Tuesday Oct 31st, 2017Share
The real estate market is always booming in Ontario no matter how that would fluctuate during the year.
Investing in additional property or even in your first property is a good investment for many reasons.
When looking to invest in property in Ontario, you will need to have the down payment (20% if it is your second property) calculated with your realtor and mortgage provider to make sure you are covered financially. But the goal is to have tenants gradually pay off the mortgage so that in the end you have a property that is mortgage-free and on which rental income is being paid to you indefinitely.
Here are the benefits from investing in a property in Ontario:
You pay less tax
Certain expenses can be deducted from your income and therefore it helps reducing the taxes you owe. The list includes:
· Mortgage interest
· Property taxes
· Property management
· Utility bills (if part of the rent).
Losses for tax purposes
If your expenses exceed your rental income, you may be able to deduct that loss from any other sources of income you have. Of course it is always recommended to speak to an accountant who will provide the best advice.
You get a regular monthly income
Regular monthly income is a hassle free fixed income once a rental agreement is made and that can continue as long as you need.
Buying and renting a property is one of the most straightforward real estate investment strategies and it is a profitable investment too.
To discuss your opportunities and possibilities, connect with me on my email
Your Realtor Wherever You Are!