PAGE 34. WIiDNESI)AY. DIiCEMBER 10, 1980, WHITBY FEE PRE$S Real estate firm says Canadian s are eautious home in vestors Century 21 GoId Jacket Realty Ltd., is pleased ta announce that Lilian North is top producing salesper- son for the fourth month ln a row. Congratulat ions Lilian!11 824 Brück St. N., Whitby 658-6221 683-6221 Bach office in ndependontiy owned and opcrated. Foreigners have jumped the gun on Canadians in reaiizing the tremendous potential of buying a second home strictly for investment purposes, according to George Cormack, President of A.E. LePage (Ontario) Ltd. IlTraditionally, the average Canadian investor has flot thought of buying a second home with the intent of making money, ' Cor- mack said. "Europeans, on the other liand, have been buying homes in Canada as a way of fighting galloping inflation in their own coun- tries." Cormack says many of the standard ways of saving no longer keep pace with the rate of inflation. Real Estate, on the other hand, has been one of the few con- sistent performers over the years., "It's not for everyone," lie OPEN HOUSE - SUNDAY 1-4 p.m'. 8 Mozart Crescent, West Lynde-4 bedrooms sliding glass doors off of kitchen ta en- closed green house, fenced yard. Mortgage arrangements can be made with-in days. Don't forget ta corne, even if it's only to see the best decorated Christmas tree in Whitby, f ree candies for the kidd les. Calil Arlene Hogel 668-6171 or 666-1868. WEST OSHAWA - $40,000 at 101/4 % for this 3 bedroom, 2 storey semi wlth gleaming hardwood floars, country size kitchen and more. Cali Merv Parchment 668-6171 or 579- 0569 JEFFREY ST. TOWNHOUSE - $45,900 - Nothing can com- pare at this price, assume 10Y% financing, nice decor, fenced end unit. Cal Paula Sheppard 668-6171 or 725-7893 evenings. INVEST IN THE FUTURE -$56,500-Large Whiîtby corner lot wîth possible zoning for apartment building. Calil Merv par, chment 668-6171 or 579-0569 PORT PERRY NORTH $56,900 - :V arce nicely treed lot 2- storey 3 bedraom home, eat-in ktchen, large 20 X 40 heated garage. Please cail Herb Vsser 668-6171 or 668-5718 BUILDING LOT 87 X 277 ft. Minutes north af Whitby, asking $29.900 Cali Tamra Nelipa 668-6171 or 668-8240 3 BEOROOM WHITBY TOWNHOUSE - 13% f irst mortgage is a great benefit ta any new home buyer, partially finished rec room, stave and f ridge are negatiable. Cali Garrett Dowker 668-6171 or 576-7384. ~~ The Canaila-wide verni estate Service with 350 selected real estate offi Î~oe ces in 20~0 comrnunifies across3CaItAda. A'*îRANI( LISTING MEANS A GREAT DEAL LIST WTN FRANK**PFIPLE1 says. "Investing in reai estate has the same inherent risks as any business. t is also based on the premise that the current rate of in- flation will continue or perliaps even increase. "With any business yen- ture, common sense is tlie key to success. The fact that no single profession lias a mhonopoly on real estate makes it far more accessible than many other forms of investment. Unlike many ventures, it can be done as a side line ta one's regular business," lie says. Cormack says there are basically tliree stages- to be considered before putting a down payment on any second property. "Planning *is the key. A well thougli out approacli will mean the difference between a successful yen- ture and a dismal failure.,' Cormack suggests sticking with a single family detached home that will be easy ta rent. H1e says other forms ofý real estate can be risky. The property sliould also be close ta wliere your permanent residence is. "IBy living close ta your second home, you will have cliosen an area where people like yourself will want to rent. - It's also easier ta keep an eye an yaur property if you invest close ta your permanent residence. " Cormack says the best ad- vice is ta familiarize yaur- self witli the real estate business in the area in whicli you' re planning ta buy. Talking ta realtors and keeping an eye on the classifed ads will give you an idea of what's availabie and how mucli yau'll have ta pay - "For cautiaus investors, it's best ta stay away fromr deteriorating neigli- bourlioads or any kind of speculation. " "Planning and investing. wisely will result in an nice income that will grow as property value increases," says Cormack. "It's wise, liawever, ta go over your in- carne situation with a tax specialist before putting a down payment on any property. Deductions may vary somfewliat but as a rule. you wili be able ta DURHAM REGIONS MOST LUXURIOUS ADULT APARTMENTS . Brickf ireplace .Wood trim balconies . Acre of Gardens .Spacious il' ceilings .electronic security available MAM J" ST. m MARY ST. WY. 2m.J Modern kitchens& bathroams .Sauna & Excercise Romr . Variety of f baor plans .30 min ta downtawn too. FOR RENTAL AND APPOI NTM ENTS CALL 579-4453 9 a.m. -4 p.M. deduct expenses, mortgage interest and depreciation. However, tlie investor will have to pay taxes on. any revenue from the house. " The second step is to exa mine your personal financial situation. "Even approaching real esta te, investment with as mucli risk removed as possible, there are always undeterminable factors that may lead to a severe drop in the market. The real estate investor sliould insure that lie is not over-extending himself and tliat lie will be able to survive if the market does drop off," Cormack says. He says the investor will avoid financial problems if lie lias a substantial down payment and a cash reserve equal to two year's rent. The third step deter- mining wliat kind, of home you will buy. The actual purcliase of the house is a crucial matter ta consider. The property must be marketable. "The landowner is providing a service wlien lie puts a home up for rent. H1e should therefore be offering the best service available. The more negative factors a home lias, the more difficult it will be ta rent. Lt sliould be of standard design, in a good residentiai area, and sliould offer all the conveniences that tlie owner wouid be Iooking for in a home for himseif," Cormack says. As a rule, monthly rent is usually set at about 10 per cent of the value of the home. "In a city sucli as Toronto wliere rentai units are at a premium, the iaws of supply and demand may pusli rent up sliglitly. " Cormack says. 668-61 71 MERVIPARCHMENT Tony Kompmaker, Manager af W. Frank Real Estate Limited, Whitby Office, isý Ipleased ta announce that MERV was the leadingt Listing Agent for the mont h Of Novmeber. ýCong rat ulat ions. "The advantage of in- vesitng a real estate is that it is accessible ta a large num- ber of Canadians and is relatively uncomplicated," says Cormack. ý "European investors have bouglit property thousands of miles from home. They know it will give them a good return on their money. Canadians, particularly in areas where rentailihousing is in short supply, have the advantage of being able to keep a close eye on their in- vestment," Cormack said. A.E. LePage (Ontario) Ltd is part of the A.E. LePage group of companies. A.E. LePage, Canada's leading diversified real estate organization, emn- ploys nearly 5,300 people in more than 200 offices and divisions across Canada, and elsewliere. Gov't open house ()ntario îsRevenue M~1inistry luas tuîveîled an imîportant rnew Iprograîi of olwn îoîîs-s to lieli vitizelis ietter iiiiier- -stand their I1980 pro p)erty as- 5<ssiiicilits. 111C5(' assessiiieiits wviIl forin thli asis for 1981 l>ile-Nanîdtbusinîess taxes. ilcgîniiiîig thRe fir-st wt-ek in l)î'einîbr. iiînîncdiately after the' mîailinîg <f assessiiient iiiti<-es to ail ratep)avers. the Mnlîistry wili he conductiuîg the op)eiîhîîuses ini ail 837 iiiiiiirip)alities ini the Province. Thie opben hiouîses will give aIl pru<PIert%. ownîers anid tenants tihe 4i>i>prtuIIiitv to i> <uss their assessinent iîîforîîîally witii local assessîiîcît office statff. ask questions and clear ,uii ar-as of iiiisùiiderstaîiinig. It is exj>ected that titis diseus- sion proress wilI signiîiantlv reureiliîi-- b nu mîher of forisai assessîiiînt voiijlaints filed tue ic>rrei-t hiasir information sîivli as mniiiiiic-ii)al acîdressies ter tiii siellîîîg tif surnanies. Inin making thei-aiinotiilc(- mnut iiilite (Ontarioiî LegislIature. remîarked on the suî-cees f Jrolojen houses held in sjicifc(Itanio îiiiiiplalitieýs <f tiel estentAvt. --'ruuî-..- <Ij411i(.11î%sî-s lt% Il rî'î-vi-î i< hI l I e u Mj iiiii. si) %4t cri-îaitiiraIlli-rasc-iI bi t-- -- -i M- - ommang" ,ýYCý4,