You often hear of purchasing a home as being an aspirational investment, but what if one day could be today?
There are two critical things you need to make a big investment: time and money.
Your investment needs time to appreciate, this gives you the best chance of making a profit when you eventually sell. Additionally, making smart investing decisions takes a lot of research and knowledge. Starting early gives you time to gain experience.
Money is a bit harder to come by at a young age, but there are numerous options available to first time home buyers. Benefits can include financial assistance options, low payment loans, tax credits, and grants for down payment help and closing costs.
You might be thinking this all sounds like a good idea, but realistically how does one get started? They network.
Gaining the right contacts can be the difference between making informed choices and making the wrong choices. Talk to seasoned investors, real estate agents, lawyers, and experts about the dos and don’ts of investing – and do your own research too. The more you know, the better your investment, and the better your investment, the better the payout.
Once you’ve gathered the information you need, take a deep dive into your finances. Review your personal income, expenses, bank statements, credit score, and make sure to truly understand where every penny you earn goes. Once your finances are in order, you can start saving for a downpayment and mortgage.
It’s also a good idea research and review market metrics too. Consider landlord laws in the area, population growth, job growth, etc.
Purchasing real estate can provide you with a high return on your investment, tax benefits, and increased cash flow. However, its important to remember that the process takes time, so don’t get discouraged if its a couple of years before you finally make your first investment. The hardest part is always just getting started, so don’t put it off.
Researching Purchases
Consolidating Debt
Custom Exchanges