Quote:
Originally Posted by 1stLand
I am of the opinion that people should buy income producing assets. Best bet there is - Real Estate.
An up-down basement suite in an older neighbourhood instead of buying that new house in a new development in the outskirts of town is a good decision if you would like to reduce your living expenses and build up equity in the future.
Basement suites (separate entrance / separate laundry) usually rent from anywhere between $700-1,000 a month. That extra income you have coming in will help cut your mortgage in half, or you can simply slap that on the principal and pay down your mortgage quicker.
I love new houses, but the sad reality is that they offer little benefit in the form of rental income, whether it is by renting out rooms for roommates or renting them out to families, simply for the reason they are usually far away from transit and the city core.
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If realtors want to be selling 'investments' they should be licensed and regulated as such, as well as being personally liable for their recommendations.
How they have gotten away with this skirting of existing legislation for so long I have no idea.
~firebug