Investors are always looking for ways to get the best deal on an investment property. Some might argue that the best time to buy an investment property is whenever you’re ready to make the move. As long as you’ve got the money for a down payment, it’s best to jump in, right?
True, but let us put it this way – It’s not when you purchase the property, it’s when you take possession of it! Let’s dive in…
Since we’ve been in the business for a long time, we’ve seen the ups and downs of the market for many years. We know what and when the trends are, and we think the fall is one of the best times to buy your investment property for many great reasons.
Keep reading to learn more, then get in touch with us to talk about the possibilities.
Understanding the New Build Timeline
When you’re purchasing an older re-sale home as your investment property, there’s a fairly quick turnaround time. It might take a month or two till closing, but once you’ve received the keys, you can quickly make any necessary repairs or cosmetic upgrades, and start seeking tenants.
Those who are looking at brand-new properties usually have to wait a bit longer. If you’re building a home from the ground up, it takes somewhere between seven to nine months to finally get those keys in your property managers hands, so keep this in mind and leverage this to your advantage when you’re deciding when to make your new construction purchase.
By investing in a purpose built rental property you’ll have a custom property on your hands that will be set up from day one to maximize efficiencies and your return on investment. You won’t need to do anything to fix it up once you get the keys, and you’ll be able to charge top dollar for a property that has all of the stylish upgrades that tenants want.
The Rental Market
As you’re well aware, the rental market has its ups and downs, especially in a northern geographic location like Edmonton. Few people are looking for rentals during the late fall and winter months. The spring and summer months are a particularly hot time for the rental market, so why don’t we as investors make sure we have amazing properties to offer them during this time when they want to move? This would only make sense, right? As fall hits and the weather cools, so does the rental market, every year.
A smart investor has their properties ready for tenants when the market starts to heat up. When you’re investing in new construction, this usually means that you want to buy in the fall. A seven to nine-month building timeline would mean that your new investment property would be ready to turn over to the property management company with perfect market timing.
Fall Sales and Promotions
Traditional home buyers tend to do most of their shopping during the spring and summer months. Homebuilders want to keep the momentum going when the sales start to slump in the fall and throughout the winter months, so you’ll often find them offering some great deals and promotions at this time. Also, we historically see a surge in home prices every spring and these are great reasons why we think fall is a great time for you to buy your investment property to get some equity without the sweat.
TriUrban’s Pre-Sale Program
A great opportunity you can take advantage of when buying in the fall is TriUrban’s pre-sale program. We have reached out to our homebuilder networks and have been working behind the scenes for several weeks now to create a special program where you’re able to lock in the lower fall prices with a small deposit and take possession of it next year in the perfect tenant season!
This makes it easy to purchase the income property you’ve been dreaming about.
Keep an eye on our blog for more details coming later this September, and be sure to subscribe to our newsletter to get that info sent directly to your inbox!
Anytime can be the right time to purchase your income property, but a fall purchase can be more affordable, allowing you to increase your long-term profits. We have everything that you’ve been looking for, including a variety of home styles and the luxury features that today’s renters are starting to demand. It’s time for you to take your investing to the next level by giving us a call.
