Many people have started looking for new ways to invest their money to ensure they are getting good returns in the future, but some of them aren't as reliable as real estate. Crypto and start-ups often offer a high return for a small investment, but you can't always count on these for long-term investments. Real estate has always been a fantastic and tangible investment that typically gives an excellent return over time, so why not consider investing in some terrific properties in the Whitby area? If you have considered real estate investment, have a look at this great list of the dos and don't of investment properties in Whitby.
Do Consider the Average Cost of Rent in Whitby
Some areas in Canada are starting to see a huge lack of housing which has driven rental prices up might be higher than they usually are. Other areas have great rental prices due to the location, and Whitby is one of them.
The average rental price in Whitby is in the $2,000 range, which is a 29% increase in price from this time last year. The average price for a one-bedroom rental in Canada is currently about $1,700, so Whitby is a great place to consider if you are looking to make a good income from rental properties.
The average rental price is an important consideration when it comes to determining the potential profits of your real estate investment. An excellent rental price is an indication of a wealthy area that will have many residents looking for housing, so you won't have to worry about finding renters for your building.
Don’t Forget to Consider Whitby’s Ideal Location
Whitby is about 45 minutes away from Toronto, so it's a fantastic area for anyone who is looking to move to the GTA without moving right into downtown Toronto. The average rental price for a one-bedroom apartment in Toronto is about $2,300 (a 21% increase from last year!), and many people would prefer to save the extra money and live somewhere much quieter. Suburbs of large cities are always great places to make investments as they are constantly growing, so there are plenty of new renters coming through all the time.
Do Consider Whitby’s Popular Amenities
According to the most recent rental statistics, there are under 40 rentals currently available in Whitby, and the majority of the rentals are one-bedroom apartments. There is likely a high demand in the city for rentals with multiple rooms, so you could consider duplexes or fourplexes over smaller apartment buildings if you want a popular rental.
There is a significant lack of homes that are available for renters in Whitby, which is great for anyone who is looking to consider rental homes over multi-family units. Rental homes often require far less maintenance than large multi-unit buildings, and you can usually get a higher price for rent as the area is much larger. The home prices in the area seem high upon looking at the average, but there are quite a few smaller homes that are selling for great prices.
Don’t Forget to do your Research!
Many suburbs have become the place to go for anyone who wants affordable housing, and that means many developers have started to build modern multi-family buildings or convert other buildings into housing. Whitby has a large variety of multi-family housing for sale, and they also have several homes that could be perfect for single-family rentals.
The property value in Whitby is significantly higher than in other cities, but that is likely due to the large number of luxury homes sold all the time in the city. For example, the average price for a multi-family building in Whitby is slightly higher than the average price for a home in Whitby! Investing in rentals in Whitby is an excellent idea if you are looking to find a building that will look good on your investment portfolio, and there is no shortage of fantastic buildings to consider.
Do Use a Knowledgeable Real Estate Agent
Home values can change for many different reasons, so check out the neighbourhood you are purchasing in before you finalize your sale. If you are in the area, have a drive through the area so you can see what is nearby for the residents you are renting to. Access to amenities like stores, restaurants, and community areas is a big selling point for renters.
If you are buying from out of town, working with a realtor is one of the best ways to ensure you are getting a good investment property in Whitby. They know the area, and they know about the home values, which means they will be able to easily direct you toward properties that will give you a good income.
If you are buying your first investment property or you are unfamiliar with the area, you should consider working with a realtor to help you with the entire process. They can find a property that is in a fantastic area for a great price, and they can help you avoid making purchases that might not give you the type of return that you are looking for.
Finding a realtor to help you out is easy, but you should make sure you are looking for one that has experience with selling homes to investors or experience in selling multi-family buildings. There are a few differences between a typical commercial building sale and a sale to an investor, so you need to make sure you have someone to help you out who knows a bit about what kind of extra steps it entails.
Whitby is a fantastic choice to consider if you are looking for a great location with plenty of different styles of multi-family properties for sale. It's also an excellent city for those who want to think about investing in single-family homes, and there are plenty of great ones to consider. Have a look online at some of the incredible-looking homes and buildings in Whitby today to see which ones suit your investment needs the best.
As a Realtor®, it’s important that I undertake the detailed research that’s required to represent your home or help you find a new one. Everyone wants a smooth transaction! To ensure one, that includes advising accordingly, negotiating fiercely on your behalf, and empowering you with as much information as possible so you can make an informed decision about selling your home or condo, and buying the next perfect place.
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