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Rental Properties

December 2, 2017

 

 

The state of Calgary’s economy has created a dip in real estate prices causing a negative effect for those selling, but good for those who are looking to buy homes, including those looking at the rental business.

 

There are many differences between owning a home and purchasing a property for rental.

 

– Residential mortgages can get away with a 5% down
– Rental properties are typically 20% down
– Removing the personal side of it, living close to a school, commute, community, or amenities can demand higher rent
– If you’re a handy person, a single family home can allow you to save costs and opportunities to rent out the basement or suite
– If not, condo fees take care of some maintenance fees, but there would be other issues such as regulations, condo boards
– Secondary suites in some cases can be a good idea to pay on the mortgage, but you lose privacy. Laneway homes are also increasing in popularity, which is good for relatives and seniors.

 

 

Deductions on Income Tax Returns

– Mortgage interests, property taxes, utilities, advertising, general maitenance and upkeep, deduct your accountant, property maintenance or property management

 

 

Other Considerations

– Take the time to know the tenant, check the references, and the landlord tenant act

 

Here’s to hoping there’s positive out of the negative!​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

 

 

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