Montreal can be regarded as being the second-largest city in Canada, an island that is located just south-east of Canada and also considered to be one of the happiest and most livable cities in the world. This can be seen from the fact that almost 45,000 immigrants decide to move to this city.
Hence, it might occur to you that investing in real estate in Montreal can be considered to be a good option. With the good sides outweighing the bad ones, you believe that you will not land in trouble if you decide to go ahead with this real estate investment decision.
However, it will still be highly recommended that you consult a real estate lawyer in Montreal, who will be able to navigate you through the entire process. Thanks to their knowledge and experience of working for so many years in Montreal real estate, they will be able to guide you in the decision-making process about which property you should invest in – something which will be able to yield fruitful benefits in the long run.
However, before you sit down with a lawyer, there are certain other things that you will need to keep in mind. Some of the most important ones have been discussed below.
Type of property
Before you decide to invest in real estate in Montreal, you will need to decide if you would like to invest in residential or commercial buildings. This is because it is important that you understand the differences that tend to exist between commercial and residential investment. A residential real estate investor would typically build or buy tiny flats and family houses, which would either be sold to potential homeowners or be given up for renting purposes.
On the other hand, commercial real estate investors would be buying and renting or creating properties for businesses. Both of these investment options have been known to come with its fair share of drawbacks and benefits. For example, industrial land and commercial properties for sale in Quebec have been known to offer leasing opportunities at lucrative rates.
Taxes
Despite the cheap cost of living, taxes in Montreal have been found to be quite high. According to the Montreal Gazette, taxes might account for up to a third of your wage that you will be able to take hope. Other than that, property tax would be another factor that you would need to consider when you would be investing in real estate. Tax omission would make you assume that investing in real estate would give you a profitable deal.
However, the reality is that the development project in which you have invested may not be profitable. It is for this reason that it is highly recommended that you carefully study property taxes once you have made your decision about which property to invest in.
Financing the property
The final thing to consider would be how you would be financing your property. If you would primarily be buying for investment purposes, then be sure that the statistics would be working in your favour. Like most of the investors, you would need a mortgage to fund your property investment.