Posted on: 18 December 2013
Buying South Surrey condos is a great real estate strategy. During times of economic recession, condos are often more affordable than single-family homes. Condominiums offer all the amenities of fine living, especially if you make your purchase in a condo community that is located in a prime section of the city. However, there may also come a time when you decide that it is time to sell your condo and move somewhere else. At this time, you might even consider the possibility of renting out your condominium. The rental market is almost always healthy, and you should have no problem finding reliable tenants who will take good care of your property.
One of the greatest advantages of renting out condos in South Surrey is that you can keep all the tax advantages of home ownership, even when you no longer live in the property. You might not realize that there are other expenses associated with owning rental property that you can deduct from your taxable income base each year. You can deduct the interest that accrues on real estate that is used as a rental, and you can even deduct a percentage of the cost of repairs you make on the property during the year. If you manage your own rental, you can also deduct a portion of your home office expenses.
Renting out South Surrey condos will also provide you with an excellent source of income. Before offering your condominium on the rental market, you need to make sure it is in excellent condition. You might even consider hiring a professional home inspector to make an assessment of the condition of the property. As a result of his inspection, you can make decisions regarding whether to keep or replace the heating and air conditioning systems and appliances. You will also know whether to perform maintenance on the plumbing and electrical systems. Once all the repairs have been completed, you can offer your condominium on the rental market knowing that you won't need to make additional repairs for the foreseeable future.
Another benefit of renting out South Surrey condos is that you will always have access to a steady flow of tenants. There are many people in the South Surrey area who cannot afford to purchase their own homes. However, they still want all the amenities of fine living, and they are willing to pay a fair price for the privilege. If your condo doesn't currently include very many upgraded features, you might want to consider doing a bit of renovating. You will have a better chance of renting to the most reliable tenants if you can offer a condo with upgraded features such as granite countertops, gas fireplaces, jetted bathtubs, and wood flooring. You will attract even more renters if your condo is part of a community that offers a swimming pool, clubhouse, and playground.
Before renting out your condominium, you need to consult with a real estate attorney to help you set up a lease that conforms to the current landlord-tenant laws. You also need to consider whether to hire a property management company to handle tenant screenings, background checks, rent collection, and repairs. These can be time-consuming tasks if you handle them yourself. A well-established property management company will save you untold hours of handling the day-to-day affairs associated with your condo.
If you decide to keep your South Surrey condominium and offer it on the rental market, you will always have a place to live if you decide to downsize. If you move away from the area and then return at a later time, you can avoid the hassles of looking for a new place to live. On the other hand, you can be a wise investor and maintain your property so it is a desirable part of the rental landscape for many decades into the future.