Generally speaking, most homeowners give little consideration to the purchase of a second property, often citing economic limitations for either a down payment or for carrying an extra mortgage. But sometimes an open-minded approach to the idea can create true opportunities.
For example, your current property may have enough equity to enable you to secure an additional loan. You may also discover that specific real estate investments have the potential to generate dependable income. It takes homework, but properties in areas where rental units are in demand can generate steady cash flow, that can contribute to their monthly upkeep.
Another option might be owning your own cottage, chalet or resort condo. Rather than taking an expensive family trip this year, imagine using that money towards a vacation property, which can be rented out on long weekends or during the peak season.
Alternatively, consider joint-ownership of a time-share property that is arranged as a group purchase with other like-minded investors.
If you’re interested in exploring these options,
Email Beth for more information