Are you thinking about buying a rental property at Big White? Do you have all the information to make an educated decision? Here are a few of the must knows when buying a rental:
1. Some stratas have rental restrictions. These restrictions all differ in each complex and can limit how many units in the complex can be rented at one time, limit which age the renter must be, or how many days the unit can be rented per year. The rental restrictions can be found in the strata bylaws.
2. When it comes time to sell your rental property, you may be subject to pay GST. This is something you must discuss with your accountant.
3. Be aware that your lender may require different criteria. Some particular lenders will require you to put 25%-35% as a down payment.
4. There are multiple outlets to rent your home through. There is AirBnB, Rent Chalets, Central Reservations and more. Each of these outlets offer something different, from self managed to fully managed, so do your research as to which one will suit your requirements the best.
Do you have questions about purchasing a rental property at Big White? Contact me and we can chat more about all the benefits and things to watch out for! Joan Wolf at 778-231-0308!!
