If you have money that you want to invest you could do a lot worse that investing in real estate. You want an investment that will see you through your old age when you’re no longer working, well putting your money in real estate is probably your safest option long term. Everyone needs somewhere to live and land is a finite resource, if you own some you will be better off than most. Even in this ever fluctuating economy house and land prices will continue to appreciate. You just need to be in it for the long haul and be prepared to put in the hard work. Read these tips before you invest.
- Know what you want from your investments. If you know what your long term financial goals are you will be one step closer to achieving them.
- Don’t buy the first property you see. Yes you have to start somewhere, but don’t base your decision on emotional reasons, remember you aren’t going to live there, so it doesn’t have to appeal to you, as long as it’s affordable, warm and dry, someone will want it.
- On the reverse of that tip, don’t wait for the dream property. It doesn’t exist. The grass isn’t always greener and there might not be an even better one just around the corner. It is always better to close on somewhere that meets some of your criteria as you may be waiting a long time for the next great one to come along.
- Know your finances inside out and never let your heart rule over your head. Never go above your budget and always be prepared to walk away if it gets silly.
- Look for property that people want to sell. If people are desperate to sell you are likely to get a good deal. Go to open houses, go to auctions, let people know that you are keen to buy, spread the word around about what you are looking for.
- Understand that real estate investment isn’t a get rich quick scheme. Be prepared to sacrifice. If you want to make money in the future you are going to have to sacrifice now. Maybe you will need to forgo a holiday to save for a deposit. Maybe you will have to learn new DIY skills to do a place up on the cheap. Just remember though, what you put in now you will reap dividends in the future.