Maximize profits on your Regina real estate investment
July 26, 2015
Buy low, sell high. That’s one of the basic tenets of almost any investment. For prospective buyers, the Regina real estate market is in the prime position to make a great investment. With low housing prices, low unemployment rates, and a migrant population moving in, many people who traditionally couldn't invest in real estate are now getting a chance to in Regina. If that happens to be you, here are some tips on how to make the most out of your Regina real estate investment.
Tip #1: Get a lawyer
From tax season to drafting lease agreements, a lawyer is absolutely essential when it comes to owning rental property. While you may not need one on retainer, you should have someone who knows about Regina real estate and housing legalities so you won’t be sideswiped by unexpected costs or regulations.
Tip #2: Get your financials in order
You probably won’t need a proper accountant until you’ve turned yourself into a real estate mogul, but getting a handle on real estate taxes can only provide you with more benefits. Rebates like the New Residential Rental Property Rebate (NRRP) are available for people who qualify, and that puts money from your investment directly back in your pocket. The CRA website is a great starting point for learning about the taxes around your real estate investment, and you can call them for clarification on certain laws and regulations.
Tip #3: Do everything you can on your own
While you will most likely need help for the legal and numbers side of your real estate investment, there are plenty of things you can handle on your own to reduce costs and maximize profitability. You should manage your properties yourself instead of paying someone else to and get fairly familiar with basic home repairs and common maintenance issues. Things like fixing a leaky pipe can be very expensive when someone else does it, but can be surprisingly easy if you take the time to learn.
Photos by: LeeCA, Ajax Law Chambers, e-General Contractors Insurance
About Zachary Edwards
Zachary Edwards is a freelance writer, copywriter and editor who loves a great many things. One would be giving people the information they need in a format they can easily digest. Another would be the fact he can do this from a sunny porch. But mostly he likes good food.