You will have a few costs annually once you purchase the condo:
1. Property Taxes
3. Rental Income Tax
The rental income tax will be a net calculated from the gross rental income less the expenses of leasing the property and maintenance. The percentage is based on your income and depends what tax bracket you are in. I would highly recommend seeking more in depth tax advice from an accountant or tax specialist.
If you need a buyers agent, full free to call me anytime as I would love to assist you.
Have a great day,
Heather Paul, Broker Associate, Realtor