Are you ready to take the next step on the property ladder?
Buying an investment property is a great way to earn some extra income if you do it right. It’s also quite different from buying a primary residence, so before you take on an another set of responsibilities and costs for a new home, here are a few things to think about:
How can you generate the most income?
The most attractive advantage to purchasing an investment property is the extra money. When all is running smoothly and you’ve either secured tenants or sold the home you have renovated, that extra cash in your pocket will be well-deserved. Before you buy an investment property, meet with a professional like myself to look at the current market and to find the most profitable neighbourhood to buy in. I’ll make sure that you find a home and an area that will give you the best return on investment.
How much work are you willing to put in?
You never want to bite off more than you can chew when it comes to real estate. Even if you are looking for a fixer-upper, make sure you have set aside the appropriate funds to cover unexpected expenses and issues. Be ready to put in some elbow grease to cut the cost; there are some improvements you can do yourself, like painting or landscaping to add curb appeal.
Are you ready to be a landlord?
While owning and renting out an investment property may seem like a simple way to earn some extra money, it does require a lot of work and time. Your role as a landlord will require you to have the time, funds, and availability necessary to operate a successful investment property. Take a look at your current lifestyle and workload to determine if this is the right time to take on that responsibility.
If you’re prepared to take the next step, then get in touch with me today. We’ll start the home search to find you an investment property that fits your budget and needs.