Property Management and Real Estate Services

Rental properties are a wise investment that can pay off in the long-term. But the key question for a lot of people before investing is, “how do I make money from a rental property?”. 

 

This guide gives you a few pointers on how you can make money with your Calgary rentals

 

The Best Ways to Make Money With Your Calgary Rental 

 

Finding Properties in the Right Areas

There are a lot of condos and homes for rent in Calgary. But finding one that is going to be worth the investment relies on a few factors. Most importantly, the location. 

 

You want a property that will be close to amenities, transportation and key locations, such as schools and hospitals. Add all these together, and you narrow down a selection of ideal properties as a rental investment. 

 

And it’s through these areas and properties that you can make money through rental income and the curbside value. The better the location and property, the more you can charge for rent. 

 

If you can’t find something within your budget, you can always speak to a real estate agent or a Calgary property management company. They can aid you with your search for a property within your budget and desired area. 

 

Future Development Around The Area

Having a good idea of what is going to be built around your property is crucial. You can check out the City of Calgary Municipal Development Plan to determine what construction is occurring around your home. 

 

How does this help?

 

If there is a lot of construction and developments going on, it is probably a good growth area. This means that you can have access to more amenities, services or highway accesses, which will enhance the value of your rental property (making it more profitable when selling later on) and can encourage you to increase your rental rates. 

 

Being near growth areas means the suburb is a hot ticket item. You got the opportunity to make the most of it with your rental property. 

 

calgary-rentals

 

Compare Rates To Your Area 

You might not realize that you’re not charging enough rent for your property until you do the research. By researching the surrounding area to see what others are charging for rental rates can give you an insight into if your rates are unvalued. 

 

You might be offering way less for a quality home compared to another down the road that is more expensive and doesn’t provide the luxury your home does. 

 

Only by conducting research into other rental rates and comparing properties, can you charge the right rates for your Calgary rental.

 

Investing in Improvements 

There is no question that the more you invest in your Calgary rental, the more you can charge renters and sell it for more in the future. Investing in improvements, such as renovations, can go a long way to enhancing the value and curb appeal of your property. Crucially, it also allows you to charge for more rent as you provide a better, more luxurious home. 

 

But which renovations are best for your property? 

 

If you own a condo, you will have to follow the condo board’s rules and regulations for any interior renovations. Speak to them before managing it yourself. 

 

For homes, you can do as you wish. HGTV suggests that the following renovations can be well worth your investment: 

 

  • Minor Bathroom Remodel – Average return at resale: 102 percent
  • Minor Kitchen Remodel – Average return at resale: 98.5 percent
  • Major Bathroom Remodel – Average return at resale: 93.2 percent
  • Exterior Improvements (Vinyl Siding, Paint, Updated Front Entry) – Average return at resale: 95.5 percent

 

Whatever you decide for your rental property, remember that renovations can make a significant impact and help you make money both through rental income and selling your home later on. 

 

At Unison Realty Group Ltd. we will find the perfect rental for you in a location that fits your needs. We’ll handle what you don’t want, and you’ll enjoy the benefits.

For any questions or inquiries, please contact us:

Phone: (403) 219-3000

Email: [email protected]

Website: unisonrealty.com

If you have money that you would like to invest in real estate, there is no better way than to maximize it. Using your money wisely, and planning for the future, can ensure that you make the most of the property while securing your investment (and future) in the process. 

 

We look at the pros and cons of four of the best real estate investing options available. 

 

Principal Residence Property 

Perhaps the most important method for real estate investing in Calgary is for your principal residence property. This is the house that you will live in and make your primary residence.  It is more than just a residency; you are making a long-term investment.

 

When owning a principal residence property, you pay off the mortgage to the property while growing your wealth. You will need the initial capital (known as the down payment) to secure the property. 

 

Once the property is yours, you can use it for rent (option three below) or improve it before selling it for a higher price in the future. That extra income will allow you to reinvest it in other properties or ventures. 

 

The only downside is that you will have to maintain it, and of course, pay off the mortgage, which can be challenging and decisively long-term. 

 

Residential Rental Property 

Perhaps the most common and significant way in which you can invest your money. With so many houses and condos for rent in Calgary, there is ample opportunity to buy an investment property. 

 

Owning a Calgary rental opens up the opportunity to earn an income through the rent collected, and pay off the mortgage on the rental property. It is the smartest way to go about making money while securing your investment for the future. 

 

However, owning a rental property is not easy work. As an active investor, you will have to manage the people of the property and maintain it. You will also have to invest in repairs and improvements, thereby requiring a very hands-on approach. 

 

Therefore you have two options: you can manage it yourself, or hire a property management company in Calgary to do it for you. While there will be a fee for their services, having a property manager look after your apartment ensures that all maintenance, repairs, and most significantly, the management of the renters are handled. 

 

calgary-rentals

 

Investing in Commercial Rentals 

Commercial properties can include anything from office centres to shopping malls. If it has the space to be used as a commercial property, it can be rented out to businesses. The owners of the property (you) can earn significant income through the rent from their tenants (the businesses). 

 

However, commercial investments do not have the same level of ring to it compared to residential properties. The main drawback is the expense that comes with acquiring, managing and maintaining the commercial property. 

 

As you will be looking after businesses and their employees, you have to ensure that the property is up to standards in appearance and safety. It is very much an active investment, requiring you to be very hands-on with managing the property and dealing with tenants. 

 

Between the expensive upfront capital and the complexities of managing it, many investors tend to opt for residential properties instead. 

 

Airbnb Your Property

Perhaps the most modern manner in which you can maximize your investment. Whether through your own property or a rental, you can rent out the space to earn you some extra cash. 

 

You have the opportunity to rent our guest suites, spare rooms and whole houses for a rate that you deem justifiable. You will have to consider factors like amenities, distance to attractions, transportation and the space itself to set a rental value. 

 

Much like Calgary rentals, you choose who you want to rent your space, after reviewing their ratings on the platform. You can rent it out to them for a night, weekend, or month. 

 

However, the main downside is that tenants are not always reliable when looking after the property. These short-term tenants do not typically take good care of the property as much as long-term tenants usually do. You also have to be entirely aware of any regulations and laws when it comes to Airbnbing your property. 

 

At Unison Realty Group Ltd. we will find the perfect rental for you in a location that fits your needs. We’ll handle what you don’t want, and you’ll enjoy the benefits.

For any questions or inquiries, please contact us:

Phone: (403) 219-3000

Email: [email protected]

Website: unisonrealty.com

As a property manager, you may think you’re getting away with doing everything yourself.

A professional property management company will help you enhance your investment by maintaining your Calgary rental property, and creating a pleasant environment that will attract better tenants.
Continue reading “Why Hire A Property Management Company? Here’s 6 Reasons”