Why Choose to Buy in the Durham Region?
Posted Feb 3rd 2021
Are you looking for your next real estate investment opportunity? Well, look no further. Many investors have made great profits from buying, flipping, and selling properties in the Durham region.
Real Estate Investing Basics
Here are some helpful basics if you want to get started in investing in real estate:
- You will need at least 20% of the purchase price for your initial down payment.
- This is a long term investment, and thus you should treat it as such. Do not expect to turn a profit in the short term.
- Get clear about what your investment goals are. Are you expecting to make money through cash flow, appreciation or equity?
- Calculate your projected returns on investment before you make any decisions, or before going through with any sales to make sure you are spending your money wisely.
Why Investors are Buying Condominiums in Durham
Investing in purchasing a condo in the Durham region has many pros and is best for a long-term strategy of investment.
A condo is a great investment that will break even or be cash positive. You will also have the opportunity to see returns in cash flow and appreciation as time goes on. The rental market in Durham is low for vacancies, so you should be able to find a tenant quickly.
With a condo, there will generally be less maintenance or repair work compared to becoming a landlord of a house, and condos that are unique and in a good location have historically appreciated more than the stock market.
Why Investors are Purchasing Income Properties in Durham
The income property market is a hot commodity in the Durham region. They allow you to own multiple apartments that you can then rent out to tenants. Looking at the history of appreciation, income properties appreciated at a faster rate than condos. If you were looking to make money when you sell, then an income property could be the solution for you.
Some of the downsides will be having to commit extra time to your tenants since you will have multiple, and you must also act as the landlord and take care of repairs and renovations. It may also complicate things if your tenants have leases that could prolong the selling time of the property.
Why Investors are Flipping Houses in Durham
Flipping properties refers to buying a rundown, cheap home, giving it some TLC and then selling it on the market to hopefully make a profit or at least break even. While not for those who want to be hands off, this can be a profitable project.
Any high-quality flip in a good location or neighbourhood will be in high demand, as many buyers want a fully renovated house. You can also expect a great ROI in cash, flippers have made over $100k in sales.
This method is not for those who lack the courage or time to see it through. It can be a long haul project, and renovations could cause headaches. You might get more than you bargained for.