1. Multi-Family Financing Options
When you purchase a multi-family home in Edmonton, such as a duplex, you could be eligible for different loans and lending products.
For example, if your duplex generates a rental income, this will help you qualify for a mortgage. If you decide to live in the building, you may benefit from competitive interest rates and a lower down payment.
2. Tax Deductions
Owning a rental property means that you can be eligible for deductions.
3. Rental Income
No matter at what price you purchase a duplex in Edmonton, the rental income you receive will be applied to the monthly mortgage. We have found many investment properties that almost pay for themselves. We can help you find the best investment properties to maximize your investment dollars.
Depending on the cost of the mortgage versus the rental income, you may be able to make extra payments on your mortgage and pay off the property faster.
Likewise, if the rental income exceeds the mortgage payments, you can use the extra money as personal income – or re-invest it in another rental property.
Any repair or improvement to your tenant’s spaces qualifies as a tax write-off. However, most deductions do not apply to your personal space if you live in the building – although you may be able to claim 50% of repairs and maintenance performed on common areas.
