Becoming a landlord is exciting. If you are thinking of purchasing a condo in Greater Vancouver as an investment property you are moving in the right direction.
Investment strata properties are very popular in Vancouver. Condo rentals are especially popular in downtown core. As a new landlord you have a choice of renting a furnished or unfurnished suite.
Renting an unfurnished suit it’s pretty straight forward. Usually you would lease it out to someone for at least a year. It would be up to your tenant to furnish the unit.
Furnished rentals are increasing in popularity in Vancouver. They do require a larger upfront investment but the return most of the time is well worth the effort. Usually with furnished rentals they would be rented for a short period 2-3 months at the time. Which could mean that you are able to charge double the rent as opposed to the unfurnished renal unit.
Some strata corporations in Vancouver are becoming increasingly aware of short term executive rentals and are changing their by-laws to prevent them. Strata corporation are changing their by-laws to allow a minimum of 1 year lease thus preventing short term rentals.
If you are looking to get into executive rentals, be sure to double check all of strata by-laws regarding rental restrictions. Also be sure to check any possible upcoming amendments to the rental restriction by-laws.
For more information call or email me today: Oleg 604-564-7052 or [email protected]
Please, keep in mind that I am a licensed real estate agent and not a licensed property manager.