People seem to like the idea of owning investment property but don’t like the work associated with being a landlord, says developer Harry Stinson. He believes they’ll like the idea of the property management program being offered at Stinson School Lofts.
Currently under development at the historic Stinson School in downtown Hamilton, the lofts will serve some buyers as their place of residence and others as an investment. The property management program provides all the services that will make the investment hands-free. The qualified tenants are found, maintenance is performed and rents are collected, all for 10 per cent of the revenue.
“You get a cheque at the end of the month,” Stinson says. “What we offer here at the Stinson School is a very unique program that makes it easier and more profitable to own a property,” explains the developer.
According to Stinson, extended stay options are limited to conventional hotels in Hamilton. The city’s inventory of apartments is large but dated, so for renters, either long- or short-term, there currently isn’t a choice like Stinson School Lofts with its original hardwood floors, massive windows, 14-foot ceilings and architectural detail.
“Hamilton really doesn’t have any high-end, deluxe rentals, the sort of thing you’d be accustomed to in Toronto or Ottawa or London or New York where $2,000 to $3,000 a month actually gets you just a basic apartment.”
He uses the example of a one-bedroom, 1300-square- foot loft apartment at Stinson Lofts that would rent for the same rate as a 400 square-foot hotel room. Renters would have access to housekeeping services and a concierge. The building is even set up like a hotel with a grand entrance and expansive lobby area complete with an impressive staircase, fireplace and comfy chairs.
“It’s a home away from home at a corporate level,” Stinson suggests, adding that it would be ideal for a professional coming to Hamilton on a six-month or one-year contract for a business like McMaster Innovation Park.
Stinson recommends a visit to Stinson School Lofts to take in the full impact of the project or visit the website for an initial sampling at
www.stinsonschool.com.
