When looking at 2020 and beyond, now is the perfect time to invest in rental properties in Burlington, ON. Competition is high and real estate prices are expected to rise in the years ahead. With that in mind, the rental market in Burlington offers potential landlords opportunity to cash in on the growth and increased demand for rental property.
In this article, we’ll look at why investing in rental properties in Burlington is a smart move, what the advantages and disadvantages of being a landlord in Burlington are, and ways to make sure your investments are profitable.
Why Invest in Burlington Rental Properties?
Before understanding the pros and cons of investing in rental properties in Burlington, there are a few key facts that investors need to be aware of.
Firstly, Burlington is considered a desirable place to live in the Greater Toronto Area (GTA). As a result, population growth is predicted to remain steady and demand for rental property is expected to stay high for the foreseeable future. This makes investing in real estate in Burlington an attractive prospect for potential landlords.
Burlington is home to a diverse range of amenities, from the waterfront to numerous parks, access to great schools, and easy access to Toronto. This makes Burlington ideal for young families, professionals and retirees alike.
It is also home to a thriving economy and job market, with a variety of different industries. This provides rental property owners with access to reliable tenants, who have steady incomes that can help cover rental costs.
In short, renting out property in Burlington can be a great way to earn a passive income and build long-term wealth.
The Pros of Being a Landlord in Burlington
Investing in rental properties in Burlington can provide landlords with a range of different advantages. Here are some of the key benefits of being a landlord:
1. Rise in Property Values
The growth in rental prices and property values in Burlington are expected to continue to rise over the next few years, providing landlords with long-term gains on their investments.
2. Low Vacancy Rates
With the influx of new residents, the demand for rental properties in Burlington is steadily increasing. This takes away some of the worry for landlords about their investments, as there is a steady pool of tenants to choose from.
3. High Rent Prices
Over the last few years, rents in Burlington have been steadily increasing as demand for rental properties increases. This means that landlords have access to more tenants and can count on higher income from rents each month, providing a steady income stream.
4. Tax Benefits
Owning rental properties can come with a variety of tax benefits, such as tax deductions for rental expenses and property depreciation.
The Cons of Being a Landlord in Burlington
Investing in rental properties in Burlington isn’t all sunshine and roses. Like with any type of investment, there are risks associated with rental property ownership and some potential drawbacks to be aware of.
1. Property Maintenance
When renting out your property, you’re responsible for any repair and maintenance costs, which can be costly and time-consuming.
2. Tenant Challenges
Having tenants in your property comes with its own set of challenges, such as collecting rent, dealing with tenant complaints, and establishing tenant rules.
3. Legal Concerns
As a landlord, you’re responsible for a variety of legal obligations and regulations. It’s important to familiarize yourself with the rules and regulations around rental property in Burlington and ensure that you’re in compliance with them.
Tips for Successfully Investing in Burlington Rental Properties
While there are some drawbacks to investing in rental properties in Burlington, there are also ways to minimize the risks associated with being a landlord. Here are some tips for successful investing:
1. Work with a Professional Realtor
When investing in rental properties, it’s important to work with a real estate agent who is knowledgeable about the Burlington market and can help you find the right properties for your needs. Tony Sousa and The GuaranteedYourHouseSOLD Team are experienced professionals who can help you with the rental property search.
2. Have an Emergency Fund
It’s important to have an emergency fund dedicated to rental property. Ensure that you have money set aside to cover any unexpected expenses, or to fill in potential gaps in rental income.
3. Buy Smart
It’s important to do research and buy properties strategically, not just to make sure the property is a sound investment, but also in terms of location, size, layout, and amenities.
4. Set Rents Fairly
Rents should be set at market rates in order to attract quality tenants. Be familiar with the local rental market and set rents that are in line with other rental properties in the area.
5. Manage Well
Managing your rental property is another important aspect of successful investing. Have clear tenant rules and expectations in place, ensure that maintenance issues are addressed promptly and thoroughly, and be sure to address tenant complaints in a timely manner.
Investing in rental properties in Burlington can be a great opportunity to earn passive income and build long-term wealth. With the growing population and steady demand for rental properties, the rental market in Burlington offers potential landlords opportunity to cash in on the current market. While there are some risks associated with being a landlord, with the right guidance and preparation, rental property investing can be a lucrative and rewarding operation.
Frequently Asked Questions:
Q. What are the benefits of investing in rental properties in Burlington?
A. Investing in rental properties in Burlington offers landlords potential long-term gains on their investments, low vacancy rates, higher rental prices and access to tax benefits.
Q. What should I be aware of when buying rental properties in Burlington?
A. When buying rental properties in Burlington, it’s important to factor in considerations such as location, size, layout, amenities and the local rental market. It’s also important to work with a knowledgeable real estate agent and have an emergency fund in place.
Q. What challenges come with being a landlord in Burlington?
A. Being a landlord in Burlington has its own set of challenges, such as property maintenance, tenant challenges, legal concerns and managing the property.
Q. What tips can help landlords succeed in the Burlington rental market?
Q. Which real estate agent should I work with when investing in rental property in Burlington?
A. When investing in rental property in Burlington, Tony Sousa and The GuaranteedYourHouseSOLD Team are experienced and knowledgeable professionals who can help you find the right properties for your needs.