The location of a property will determine the type of renters that will want to live there. Central areas generally have the highest demand, but less-pricey options in working-class areas often have better cash flows. Opt for high-growth areas over those that are in decline. Safety is also an important concern. Renters steer clear of unsafe neighbourhoods, so make sure your income property is in a safe and secure area.
The monthly rent you can charge for a given property will be crucial to determining whether it could be a solid investment. Determine average rental rates in the area to make sure the rent you charge will be able to cover your mortgage payment, taxes and other expenses like insurance every month.
Shopping, parks, restaurants, schools and public transportation are just a few of the amenities renters will be looking for, so make sure they are nearby when choosing a property.
An area with a high number of vacancies, indicated by a lot of housing inventory on the market, means it might be difficult to find renters for your property. It might also reduce the amount of rent you’ll be able to charge, impacting your cash flow.
- Property Taxes
Property taxes are a cost you will have to shoulder with any investment property, so make sure you review the most recent tax assessment to determine if they are high, and if so, why that is the case.
This is another cost you will have to factor in when determining your cash flow. Try to avoid areas where your coverage options might be limited or non-existent, such as a flood plain or other area that is susceptible to natural disasters.
Golf-course homeowners have several tools at their disposal to protect their property from errant golf balls
For people living along golf courses, glass damage from errant golf balls is no laughing matter. While the problem isn’t large in terms of total homes affected, it’s a big deal for the few that do live in the line of fire.
“Only a small percentage of courses have homes bordering them,” said Slade King, COO of Play Golf Calgary, which runs five courses in and around the city.
“Within all of the Calgary courses, only a few holes have issues, so out of 30,000 golfers who play that course in a year, you may have 10 incidents of golf-ball damage to houses.”
New-gen systems offer sophisticated safety
Randy Larkam sits at his desk in southeast Calgary looking at the sunny backyard of his vacation home in Arizona. The image on his computer screen is overlaid with several transparent tinted rectangles
As we watch, a caretaker enters the frame and checks the pool and surrounding patio.
“There she is,” said Larkam. “Right on time, too.”
The coloured areas on-screen show the motion detection fields of the cameras that monitor the yard. They can be adjusted in real time just by clicking and dragging.
This ain’t your dad’s burglar alarm.
Tips on who is responsible and for what
The smoke continues to clear from the devastating wildfire in Fort McMurray, which, at one point, was estimated to be three times the size of Edmonton.
While it could still be weeks or even months before resident are able to return to the city, landlords and tenants will have questions before then. The Centre for Public Legal Education Alberta (CPLEA) is offering these five tips:
Alberta registration changes are another story*
The move means Canadians seeking a mortgage with a loan-to-value ratio of up to 95 per cent will see their premiums jump about 15 per cent from 3.15 to 3.6 per cent. For those with a loan-to-value ratio from 90.01 to 95 per cent, their premiums will climb from 3.35 to 3.85 per cent.
The Crown corporation’s move, which takes effect June 1, has since been matched by private-sector insurer Genworth Canada. Canada Guaranty, the country’s third main mortgage insurer, had not made an announcement as of press time. (more…)