How to Buy a Second Property and Rent out First in Canada?

Buying a second home in Canada?
When you have decided on buying a second house in Canada, you must consider if you can afford the new house or if you have made a 20 percent down payment of that house or if you own a mortgage on your present home or not? You have all the answers with yourself, and your lender might ask you about all this.



Can you afford another house?
If you are looking forward to renting your present house, you are likely to check the debt ratio. This will let you know if you can meet the current and future debts or not.

Renting out the first accommodations in Canada
There is no harm in renting out your first house in Canada, as the lenders will approach to include a small amount of your rental income in the mortgage of your existing house. There will be a strict lending stress test that will enable the lenders to know if you can really afford a new house if, in the future, the rates of interest increase. The lenders might also wish to know if you will be able to pay the mortgage on both your houses or not.




Pros and Cons of Renting your first home
You seriously need to consider the advantages and disadvantages that will come your way in the decision of renting your first home in Canada because if you are looking forward to renting your first house and buying the second one, you shall reap the benefit of an existing residence.

Free Home Evaluation Markham
If you are looking for a home in Canada be it in your possession or rented, Markham is the best location as it is environment friendly and best for families to reside. All the facilities that you might look nearby will be available in this locality and thus your life will be sorted well. The city being a tourist destination, you will get the best homes here so without any hesitation you can look for houses for sale in Markham Ontario. You can approach the Royal Property which is the best place to help you find a house according to your specification as it sells condos and well-constructed houses in Markham. Simply call or message Royal Property, and it will solve your problem in no time. You can also check free home evaluation in Markham on the website. 
 

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