As the Victoria real estate market continues to heat up, we have more buyers vying to get a piece of the market and into a real estate investment, opting to buy rentable, desirable condos, especially ones in and around the downtown core. But, as an investor, what do you with the condo after you have purchased it?
You have a few options: long-term rentals, executive rentals, and short-term rentals. The building’s bylaws will dictate which of these options are available to you, so if any or all types of rentals are important to you as an investor, then you must have this discussion with your realtor at the onset of your search.
Some buildings in Victoria don’t allow any rentals at all, some require a minimum length of lease, and some allow any and all rentals. If short-term rentals has caught your keen interest, then you will need to investigate the zoning of the building as well as the bylaws. It must be zoned “transient” with the municipality for you to market your rental as a “vacation rental” or “short-term rental.” Again, your realtor will be able to help you with this due diligence.
If, however, executive or medium-to-long term rentals is your strategy, then consider partnering with a company like Premiere Suites. A franchised business with offices in multiple Canadian cities, Premiere Suites takes the worry out of your investment. They are Canada’s number one provider of furnished accommodations, with an average of a three-month stay. With weekly and monthly rates, the pricing typically works out to less than hotel options, making it a great solution for the travelling business person. Premiere Suites treats your investment property as their own, cleaning the condo every two weeks and performing maintenance as required, giving you piece of mind that somebody is protecting the quality of your condo.
Are you ready to make the leap into real estate investment? Partner with the Condo Experts, and we will find the right match for you and your investment strategy. Call us today at 250-382-6636 or email us at [email protected] to get started.
Until next week.
– Kaley Walls