We’re Shopping for Our First Rental Property

My First Rental Property: A Newbie’s Information

Hey there, everybody! If you happen to’re like me and my companion, you have most likely been enthusiastic about shopping for actual property for some time now. It is a huge step, and it may be fairly intimidating, particularly for those who’re a first-time purchaser. However hey, we’re on this collectively, and I am right here to share our journey with you.

So, let’s speak about our plan. We presently stay in downtown Toronto, and let me inform you, it isn’t low cost. The typical value for a indifferent dwelling within the metropolis is a whopping $1.6 million, and even a condominium will set you again over $700,000. Yikes! We like it right here, however we additionally need to be sensible with our cash. That is why we have determined to start out with an funding property that we are able to lease out. Ultimately, we’ll use the fairness from that property to purchase a spot for ourselves. It is a long-term plan, however we’re excited to get began.

The very first thing we did was educate ourselves on the house shopping for course of. There’s quite a bit to study, particularly while you’re a first-time purchaser. We discovered an incredible free useful resource from True North Mortgage that was a game-changer for us. It is a first-time dwelling purchaser’s information that covers every little thing it’s good to know in a easy, easy-to-understand method. It has been an enormous assist for us, and I extremely suggest checking it out for those who’re in the identical boat.

Subsequent, we seemed into our monetary state of affairs. Shopping for a house is a giant monetary dedication, so we needed to verify we had all our numbers so as. We needed to be ready for the mortgage approval course of, which is an important first step in figuring out how a lot home we are able to afford.

We additionally reached out to a buddy who walked us via the house shopping for course of as first-time patrons. It was extremely useful to get a high-level overview and have our questions answered. We now have a baseline degree of knowledge that we are able to construct on as we proceed our analysis.

One factor I like about True North Mortgage is that they make the entire course of simpler. They supply higher mortgage charges for Canadians and have a ton of nice instruments and assets on their website. Their first-time dwelling purchaser information has been a lifesaver for us, and I can not suggest it sufficient.

As soon as we felt like we had a very good understanding of the house shopping for course of, we moved on to wanting into our monetary state of affairs. While you purchase a house, most individuals get a mortgage, which suggests a monetary establishment is lending you cash to buy it. The sum of money you are lent relies in your monetary state of affairs, so it is necessary to have all of your geese in a row.

So, that is the place we’re at proper now. We have taken the primary steps in our journey to purchasing our first rental property, and we’re excited to share the remainder of the method with you. Keep tuned for extra updates as we proceed on this journey collectively.

Closing Ideas

Shopping for your first rental property generally is a daunting process, however with the appropriate assets and assist, it is undoubtedly doable. Educating your self on the house shopping for course of and understanding your monetary state of affairs are essential first steps. I extremely suggest testing the first-time dwelling purchaser information from True North Mortgage for those who’re in the identical boat. It has been a game-changer for us, and I am certain it is going to be for you too. Good luck in your journey to changing into a property proprietor!