Interest rates have also been dropping to historic lows as of late, which allows more flexibility and choice in the financing for your revenue property.
And although the real estate market slowdown has seen prices drop and interest rates dip, rental income has not wavered – making now an optimal time to start building your revenue property portfolio or continue adding to your existing list of properties.
During a buyers’ market in the real estate cycle, sellers are far more flexible and willing to work with you. The traffic through their doors is down substantially and the multiple offers are just not there as we see in a seller’s market. As properties stay on the market with longer listing times, negotiating a better deal could offer you even more added flexibility and savings.
The inventory of available properties has increased with the buyer’s market which allows you time and choice to make that right property decision. The government has also just announced the Home Renovation Credit and with the slowdown in the construction trade renovations to your new revenue property has become a much easier process.
The tax credit of up to $1350.00 is available on home renovations. Homeowners will be able to claim the 15-per-cent credit on renovation work worth more than $1,000 and up to a maximum $10,000 for any home improvements between now and Feb. 1, 2010.
In order to take advantage of this opportunity, the key is to work with a professional who is an expert in this niche and can provide you with a wealth of knowledge and ongoing information that will help you make informed investment decisions and feel at ease throughout each purchase.
It is important to structure your investment properties correctly to enable the opportunity down the road for you to increase your portfolio. I have helped many investors build their portfolios for the long term and look forward to working closely with you to help you realize your rental goals.
I can work with you in order to determine where you currently stand in terms of your real estate goals, where you need to be to meet those goals and the steps involved to get you there.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.