Buying an investment property?



Hey folks, so what makes sense to buy as an investment property – freehold or condo, resale or new build. If possible and available within your budget, freeholds are always advisable over condos. Resale is a good option when homes are not selling in multiple offers and thousands of dollars over list price. Given the current environment, new build freeholds are a better option. If you’re going for a condo, there are a few things that you need to take a note of. Builder will give you occupancy ahead of completion of the project and before the unit is registered into your name. During this time before registration you will be paying builder an occupancy fee. While in occupancy period most builders won’t allow you to list the property on MLS, be that for rent or for sale, and that greatly impacts a successful outcome. Once out of occupancy period, you can use MLS to rent out the unit, but there are times where certain condo corps are completely against having rentals within a building. If you do decide to sell the new build within the first year of completion, most likely you will have to pay HST rebate back to the government. You take care and talk soon.