Updated: Feb 21, 2019
Since my week at the office has been quiet with the new term starting and renovations taking over St. Patrick’s building, I spent some time searching for inspiration for my next blog post. I came across an Instagram post about investment properties, and thought I would share my personal experience investing in real estate.
As you may or may not know already, my fiancé and I own 3 properties between us, two of which are successfully rented. When we first met, we each owned a home. When we started talking about living together, the logical answer would have been to sell one of our homes, however Ottawa’s real estate market at the time was in favour of the buyer, and we risked having the house sit on the market for a while. Because of this, we decided to test our hands at renovations and renting (how hard could it be, right?)
After more than a year of skipped vacations, family events, and dinners with friends, we finally finished renovating the house we wanted to rent. We went into our first rental experience not knowing what to expect. Although there were a few bumps as we learned how to be landlords, and our tenants learned how to work with us newbies, the house is still happily rented to the same family that first moved in 4 years ago.
Our next adventure was squeezing two fully furnished houses into only 700 sq feet of living space, as the house we choose to live in was quite small. We managed to live there for 4 years, taking our time with more renovations, and taking the time to enjoy the beautiful property we were on. After 4 years though, we decided it was time to move on, and find a house with more space.
Each time we have gotten into renting a property, we went into the experience hoping for the best, and fortunately it has worked out well so far. Not everyone is as fortunate as we have been in securing good tenants, or dealing with a good landlord. Comment below and share your story.