Things to Think About
The market is more active and more vibrant now than it has been in years. An active market and low interest rates make home ownership one of the best and sound forms of investment. With market values increasing in the range of 6-10 percent per year depending on the area, never has the time been more suited to purchasing, owning and investing.
Find the Experts in your area and glean as much information from them as you possibly can. Their job is to help you! You the buyer have everything to gain and nothing to lose by working with a Realtor. Experience, knowledge and day to day saturation in the industry makes your Realtor the best ally in home finding, buying , home investing and wealth building.
Things to Consider
A) Buying to Live in the home
B) Buying to rent and hold on to the home
C) Buying to flip the home
Buying to Live in
If your buying to live in the home, your needs are different. A home has to speak to you. It has to be in your right area, neighbourhood with your life in mind. It has to be child friendly and family accessible and needs to be a reasonable proximity to and from your work. The price point and fit of the home are key!
Buying to rent and hold onto
Buying to rent and have tenants means looking for a home that is solid and has good bones. Ideally you want the major systems updated shingles, furnaces and air systems, as well as updated wiring and plumbing. There is no shortage of good reliable people looking for rental options and I can assure you, if you provide a lovely, clean and reliable option for someone’s temporary home, you’ll have happy
respectful tenants. Happy tenants make your job as landlord and home owner a wonderful experience. Having someone help to pay off your investment is a sound and solid investment strategy. The tenant process includes but is not limited to advertising, screening, pre-
qualifying and selection Know your area and your demographic and where your potential tenants are coming from. Rely on your Realtor for this kind of help! Design, build and create a space worthy of your own tenancy and you will find wonderful people
Buying to Flip
Buy what other people want to live in but don’t necessarily want to put the work into. Select desirable neighbourhoods. solid homes with good bones but perhaps in derelict state and either needs cosmetic or some light changes. Avoid homes with structural issues, extreme water problems and or major plumbing and electrical issues. Home having such things as knob and tube wiring, asbestos etc are not in and of themselves a deal breaker but may need to be remedied. Have a good tram of professionals to help with areas you’re not familiar with. Consider the cost of the property, your carrying costs while renovating, costs to have it re-listed and marketed and penalties if any to get out of existing mortgages.