down your investment choices. Additionally, getting a preapproval makes you a more attractive buyer. Also, you’ll get started on what can be a long process of obtaining a mortgage.
The Agents at Coldwell Banker United understand rental restrictions, neighbourhood characteristics, and market conditions. For these reasons, our Agents can help you make a sound investment in rental property. Contact us today and learn more about how Coldwell Banker United can help you.