Buying a rental property is often a challenging and stressful venture. It’s an investment that can either turn great or a complete waste of time and money. For that reason, many inexperienced buyers tend to have a very stressful time before making the final decision. Luckily, we are here to help you out a bit. We prepared a simple guide to help you narrow the list of locations to consider for your purchase, which seems to be one of the biggest challenges. Let’s take a look at the best places to buy a vacation rental property in Ontario.
Before you start browsing for locations to buy a vacation rental property in Ontario…
… think about this purchase. If you’re still indecisive about whether or not you should buy a rental property, let’s see what are benefits of such a purchase. Here’s why buying a rental property is a good decision:
- income – one of the most obvious reasons to buy a vacation rental property in Ontario is improving your budget. The income you get from a rental is a great supplement to the main source of income for your family and can be a source of money for some other investments, too.
- vacation backup plan – of course, you don’t need to spend every future vacation at the same place, but having a backup is always useful. Owning a vacation rental in one of the best places in Ontario will give you the chance to spend your days off in a much better way, and always have a place to go to when you don’t have time or money to travel somewhere else.
- retirement solution – even though you may have a lot of time until your retirement days, making some solid plans for the future will surely pay off. Buying a rental property on a dream location will ensure peaceful and fulfilled retirement days when the time comes. And if the retirement days are just around the corner, start making your moving plans, too – consider hiring an expert such as Number 1 Movers to help you move anywhere around Ontario.
- joining the community – when you buy a vacation rental property in Ontario, you will join the community of investors and agents that can lead to some successful investments and connections in the future.
Where to buy a vacation rental property in Ontario?
Now, let’s talk about the map. Ontario offers various options for you to invest in a property rental. That’s why people often find it hard to make the right choice, especially if they are buying their first property. And location is probably the most important factor when you’re looking for a property to rent. That’s why let’s narrow your options to only the best and the most profitable places in Ontario.
The city of Windsor has been on many top lists of places to buy an investment property in Canada. The popularity has been going in the past couple of years since the return on your investment proved to be very good. However, this resulted in the growth of the prices – currently, the average sale price is around $310,000.
Ottawa should surely be on the list of the best places places to buy a vacation rental property in Ontario. The country’s 4th largest place is very poular among tourists – both Canadians and foreigners. Some reports show that there’s shortage for vacation rentals in Ottawa, which is another reason to consider buying a rental property right here.
The location of St. Catherines is probably the strongest reason why you should consider buying a vacation rental there. One of the most popular locations in the country, the Niagara Region offers a lot for local and foreign tourists. Niagara Falls, Skylon Tower, and many other sights are very attractive all year round. For that reason, a vacation rental close to these locations can be a true gem. You should also know that St. Catherines has a population of 133,000 and it has a vacancy rate of about 2%. Garden City is also great for those who want to visit the USA while they’re staying close to some of Canada’s top attractions. And if you decide to move here – Niagara Falls offers reliable crews that will help you relocate with
Cottage rentals in Ontario
One of the favorite ways to spend a vacation in Canada is in a cottage. Cottage vacation rentals have become widely popular, and choosing the best location is often not easy to do. However, there are certain areas of Ontario that are perfect for buying a dream cottage vacation rental:
- Prince Edward County
These are very popular areas that offer amazing natural sights and attract many visitors. These are surely one of the best places buy a vacation rental property in Ontario.
Before you invest in a vacation rental property…
…consider all of the factors important for this big step. These should include:
- preparing finances for the purchase, as well as the maintenance of the property. Also, don’t forget about planning the whole moving budget with ease – make sure your Ontario moving costs are clear and calculated in detail.
- choose a property according to your possibilities – be realistic about your budget.
- setting your life goals – make some long-term plans before making a big investment like this. Buying a vacation rental property in Ontario should be in accordance with your future life goals.
Even though it’s not like buying your first family home, buying a vacation rental property in Ontario is equally important. However, it doesn’t need to be as stressful – take your time, browse your options, and stay safe during the whole purchase process.