4 Questions To Ask Before Purchasing An Investment Property

By: PMG Team

4 Questions To Ask Before Purchasing An Investment Property

Tags: blog

Franklin D. Roosevelt once said, “Real estate cannot be lost or stolen nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”

Buying a rental property is one way you can invest, expand your portfolio, and generate monthly income for yourself.

As with any investment, there are pros and cons to owning and investing in a traditional rental property or an Airbnb. If you are considering owning an investment property, there are several questions you should ask yourself:

1. What kind of property do you want?

Are you looking for a condo? A single family home? A multiplex? There are so many different types of properties that you can invest in each with different levels of associated expenses, such as taxes and maintenance.

It is important that you are aware of these potential additional expenses before investing in a property. You want to make sure that your rental income will cover these expenses so you’re not losing money at the end of the month.

2. What is an ideal location?

When thinking about an income property, you want to make sure that you have an ideal location where you will attract high-quality tenants. Whether it is a rental unit with a yearly lease or an Airbnb property, you want to have great tenants or guests.

Consider properties that are situated close to major amenities or are located in desired neighbourhoods. You also want to consider the distance between the rental property and your primary residence. Is it close enough that if there was an issue you would be able to go over and help the tenants? Is the property far away and you would need to hire someone to run maintenance calls?

3. Does it make financial sense?

If you want to make money by investing in a rental property, make sure that you consider it as a long-term investment. Rental properties aren’t typically investments that immediately generate a profit.

rental agreement

4. What is the expert’s opinion?

Make sure that you speak to a real estate professional before you decide to purchase an investment property. Real estate professionals will provide you with the necessary information to ensure you are making the best decision for your lifestyle.

If you are looking for professional help with an investment property purchase, contact the Paula Mitchell Group today and we will help you through the process!

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Hiking the Bruce Trail in Caledon

As the weather warms, the desire to get outside and explore what Mother Nature has to offer only grows! Lucky for us, there are so many hiking trails in Caledon, each with varying degrees of difficulty and breath-taking views.

One of the more popular trails in Caledon is the Bruce Trail.

About the Bruce Trail

The Bruce Trail is one of Canada’s oldest and longest marked footpaths. Running from Tobermory all the way to Niagara, the trail is over 900 kilometres long.

In Caledon, you can enjoy 55 kilometres of this beautiful trail following the glacial moraine deposits on top of the buried escarpment. Mature hardwood forests and wetlands provide wonderful birding opportunities.

The Bruce Trail also passes through the popular natural tourist destination of the Cheltenham Badlands. The removal of vegetation during the land clearing in the 1900s created shale erosion and this unique landscape in the Caledon area was formed.

Cheltenham Badlands

The Caledon Hills Bruce Trail Club organizes hikes of varying difficulty for both members and non-members. Visit their website to learn more.

Before You Hike

Before you decide to hike the trail this season, it’s important to review the Bruce Trail User’s Code:

  1. Hike only along the marked routes
  2. Obey all signage
  3. Use the stiles
  4. Respect the privacy of people living along the Trail
  5. Leave the Trail cleaner than you found it
  6. Use a portable stove
  7. Camp only at designated campsites
  8. Leave flowers and plants for others to enjoy
  9. Do not damage live trees or remove bark
  10. Where dogs are permitted, keep dogs on a leash and under control at all times
  11. Do not disturb wildlife and farm animals
  12. Leave only your thanks and take nothing but photographs

people hiking through the forest

Preparing for your hike

When hiking any trail, it is important that you are prepared. Here is a list of some of the recommended items you should bring with you on a day hike:

  1. Water – ensure that you are staying hydrated throughout the hike.
  2. Food – snacks or a midday meal are a must!
  3. Map – while the trail is marked, having a physical map to reference as you hike can help you get out of worst case scenarios.
  4. Sun Protection – don’t forget your sunglasses, hat, and sunscreen.
  5. Insulation – always pack extra layers of clothing in case of a change in weather.
  6. First-Aid Kit – from bumps and bruises to broken bones or worse, it’s important to be prepared if you’re hiking on trails that are not easily accessible for first responders.
  7. Insect Repellant – no one wants to be swatting away mosquitoes instead of enjoying the scenery.
  8. Whistle/Flashlight – another important safety addition that can easily be stored in your daypack.
  9. Extra Socks – no one likes wet feet.

The Bruce Trail is a great outdoor experience for everyone to enjoy, so make it a part of your plans this summer.

Happy hiking!