Buying a home is a huge decision, with an awful lot to think about. When you first buy a home, you might be hoping to find your dream home that will be perfect for you. However, this can be pretty ambitious for a first home, or even for a second or third home. To start with, what might be your dream home now isn’t necessarily going to be your dream home in a few years. Another thing to consider is that real estate can also be an investment. Can you look for a dream home that’s also an investment, that maybe you can sell in the future or use for rental income?
Think of What Other People Want
If you want to buy a property that you love but that also has potential as an investment, you need to think about what other people want. Of course, if there’s something that you’re looking for in a property, it’s likely that other people want it too. At ShapeRealEstate.com, you can see how estate agents are able to identify the trends in the market and the things that homebuyers are looking for. As well as thinking of what you want personally, you have to consider which qualities are desirable in a property.
Buy Property With Extra Letting Potential
To get a balance between a home that gives you what you want and one that’s also a good investment, you could consider choosing a property with extra letting potential. While you’re living in it, you might also have another unit or extra rooms that you can rent out. Perhaps you might purchase two duplex apartments and rent one out, or you could buy a large home, offering part of it for tenants and keeping part for yourself. Some properties have extra annexes or separate buildings that give you a perfect rental unit.
Consider a Project Carefully
Choosing a property that you can work on could be a good investment. You can buy it for a lower price, put some work into it to get it up to scratch, and choose to sell it if it’s no longer suitable for you. However, there’s a risk in putting so much work into a property if your goal is to one day sell it. A lot of love can also go into it, which then makes it difficult to let go. You might be able to say goodbye to it, but you could struggle to move on if you’re very attached.
Think About the Future
Before buying a property that could be part home and part investment, you should consider the future. What are your goals, and do you want to make money by investing in real estate? If there comes a time when you decide to move on, how are you going to do it? Will you sell the property or rent it out? What sort of timeline might you be thinking about if you’re going to sell one day?
You can balance buying a home you like and also invest in a property that you could profit from in the future.
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