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2 Real Estate Advice with Joe Mancuso trends watch Don’t Buy an Income Property HAND-KNITTED ORNAMENTS crafted by artisans in Peru, hang beautifully on a tree. Antler, Elte, www.elte.com BRING THE GREAT OUTDOORS into your home with this stylish gold antler. Ornament, Crate and Barrel, www. crateandbarrel.ca LED “Joy” Tree Ornament, Vintage Games and Toys, HomeSense, www.homesense.ca GO DOWN MEMORY LANE and relive your childhood with these vintage finds. Text Jo Alcorn before reading this! Stocking, Switch Studio, www. switchstudio.ca DON’T PUT TOO MUCH STOCK on traditional patterns for holiday décor. Pair a fur-cuff stocking with a stylish contemporary fabric. Glass Moose Mug, Retro Festive, www. retrofestive.ca STOP “MOOSING” AROUND and get these glass mugs to use during your holiday festivities. Blanket, Crate and Barrel, www.crateandbarrel.ca 22 There are a lot of horror stories about bad tenants. However, it doesn’t have to be that way. Investment properties are typically a long-term investment so you have to expect some bumps along the way. You will also have to familiarize yourself with the local landlord and tenant legislation. Location is extremely important in terms of attracting good tenants as well as future value of the investment. In terms of managing a property, close proximity to your dwelling will help. How strong is the rental market in your area? Local vacancy rates can be obtained from several sources including landlord associations or banks. Again, your mortgage professional can help you determine whether you can afford this investment and what to look for in terms of income versus down payment. FUR BABIES NEED A WARM AND COSY place to sleep after the festivities! CUDDLE UP in front of the fire wrapped up in this trendy blanket that is sure to keep you warm and look fabulous on your sofa! Traditionally this was one of the best ways to try and get ahead. As people saved money and paid down their home mortgage they had a little breathing room in their financial profile and would buy an investment property to provide an eventual nest egg down the road that would help with retirement income. Any investment is a big step and of course, there can be challenges. However, investment properties also represent a great opportunity! TIP! Jo Alcorn Dog Bed, Shop.Ca, www. shop.ca Be sure to budget for unexpected expenses and loss of revenue that may arise from vacancy of the income property as well as maintenance and repairs that might be required over time.