The life of many retirees is nothing what you used to expect in the past. Gone are the days of the hapless seniors whiling away the hours reading or knitting away on the front porch. More than ever, many are investing in real estate to finance an elevated retirement lifestyle. It’s not just out of necessity in a world where prices are going crazy due to a critically low housing supply!
For some seniors, investing in income properties provides security in the face of economic uncertainty. Plus, taking care of a property and providing a home for tenants provides a meaningful way to stay busy and engaged. That said, being a retired landlord is not without its challenges in today’s market. The industry used to be so focused on face-to-face interaction. Now, more than ever, it is becoming more and more
technology-driven. Nowadays, it seems some people buy and sell property while rarely looking away from their phones. What if you don’t care for these latest gizmos and gadgets or how they relate to real estate? Fortunately, an understanding of the basics of the market can be all you need to begin your successful journey, and you’ll find it all in today’s post. Where do we start?
Never Fear: The Market Has Not Changed That Much
In today’s hectic world, everything seems to be more complicated. However, take away the fancy terminology and technology, and the real estate industry still works the way it always has. Housing values fluctuate, prices rise and fall, yet the long-term trend is always upward.
Knowing how the market works in a very general sense can give you the added confidence you need to take the next step as an investor. You don’t have to worry about getting your timing perfect as long as you keep your end goals in mind and focus on the long-term benefits of your investment.
Looking for more information on enjoying an elevated retirement lifestyle in Toronto? The resources below can help:
- Pros & Cons of Condo Investing in Etobicoke
- Your Guide to Downsizing in Toronto in Style
- Where Do Toronto Downsizers Go?
Be Ready to Learn and Adapt
Though you don’t have to be a lover of technology or a tech genius to succeed as a real estate investor, it always pays to be open-minded and willing to learn new things. Some tools, though not absolutely necessary, could make your journey easier, and they can be simple to use as well. Take Real Estate Dictionary, for example. If there’s a term you’re unfamiliar with, just type it in, and you’ll likely have your answer within a few seconds!
Resources like Realtor.ca and Zoocasa can also be great places to begin your research. They open up a whole world of listings and possibilities to you, 24 hours a day, 7 days a week! You can find a wealth of information in seconds, right at your fingertips.
Performing market research is primarily the reason people use technology in real estate. It provides a quick overview, such as a list of properties for sale in which neighbourhoods, and how many bedrooms and bathrooms they have. That’s great as a preliminary step, even though none of these gizmos or gadgets replaces having a human real estate agent by your side.
At the very least, many real estate agents have mortgage and investment calculators right on their websites. Enter in a few figures, and you’ll have a rough idea of how much a given property will cost each month to determine whether it will offer a healthy return on your investment.
Team Up With the Right Agent
What if you absolutely detest the idea of technology and wish to avoid it at all costs? However useful these tools may be, you don’t necessarily need to understand or use them to succeed as an investor. A local real estate agent with their eyes on the market can provide far more relevant detail.
Plus, they will take the time to break it down so that you can make informed decisions about any investments you will undertake. Here are just a few more benefits of partnering up with the right expert:
- Your expert will help you avoid problem properties with extensive repairs that cost more than they are worth.
- They will help you run the numbers, analyzing the cost and potential income from the property to give your investment the best possible chance of success.
- You will have the information you need to target rental properties in the best neighbourhoods where demand is highest.
- Often, a Realtor® can give you access to valuable properties that you wouldn’t be able to find on your own, not even with all the modern gizmos and gadgets the younger generations are using!
The articles below will help you become a savvy and well-informed real estate investor, whether buying or selling:
- Real Estate Fraud? Yes, It’s A Thing
- What Is the Real Estate Closing Process in Canada?
- Everything You Need to Know About Land Transfer Taxes
Ask Plenty of Questions
The right expert can help you make your venture successful and relatively stress-free. However, you’ll want to vet your real estate agent thoroughly to ensure they are qualified, knowledgeable about investments, and committed to providing you with a high level of service. This might be the most challenging piece of the puzzle, but get it right and everything else will fall into place. The checklist below will help you narrow down your search for an agent to be your partner in success:
- Are you currently active in my area?
- How well do you know the neighbourhoods where I’m looking to invest?
- Do you work extensively with investors or primarily with buyers and sellers?
- What is your plan to help me find the right investment property?
- What should I be looking for and what should I avoid?
- Do you have a network of other experts you can recommend for me, such as lawyers, mortgage brokers, contractors, and property managers?
- Do you have access to any properties that aren’t on the MLS® or Realtor.ca?
A Realtor® with a proven track record of helping investors can help you avoid many of the pitfalls associated with buying and managing income properties. Best of all, you can experience an exciting retirement lifestyle that many people have never even imagined!
Do you want to talk more about the endless opportunities in Toronto real estate? We are happy to help, whether it’s your first investment or your tenth. Reach out today at 647.232.7317 or ana@asantos.ca with any questions or to get started.