Generating income and equity concurrently.
Most PEI real estate purchasers are expecting a return on investment. This is usually in the form of a capital or equity gain as a direct result of the PEI real estate markets continued growth. It is expected that all real estate markets will continue to grow; however the PEI real estate market offers a unique balance between growth and security. Our properties may evaluate slightly slower than in ‘hotter’ markets but the PEI real estate market is also not so prone to sudden, large losses as we have seen in some areas recently. PEI real estate is a slower, more stable real estate investment and as such is very attractive to both the new and the conservative investor.
There are a number of possible types of PEI real estate that lend themselves to rental or conversion to rentals. You can purchase small starter homes and with minor repairs and upgrades rent these units. These PEI homes are under $100,000 and typically under $80,000 and they are a sector of the PEI real estate market that is often overlooked by home buyers. With a little TLC these PEI homes can represent a great PEI real estate investment generating a positive cash flow. Most PEI homes of this type are to be found in the city and Summerside has a large number of these properties. Summerside homes will most likely rent more quickly than similar PEI real estate in the country, but there are deals to be had on PEI home purchases suitable for rental in smaller communities such as Miscouche.
In addition to the small starter PEI homes available in Summerside, the city also boasts duplexes that offer good income and equity building. Summerside has both side-by-side duplexes as well as over-under types. Summerside also offers large heritage homes built during the fox industry by the scions of Summerside. These examples of PEI real estate and architecture at its finest have in many cases been converted to apartments and there are many of these large PEI homes in Summerside that are still awaiting conversion. The savvy PEI real estate investor may look to this type of PEI property as an excellent long and short term investment and business.
Whatever you choice of rental market here on PEI you are sure to find that the PEI real estate market offers opportunity for everyone. From small starter rentals to large heritage home conversion, Summerside and the PEI real estate market will start you on your way to real estate investment.
Call Matt Mackay
Direct: (902) 439-5257