When it comes to investing, real estate has historically been a trustworthy and reliable candidate to put your money towards. Today we’re offering some tips on how to start investing in real estate if it is your first time!
First and foremost, don’t feel the need to immediately start big with your investment goals. Buying a single family or one bedroom home will allow you to dip your toes in the water and get a better feel for what being a landlord/owning a vacation home feels like. To complement this, you should learn about what your real estate options are. The more knowledge and prep work you have done going into this investment, the more prepared and better off you are.
One of the most important things you can do before diving into this, is to have your finances in check. Know exactly what your goals are for the coming years, and how much you are able to put into this investment. Include an emergency fund, repair fund and miscellaneous renovations or recurring charges.
Be sure to do your homework when going into this. Look up similar properties in the area, real estate history for the city, natural disaster history and even the potential of developments later down the road; a real estate agent is an excellent tool in assisting with these questions or technicalities. It could be devastating to buy a property only to find out that someone has plans to build that could hinder the value of your home.
Professionals are here to help you throughout the process, so reach out to your mortgage consultant and realtor today to get your investment journey started!