8 Great Real Estate Tips for Any First-Time Investor
If you are a first-time investor, it is very easy to get confused about which property to invest in, what kind of property to buy, and all the other nitty-gritty details. How can you be sure that the decisions you make are the right ones? It can be a real challenge, but the good thing is that we have the answers for you!
8 Real Estate Tips For First-Time Investors
Making a real estate investment is a great decision. Keep in mind that most other assets you might have, such as a new phone or sparkly new shoes, will all depreciate in seemingly the blink of an eye. One of the only investments that will appreciate (or become more valuable) over time is real estate.
Here are a few tips that are great for a first-timer to be aware of.
1 – Look For Locations With Growing Job Markets
If you are considering looking for a property to rent out, it is a great idea to look for properties in locations with a growing job market. Another option is to look for properties that are located near universities. These areas will have workers and students looking for places to rent.
2 – Location Is Everything
You have probably heard this one already, but it is good to remember its importance. It is true that location matters. It is crucial for you to find a property in a location that will match your lifestyle. It will also be good for you to find a place that fits the reason you are buying the property in the first place.
3 – Do Your Research About Rental Value
Before sealing the deal, you may do well to compare your expected rental prices to the rental values in the area. This will give you an idea of the profit margin you can make out of the property. It is also essential to incorporate your mortgage payments to ensure that the computation will be accurate.
4 – Look Into Neighborhood Safety
If you are looking into buying a property for your family to live in, looking into the safety of the neighbourhood is critical. If you have any children, you should consider whether it will be safe for them to walk to school in the area. Also, will the place be safe at night? What kind of security system will you need? Making a neighbourhood rankings list may also be a good idea. You have to answer all questions relating to safety before you invest.
5 – Are There Any Cool Facilities Or Amenities?
You may also be interested in taking a look at whether there are any parks or places for recreation nearby. It may knock the price a little higher, but it may be worth it if you need a relaxing area close to home to relax in once in a while.
6 – You May Want To Consider The School District
For parents, looking into the school district is very important. If you have any preferred schools that you want your children to attend, you may want to consider looking at properties that might be for sale in that school district.
7 – Are There Any Future Developments In The Works?
You may want to look into any future developments in the area of your prospective property. If there are construction projects nearby, this might cause some inconvenience if you will be living in the property during and after the developments come to fruition.
8 – Consider Taxes
There is no way around it—property owners will have to pay property tax. It may be higher in some locations, so you have to make sure that you can pay for these taxes once the property is yours.
Planning On Buying A Property?
At the end of the day, it pays to consult a real estate firm to ensure that you are making all the right moves before you buy your property. Real estate firms can help you with all the little details and make sure you buy the property that fits your needs.
If you are in the market to buy a new property, Everything Real Estate can help. We offer great tips on buying, renting, and investing in real estate. We have a wide range of helpful resources for Calgary home buyers, including real estate negotiation tips and investment ideas. Book a consultation with us and let us help you buy your dream home today!