The true test of an investment property, in my opinion is the following:
1. Deposit range 5%- 35%. This is your actual capital investment. Most real estate investments should be considered at 35% down. Smaller deposits require additional costs that would be considered acceptable expenses - in my formula.
2. The income potential estimated should cover Condo fees, Taxes, heat and hydro, water and sewage, cable and telephone and 50% to 65% of the entire capital purchase price thus paying the mortgage if a 35% deposit is used.
To learn more and find out all of your options call me today and we can analyze the potential and risk involved in your investment property.
Don't forget they can be enjoyed by you as well. This adds value and should be measured.
While acquiring a License can be costly, the benefits and income usually outweigh the cost.
Directly from the By Law:
*Thank you toThe Town of the Blue Mountains for having all this information public.*
4.11 - A licence shall be issued to the owner of the short term accommodation premises.
4.12 - A licence is valid for a period of 2 years from the date of issuance.
4.15 - A licence is not transferable. *** PLEASE CALL ME DIRECTLY** as this affects all Buyers.
4.16 - No person shall enjoy a vested right in the continuance of a licence.
4.17 - Licences shall remain the property of the Town.
5.3 A person is not eligible to hold a licence if the proposed use of the land, building or structure is not permitted by the zoning By-law that applies to the property.
Directly from Blue Mountain Website: Here are some of the fees outlined:
|Initial STA Licensing Fee||$2,500.00|
|Initial STA Licensing Fee (condo unit)||$1,500.00|
|STA Licence Renewal Fee||$1,000.00|
|STA Licence Renewal Fee (condo unit)||$500.00|
|Late Renewal Fee||$500.00|
|Fire Safety Inspection||$75.00|
|STA Licensing Committee Appeal Fee||$500.00|
|Council STA Appeal Fee||$500.00|
|STA Re-inspection Fee||$100.00|
|Replacement STA Licence Placard||$50.00
For A GRAND TOTAL OF: $ 7,225.00
CENTURY 21 Millennium Inc., Brokerage*