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Is it a good idea to invest in lake front cottage around Toronto? |
I am looking at the medium to longterm investment with 75% bank borrowing.Will I be able to sevice the mortgage repayment if the cottage is put on rental.Any possibility of a little surplus in my cash flow during the year.What are the chances of capital appreciation of the cottage in the medium term and the current price of a 3 bedroom cottage Let me begin by saying I am not familiar with the Toronto market or the tax laws that would decide if real estate is a good buy in Canada. However, my rule is they are not making land anymore and there is only a limited amount on the water. So your idea is good. Now you need to decide if this is a good location, the house is priced fairly, what is the liklihood of you being able to rent it, can you carry it without renting etc. |
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