When it comes time to buy that new home, have you ever considered buying a home with an apartment? It can be a great way to ease into the world of real estate investing, but even though the extra income from a rental is nice, it’s best not to move forward without some general investment knowledge. It’s actually a business when you’re renting out anything from a room to a hotel, so you’ll want to treat buying homes with apartments like a business and listen to good advice from real estate professionals like the TwoMoveYou team in Durham Region.
Buying a Home with an Apartment
One of the major differences between buying a personal residence and buying a home with an apartment in Pickering is the approach you have to take. You’re now looking to a third party to help you cover the costs of owning a home, so you need to know your finances can accommodate that. Another difference is that repairs and maintenance are on a different timetable when someone under your roof is telling you to get things fixed. When you’re investing in a home with an apartment in Scarborough or anywhere else, you have to consider what reliance on a third party will do to your finances.
What to Look for When Buying Homes with Apartments
There are plenty of real estate listings in the Durham region to consider. You might consider buying a Whitby home with an apartment, or you might prefer buying a home with an apartment in Ajax, or several different places for that matter. The most important thing is to make sure you find a property that both meets your needs as a resident and meets your needs as an investor. It can be a tough balancing act, possibly requiring some sacrifice in what amenities or features your home has. On the positive side, if you get a sense of the local market, you could end up with rental income covering most of your mortgage each month. In this way, buying a home with an apartment has some obvious perks.
How Our Realtors Can Help You
Look for realtors in Scarborough, Pickering, or other areas throughout the Durham region who know the market and can help you strike the right balance between looking for a residence and looking for an investment. Our team of realtors at TwoMoveYou is equipped to help you buy a great home, taking into account various factors, such as your price range, your overall finances, the area you want to move to, the number of bedrooms you need, and plenty of other important details. When you know you’re interested in buying a home with an apartment, check out our real estate listings or contact us today!