{"id":3234,"date":"2016-09-02T15:15:10","date_gmt":"2016-09-02T22:15:10","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3234"},"modified":"2016-09-02T08:15:35","modified_gmt":"2016-09-02T15:15:35","slug":"the-ins-outs-of-investing-in-a-rental-property","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/09\/the-ins-outs-of-investing-in-a-rental-property\/","title":{"rendered":"The Ins &#038; Outs of Investing in a Rental Property"},"content":{"rendered":"<p style=\"text-align: justify;\">With the ever-increasing home prices in Canada\u2019s hottest metropolitan housing markets, multi-family rental properties have emerged as a popular alternative to owning one\u2019s home. In a recent interview with Royal LePage Leading Edge, National Bank mortgage development manager Rosanna D\u2019Alessio delved into the options that real estate agents should remind would-be buyers about before purchasing property for rental purposes.<\/p>\n<p style=\"text-align: justify;\">\u201cSome people like the tangible aspect of this investment. When you have other investments, real estate is a good way to diversify your assets. And for someone who is looking to buy a house on a tight budget, the rents will help pay back the mortgage,\u201d according to D\u2019Alessio.<\/p>\n<p style=\"text-align: justify;\">However, \u201creal estate isn\u2019t for everyone. You have to like being a manager, you need to have a lot of patience with your tenants and you have to be available to fix any problems.\u201d<\/p>\n<p style=\"text-align: justify;\">Among the most important of these aspects are the down payment requirements, D\u2019Alessio said.<\/p>\n<p style=\"text-align: justify;\">\u201cIf you\u2019re renting out all of the units, you need to make a minimum downpayment of 20% of the building\u2019s purchase price,\u201d she stated. \u201cIf you\u2019re going to be an owner-occupant, you could lower the downpayment to 5% of a duplex\u2019s purchase price with mortgage loan insurance. For a triplex or quadruplex, you\u2019ll need to put down a minimum of 10%.\u201d<\/p>\n<p style=\"text-align: justify;\">In addition, \u201cinitial fees include the welcome tax, notary fees, inspection costs and property tax adjustment, meaning the portion of the municipal and school taxes that the buyer is responsible for.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cTo cover these fees, Canadian mortgage loan insurers calculate a standard amount of 1.5% of a building\u2019s purchase price,\u201d D\u2019Alessio added. \u201cHowever, in the event of unforeseen circumstances, a number of financial institutions including National Bank recommend a cushion of 3.5% of the building\u2019s purchase price in an easily accessible savings account or line of credit.\u201d<\/p>\n<p style=\"text-align: justify;\">Furthermore, agents should advise their clients on ensuring strong lines of communication with tenants.<\/p>\n<p style=\"text-align: justify;\">\u201cInclude even the smallest details on your leases and make sure that everything is in writing,\u201d D\u2019Alessio said. \u201cI also recommend scheduling [the] mortgage payments for the middle of the month in case rents are paid late.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/the-ins-and-outs-of-investing-in-a-rental-property-213106.aspx\" target=\"_blank\">The Ins &amp; Outs of Investing in a Rental Property<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the ever-increasing home prices in Canada\u2019s hottest metropolitan housing markets, multi-family rental properties have emerged as a popular alternative to owning one\u2019s home. In a recent interview with Royal &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/09\/the-ins-outs-of-investing-in-a-rental-property\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3234","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Ins &amp; Outs of Investing in a Rental Property &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/09\/the-ins-outs-of-investing-in-a-rental-property\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Ins &amp; Outs of Investing in a Rental Property &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"With the ever-increasing home prices in Canada\u2019s hottest metropolitan housing markets, multi-family rental properties have emerged as a popular alternative to owning one\u2019s home. 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