Welcome to the world of investment properties!
An investment property can be a property you use yourself (such as a vacation home), a property you lease to others (such as renters or a business), or a property that you fix up and flip for an immediate return. Whatever you plan on using your investment property for, consider the following:
- Purchasing an investment property is a major decision, so don't rush it! Take the time to think critically about if an investment property is right for you, what kind of investment property is right for you, and, when you find a property, if it is the best investment property for you. There is absolutely no need to rush! Take your time so that you can be 100% (or at least 99%) confident in your end decision. There are always new properties being listed, so it's worth taking a deep breath and really assessing what will benefit you most in the long-run.
- Purchasing an investment property means that your money will be invested, and thus not liquid. Although it is impossible to foresee an unexpected need for liquid funds in your future, if you can pinpoint an upcoming need for accessible funds you either need to make sure you'll have enough leftover after making your purchase or you may want to hold off on a purchase. Never bet on being able to sell a home quickly in order to have liquid funds; the market can be long-fraught.
- Purchasing an investment property means that you are suddenly going to have a lot of immediate expenses, whether you are planning on using the property often or not. Make sure you are financially equipped to handle things such as renovations, home-maintenance, property taxes, utilities, etc. We recommend that once you make the decision to pursue an investment property, you begin to grow an emergency fund savings.
Ken Richter has being helping investors find their perfect property for 30+ years. He not only has experience selling investment properties for and to others, but he has personally invested in properties before, so he knows what to do to be most successful. He would love to sit down with you and lend his expertise. You can contact him directly at 403-630-6363 to set up an appointment to discuss your options!
Don't forget to visit www.KenRichter.com to see all the latest listings and read up on the latest market news!
Your Real Estate Professional,