Property remains one of the most stable and reliable investments around, offering the potential for long-term growth and can provide you with a stream of income, monthly cash flow, and many other benefits. However, it is not without risks – and there are a few things you need to consider before plunging in.
To understand if an investment property is right for you here are a few steps to get started:
Determine what you can afford
When purchasing an investment property, it’s important to be mindful of your budget and what you can comfortably afford. Don’t forget to factor in regular expenses such as repairs, maintenance, and property taxes. Check out the getting started mortgage calculator to figure out how much can be borrowed.
Research the market
Current housing market is a bit puzzling. The best way to ensure that you make a smart decision is research the housing market, understand what is happening and get an idea of what prices are headed and how long it will take for you to break even on your investment. You can also start finding a home using the MLS search.
Find a reputable agent
A reputable agent is important for anyone looking to buy or sell a home. Interview multiple agents, ask questions, and what services they can offer. You can also ask referrals from friends or family members who have recently bought or sold a home. We can also introduce you to one of the many top Realtors we work with.
Get pre-approved for a mortgage
Getting pre-approved for a mortgage can give you an idea of what kind of home and how much you can afford. Plus, it’ll show sellers that you’re serious about buying a property.
Start touring homes!
A great way to get a feel for what’s available and see what each place has to offer. Keep in mind that you don’t have to make a purchase right away – take your time and compare all of your options. You may be surprised at how much you like some of the homes you see!
Whether you’re a first time or repeat buyer, our experts at Ingram Mortgage Group can help. Contact us today to get started on buying your first investment property!