“Investment real estate can be a very lucrative endeavor. Ninety percent of all millionaires become so through owning real estate,” according to Andrew Carnegie. Even if you just start with one property, it can provide you with extra income, as well as diversify your current investment portfolio. If you are considering investing in a property in Hamilton, Ontario, it’s important to understand the local market and have a strong team on your side.
While deciding which properties are good bets for investment real estate in Hamilton, here are five things to consider:
1. Choose Your Market Wisely
Hamilton is included on many lists of “Best places to invest in real estate in Ontario.” It is a rapidly growing community that is much more affordable than Toronto. It is also home to several universities and colleges as well as tech and research companies. It offers excellent stock of single-family homes and converting those into multiunit dwellings—as zoning permits—can be an excellent investment.
2. Identify Transportation Options
People want to buy or rent properties that are convenient to transportation, whether that includes public transit, light rail systems, or roadways. For example, look for properties within a 10-minute walk of a Go station or light rail, or a short drive from an on/off ramp from a parkway. In the case of Hamilton, that would be near the Red Hill Valley Parkway or the Lincoln Alexander Parkway.
3. Target Student Rentals
Properties that appeal to student renters are often a good investment because there is a regular supply of tenants, and the properties themselves are typically lower cost. Explore properties in the areas surrounding Mohawk College in particular.
4. Prepare for Renovation
If you are willing to take on a project and you want to get the best deal on investment real estate, look for properties that have a lot of potentials. Making the right cosmetic updates will allow you to charge higher rents, and you can ultimately have the property reappraised and refinance your mortgage to cover the costs of renovation.
5. Hire the Right Team
In order to identify the best investment properties, you should work with a realtor who understands investors and understands how to market rentals to future tenants. You’ll want to find a realtor who is very familiar with the area in which you are looking and can provide you with all the numbers that you need to make the very best decision when it comes to your real estate investment.
Now that you know more about the top 5 things to know about investing in real estate. Are you ready to find a real estate professional who knows the Hamilton market and understands investment properties?
We are the #1 real estate investment team in Hamilton and can help you find the best spot in town. Contact our team at Mackay Realty Network today to learn more, and to get the process started.