With Newmarket Booming, Investors & Landlords Need To How To Buy The Right Newmarket Rental Property at the Right Price
Things keep getting better and better in 2016 for Newmarket landlords. If you have invested in Newmarket residential rental property this year you’re happy because the situation has never been better.
In fact in 2016 Newmarket landlords are succeeding like never before. And the best news it’s only just begun and things are getting even better in 2017 and beyond.
Newmarket is a Terrific “New” Market For Landlords…the “Hidden Gem” of the GTA
The entire Greater Toronto Area (GTA) has seen a lot of house price appreciation. The area has a huge amount of immigration each year and a large economy. That means there are a lot of good tenants out there.
Newmarket is on the northern part of the GTA and was kind of the ‘forgotten town’ for many years. Now, with huge growth in the GTA it’s Newmarket’s turn to shine.
People from Toronto and other GTA areas such as Markham and Mississauga view Newmarket as a “inexpensive” and with a huge tenant pool waiting for good landlords renting out good rental properties. Newmarket is booming.
Buy in the Best Areas Of Newmarket
We’ve all heard the old real estate success message of “location, location, location.” This is vitally important for Newmarket landlords and residential property investors. If you buy in a “prime time” area it’s simply far, far, far easier to attract good paying tenants to rent from you.
Unfortunately, we’ve heard that some real estate estates tell new investors “it’s all the same” and “location doesn’t matter in Newmarket.” Don’t believe them! In Newmarket, location and the right property are the key to your success or failure as a landlord!
One the largest rental areas in Newmarket is the area at Yonge St. and Longford Dr. Local Newmarketonians called it “the dogpatch.” While the reason for this name isn’t clear what is clear is that it’s not the best area for rentals in Newmarket. Sure, there are a lot of successful landlords there and a lot of good tenants there. However, good tenants have a lot of options where they want to live.
One of the best “prime time” winning areas where there are good rental properties is is the “Southlake area” near the Southlake Regional Healthcare Centre.
Why Is The Southlake Area A Terrific Opportunity for Landlords and Investors?
Here are some of the reasons:
(1) Growth Area Millions of Dollars in Government Investment
There has been a huge investment at Southlake. It’s a regional hospital, a cancer centre, and expanding fast.
Southlake is the type of key government investment that leads to lots of opportunities for private enterprise.
(2) Major corridor of the health care industry in the GTA
As Southlake grows, so does private industry in the area including medical clinics and retirement communities.
(3) Great Tenant Pool
There are a lot of good tenants in Newmarket. There is also a segment of tenants who keep getting evicted for not paying rent or trashing the property and moving to another rental property down the street every few months.
Buying in a prime time area gives you the first choice of the best tenants in Newmarket! The best tenants want to live in a safe, growing, pretty area like near Southlake over other areas in town like the dogpatch.
With a Newmarket Rental Property You Get What You Pay For!
Prices in the area near the Southlake Regional Health Centre are usually higher than house prices in the “dogpatch.” And with good reason!
In prime time areas you can more easily find good tenants.
These are tenants who pay their rent on time, respect you, follow the lease, and take care of the rental property. Many new landlords aren’t aware of the destruction a bad tenant can cause you and how important it is to buy a rental property in a good area!
A Couple of Examples of Good Rental Properties That Sold in 2016
It can be hard to find what a property has sold for in Ontario. Some real estate agents like to treat this type of essential information like “gold” and you can be kept in the dark. It’s unfair, especially since you are going to spend hundreds of thousands of dollars and make one of the most important financial decisions in your lifetime!
To help out future landlords here is some information on some recent good rental properties that have sold. They are good rentals, in good locations and a professional landlord who runs credit checks will be on the path to success.
143 Lundy’s Lane Sold For $581,800 on June 14, 2016
This is a property with potential. It’s in a good area and can attract tenants. It’s not a perfect rental property but it’s good. Let’s take a closer look.
The living room is spacious and clean.
The kitchen needs to be updated, but it’s clean. We would change that tiling asap if we owned it. And the old cupboards too!
We would upgrade the bathroom if we owned this property.
The bedrooms are standard.
Here are the stairs to the basement unit. We would make some improvements, such as changing the tile.
Here is the kitchen for the basement unit.
We would improve the downstairs bathroom, especially if we market to all the ultra-clean nurses in the Southlake rental area.
The keys for this property are (1) Great Southlake location (2) It’s a duplex (two income streams)
706 Jackson Court sold for $575,000 on February 9, 2016
This is another property that sold in the Southlake Rental Area and not in the “dogpatch. This means it’s in a winning area.
The living room is clean.
The kitchen is nice enough for tenants, although the washer and dryer might be better placed.
Good tenants like clean bathrooms, although we would have upgraded it.
Tenants like backyards and love to have a deck.
The downstairs kitchen is okay.
Newmarket Landlords – How to Buy in the Right Area and Rental Property Prices
Real estate success is all about “location, location, location.” The above two property are pretty simple properties, yet they are in “Southlake rental area” of Newmarket. This is a fast-growing, “winning” area of Newmarket.
Make sure you invest in a winning area and avoid the “worst areas of town” (like the Dogpatch) to attract the best tenants and succeed as a landlord!