12 Apr Buying a Rental Property in Okotoks
The steady upward price trend in our local real estate market has inspired many people to think about diversifying their investment portfolio. You don’t need to be a seasoned investor to make money in real estate. Many people simply buy and hold a few properties until they build up enough equity or decide they are satisfied with the return and no longer want the responsibilities of being a landlord.
Have you considered buying a rental property in Okotoks? With extremely low vacancy rates and high market rent, there is certainly money to be made. Entry-level homes are still affordably priced, and there is a large pool of potential tenants looking for a nice home in a great community.
Typically, the tenant profile in Okotoks is made up of young couples, families, or people who are new to the area. They may have good incomes but just aren’t in a position to buy a home right away. Many young families try to integrate into a community and get their kids situated in the local school while they save up for the down payment of their first home.
When getting a property ready for the rental market, less is more. If you need to do some upgrades to make the home more appealing, go for basic and durable finishes. No matter how careful your tenants are, there will always be some wear and tear in the home.
Many landlords and property managers have strict no-pet policies. However, allowing applicants with four-legged family members often increases your pool of potential renters. A fenced yard and durable flooring makes your home perfectly suitable for dog owners. Pet owners often stay longer because it’s more difficult for them to find another rental unit, so you may be able to charge a little extra for it.
Becoming a landlord is a big responsibility, but it can prove to be a smart financial decision. Your real estate agent can help you understand your local market to make sure you find the right investment property to suit your needs.