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Many people are currently looking at Montreal condos for sale, as the present boom in the property market makes it an ideal investment. As these developments continue, Montreal is also becoming more and more attractive to employees, tourists, homeowners, and investors alike.
Planning to buy a condo and make money from it? Check out these tips:
- Assess your surroundings.
First, check your location and what that means for your rental property. Are you near offices? Are you in a family-friendly suburb? Are there other rental properties nearby? How much are they renting it out for? Check out the city government website for said information which can help you better estimate the possible return.
- Pick a target market.
Who are you renting out your condo to? This will dictate where you’ll advertise it and how much you’ll rent it out for. Try to pick a target market that’s not particularly saturated, especially considering the area where your condo is located.
- Force appreciation of your condo’s value.
Before you rent it out, you can actually force appreciation on its value by negotiating lower maintenance rates. If you can increase the efficiency of utilities like water and electricity, this will lower operating costs and increase value – making it more desirable to possible tenants.
- Prepare your condo for renting out.
You have to remember that you’ll also have competition, as you’re not the only rental property available. Depending on who you’re targeting, you should make it appealing and furnish it appropriately. By doing so, you’re making it the preferred choice of consumers.
- Put it out in the market.
Even if your condo is ready for renting out, that doesn’t mean you’ll automatically have tenants. You’ll need to advertise that the property available, and using the right channels is also key.
- Make all agreements clear.
Be very clear about your rental agreements. Is it a month-to-month contract or are you looking at something more long-term, like an annual lease? Who pays for the utilities? Who pays for the condo fees? Make sure the agreement between you and tenants is very clear to avoid future conflict.
- Rent out unused garage space.
Most condos come with a garage space, and you don’t necessarily have to include this in your rental package especially if your condo is in the city and your tenants don’t have a car anyway. You can always rent out the garage space as a lot of people are simply looking for a dependable parking space where they can park when going to work. .
- Rent out unused street parking space.
If your condo comes with street parking space, you can also rent this out separately to other tenants in the building.
- Consider other schemes.
Open your mind to other schemes for rental, like a weekday-only rental or short-term contracts. This is more likely to happen if your condo is located in a dense area like downtown Montreal, where you have office workers and tourists as well.
- Rent it out as office space.
If your condo is the studio type, you don’t have to make it residential. You can also rent it out as office space for professionals.