I have to admit, I have never really been that business-minded when it comes to investing in the future or putting money away in savings. Perhaps I just like to live in the present moment and enjoy what I currently have. However, Wendy must be a lot more sensible and forward-thinking than me, because she has recently been thinking about buying a second property as an investment.
Although it all seems like a bit of a hassle to me, I can see the value in buying a second property to either rent out to tenants or to renovate and then sell on for a profit. The property market in London, Ontario has dipped a little bit recently as it has virtually everywhere else, so now might be a good time to buy property cheaper than we could have before. Wendy has been looking into the mortgage rates Canada has available at the moment and seems to think we can get a good deal.
I know what Wendy’s like, when she gets an idea in her head it is very hard for her to shake it, and she starts to learn everything she can about the subject. Lately, whenever we have been walking around town and have seen a property for sale, Wendy gets out her mobile phone and loads up a real estate app that provides information on the house for sale, as well as real estate agents in the area. Needless to say, this slows down our trips to the grocery store a little bit!
One thing I really like about the idea of investing in property in London, Ontario, is that we would be investing in our children’s financial security. Not only could we have an additional income stream that we could use to fund their college pursuits, but if we bought a property to rent, we could even let them live in it in the future, when it comes to moving out.
Anyway, all of that seems a very long time into the future, and meanwhile, I think we’re just looking at the next few years in terms of returns. Wendy has been doing a lot of research on Zoocasa.com and seems to think there are a number of properties we could take a look at. This is one of those situations where I really don’t mind the fact that she’s wearing the trousers; she’s always been the more practical one so I’m happy to let her lead the way.
One idea I came up with which I thought was the best of both worlds, was buying a property in a holiday resort somewhere which we could use for ourselves, as well as rent out for the rest of the year. Properties in Canadian ski resorts such as Banff and Whistler always seem to be much sought-after, and the rental prices are often very high. Anyway, I’m sure we’ll work it all out in the end, and who knows, maybe we will be property investors -who’d have thought?