Investing in real estate is a wise choice. You can earn passive income now and cash out in retirement. However, there are issues to first consider:
- Tenants can be difficult. (Non payment of rent, noise, damages)
- Property management can be time-consuming or costly.
- Check out legality of secondary suite(s) and zoning as most sellers do not warrant retrofit status and heavy fines may be imposed by Ontario Hydro or Fire Marshall’s office if not up to strict code.
Read about City of Toronto secondary suite By-Laws
Check out more details at The Landlord and Tenant Board