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There are several potential benefits to purchasing a vacation home or investment property, both in the short and long term. Some of the benefits of these types of properties include
- Short-term rental income: If you purchase a vacation home or investment property, you may be able to generate short-term rental income by renting out the property on a short-term basis (e.g., on platforms like Airbnb). This can help offset the cost of owning the property and provide a source of additional income. It is important to discuss whether or not short-term renting is permitted in the particular properties you are viewing with your realtor. Some condos, townhomes or city zones do not permit rentals under 30 days.
- Personal use: A vacation home can provide a place for you to relax and enjoy time with your family and friends. It can be a great way to take a break from the stresses of everyday life and create lasting memories with loved ones.
- Potential appreciation: In the long term, a vacation home or investment property may appreciate in value, which can provide a financial benefit if you decide to sell the property in the future.
- Diversification of assets: Owning a vacation home or investment property can also help diversify your assets and provide an additional source of income or investment return.
It's important to keep in mind that purchasing a vacation home or investment property is a significant financial commitment, and it's not right for everyone. Before making a decision, be sure to carefully consider your financial situation and goals, and seek advice from a financial professional if necessary.
Utilizing rental income when applying for a mortgage
In Canada, lenders may consider rental income when evaluating your application for a mortgage, but the specific requirements for doing so can vary depending on the lender and the type of mortgage you are seeking. Here are a few general guidelines to keep in mind:
- Documented rental income: Lenders typically require documentation of rental income, such as a tenancy agreement or a rental contract, to support the use of rental income in your mortgage application.
- Verifiable rental income: Lenders may also require verification of rental income, such as bank statements showing rental deposits, or tax returns showing the reported income received from the rental property.
- Rental income requirements: Lenders may have specific requirements for the amount of rental income that can be used in your mortgage application, such as a minimum amount or a maximum percentage of the total mortgage payment.
Nikki Hawke
2022-05-31
Darcy is so personable, reliable and always puts his client’s needs and profile at the heart of the work. He goes the distance and is a master negotiator. Sam is a pleasure to work with too. I’ve funded two mortgages with this team and I’m won’t work with anyone else.
Rebecca Andreola
2022-05-16
Cannot say enough good things about The Mortgage Professionals. We were so happy we had the chance to work with Darcy as our Mortgage Broker. As first time home buyers, we were immediately put at ease by Darcy and Samantha, and knew that we were in good hands. They worked hard for us and we were very pleased with the services. Highly recommend them for anyone needing a confident team working on your behalf that will put you first.
Alexander Hamilton
2022-04-08
I reached out to Darcy because I was having problems with the mortgage broker I was dealing with. It took no time for Darcy to get the ball rolling on the Mortgage refinance we needed help with. In the span it took him to be introduced to me, to applying and funding the mortgage the individual who I dealt with before has never responded. Darcy and his team are the best around!
Wendy Wallach
2022-03-25
Darcy and Samantha are very helpful and would respond to my questions very quickly (even after what I would think would be office hours). They never made me feel stupid when I would ask my sometimes repetitive questions. They worked hard at getting me the best rate for my mortgage. My friends are always amazed at the rate they can get me. They are also very friendly and express thanks when I reply quickly. Thank you , Darcy and Samantha
Genevieve Deacon
2022-02-07
Would recommend to family and friends, no hesitation. Darcy and his team are always available for questions and concerns, and they made the entire process unbelievably smooth.
Jeremy Farnsworth
2022-02-04
This is my fourth mortgage with Darcy. He has always been very professional and helpful finding us the best mortgage product and rate.
Duncan Miller
2021-11-03
Darcy and his team did an excellent job arranging financing on our first home purchase! They were responsive and they got the job done right in a tight time frame. Would highly recommend them especially in today's competitive markets.
Karly Cook
2021-10-22
We had an absolutely seamless experience with Darcy and Samantha. Their responsiveness and clarity made it so easy to work with them. Everything was taken care of us from start to finish!
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