As your family grows and your life changes, so do your priorities. Perhaps a second property in the city to reduce the commute time? Or a weekend getaway retreat for the family? Or a rental property to provide some additional income. Whatever your reasons for a second property we have a mortgage solution to make it possible.

Having an investment property has many advantages, however there are many factors that need to be considered before making a purchase.

Advantages:

• Increasing your asset portfolio
• Providing additional rental income above the costs associated with the property.
• Over time the property most likely (although not always) appreciate. Giving you additional capital in the homes equity.
• Rental income can provide some additional tax benefits.

Disadvantages:

• You will have to maintain the property at your own expense and time.
• Finding good tenants. This can be more challenging than it seems. When things take a turn for the worst you will be responsible for the mortgage payments and covering the cost of any damages left by the tenant.
• Understanding the law in your local area as it pertains to landlord rights. Not understanding these laws can leave you liable.
• As a landlord you will be required to carry a different insurance policy that is not the typical homeowners policy.