Real Estate TV is here! With it comes a plethora of shows designed to help the real estate buyer and especially the first time real estate buyer to navigate the obstacles of entering the world of home ownership. The process of making the single biggest purchase of your life can be daunting one. Certainly even a PEI real estate purchase still requires that you go through the same steps as if you were buying a more expensive property in Toronto.
There is a strong rental market on PEI. Many islanders rent their homes and if well treated as tenants they tend to stay for long tenancies. When investing in PEI real estate for rental purposes you should keep in mind the budgets that most renters will be working within. Basically make sure you are buying PEI real estate property that will be priced to allow for less expensive rentals.
As mentioned before the PEI real estate market affords the owner of a home in other parts of the country a chance to capitalize on the equity they have built in their home. PEI is known as the setting of the Lucy Maud Montgomery saga of the life of Anne of Green Gables and of course it is also known for the cultivation of potatoes. PEI life is peaceful but there is still a vibrant community and lots to do.
The PEI real estate market tends to be split into 2 categories. There is the local market, which consists of permanent residents looking for family homes and then there is the recreational market, consisting in large measure of summer visitors looking to combine vacation and real estate investment. There are however several other categories of PEI real estate purchaser. There is the retiree coming to PEI for the lower PEI real estate prices and the PEI real estate investor who purchases starter homes to rent.
PEI also known as the “Gentle Island” is home to a well developed tourist industry and our population increases to over a million in summer from 140,000 year round residents. Residents and visitors alike purchase cottages and summer homes in the country and the PEI real estate market has a good inventory of suitable recreational properties for personal use as well as rental. Some PEI realtors as well as specialty companies offer property management services to look after your PEI real estate investment.