man in grey shirt drinking coffee at desk with computer, tablet and calculator

The Benefits of Owning a Rental Property

Investing in rental properties is not without trials.

Rental properties can be time-consuming and ask for a lot of unexpected tasks and costs, but it can be a very rewarding and worthwhile investment of your hard-earned dollars. Here are some of the benefits of owning a condo for rent.

1. Retirement Income

This is often misunderstood. Most people don’t take the time to properly calculate their retirement income and what it will take to retire. A pension plan, RRSP, and your savings account may not be enough, let alone to think about retiring early. A rental property can generate monthly income even years after you retire.

2. Cash Flow

Banks help cover the majority of the purchase and your tenant will pay for the mortgage. Plus, the surprise bonus can be profited every month after the bills and utilities are paid. Make sure you get feasible financing and consulted a real estate agent to make a profitable purchase.

3. Family Time

You will sometimes have to work after hours and on weekends to maintain your property as a landlord. Don’t forget to carve out time for kids and family time. If you have children, they can help with minor repairs like wallpaper, painting, or lawn mowing. It can instill a work ethic as well as an education on real estate maintenance.

4. Income Diversification

Losing your job can happen more than people realize and the 2020 COVID-19 pandemic has demonstrated the unexpected nature of work. However, real estate rental property can be very stable, even during a pandemic! Jobs can come and go and tenants can fail to pay rent or move, but you can find another tenant faster than you can find a new job.

Life will happen, so diversifying your income is a wise choice.

5. Long-Term Wealth

Simple investments can be the best some times. In real estate, a house can be bought using a loan from a bank and a renter can help you pay off the mortgage faster, sometimes within 10-15 years.

Ever wondered about what a property manager does?

Here’s an article on, “What Do Property Managers Do?”

See: 10 Reasons Why I Love Being A Landlord

Questions?

Looking for support for your property and tenants? Let’s Chat. 

Have questions about how we manage properties for our owners and condo corporations? See our FAQs page for more info or Chat with one of our Property Managers. 

You don't have permission to register