The first thing to focus on when you are building or renovating an investment property is the potential return. Look at the market and understand your potential buyer or renter.
Will this property be something that meets the needs of the current rental tenants out there. If you ad “extras” will they get you the extra return you are looking for. Will your property be not only rented all of the time, will it attract the renters you desire.
A vacation rental is not the same as a rental where someone is going to live and work on a permanent basis. Understand that often the wear and tear on the property will be more substantial than if you yourself lived there. You need to plan for the longevity of the home or suite. This is where we as your builder can be a huge asset. We understand how the design and products you use can make a difference. “A saving now might cost you later.”
There’s another aspect of using your property as an investment. If you already own the land, can you add equity and rental income? A Garden Suite or Cottage on your property are great examples of leveraging the land you already own so that it now provides further long-term investment growth and cash flow right now.