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Interested in Real Estate? Here's How You Can Start Investing this Year
May 21, 2019
After the turbulent housing market of 2018, investors are more eager than ever to take advantage of the lucrative market in 2019. In fact, more than 96% of Millennial investors are interested in entering the real estate market, eclipsing the more than 83% of Baby Boomers who share the same interests. But for the novice investor, shelling your money on new properties may seem like your only option.
If you're one of the many people ready to throw your hat in the ring, here are some of the top real estate
strategies you can use this year.
Buy a home
The most common way to enter the real estate market is by buying a home and becoming a landlord. This differs from simply buying a home and living in it on a day to day basis. If you want to turn your house into a financial investment, the property needs to make you money.
Renting out your home and acting as a landlord can be an important stream of revenue each month. While you'll be in charge of all the upkeep and maintenance costs, this can be a lucrative investment for properties in highly desirable areas.
Of course, renting out properties isn't all honey and roses. You might get a particularly dirty renter or an unreliable tenant. You also need to follow the local and federal laws associated with becoming a landlord. Regardless, you can rest assured knowing you'll earn thousands of dollars each year by renting out your home.
Flip a house
HGTV has amassed a large audience eager to watch house flipping shows. These fixer-uppers are swiftly bought and transformed into works of art by designers and construction specialists before making their way back onto the market. When all is said and done, you will pay a little to earn a lot. But this is a practice anyone can do as long as they have the constructive know-how.
Flipping houses can be a challenging affair primarily because of unforeseen issues with the house. For example, tearing down a wall to create an open floor plan might reveal asbestos, mold, or electrical issues within the home. This might cause your renovation costs to add up quickly. You should always talk about the pros and cons of buying a home with real estate agents in Houston Texas before making your final decision.
Real estate investment trusts
Real estate investment trusts, also known as REITs, are great for investors who feel more comfortable buying stocks than physical properties. A company or trust will then use your money to operate income properties, thereby enabling the company to avoid paying income taxes. This kind of investment helps both the investor and the trust or company in which they're investing. It will ascertain you receive a regular income without the hassle of making decisions regarding a property.
Are you interested in investing in Houston area real estate this year? When you're ready to talk logistics, rely on the experience and success of Kay Harris.
Buying a home for the first time can be stressful, overwhelming, and exhausting all at the same time! There’s so much to take in as a first time home buyer, so we’ve compiled some trade secrets for you to help you out in your journey. Keep Your Money Where It Is In the months before applying for a mortgage, you’ll want to keep your money right where it is. Lending companies want to make sure you have a reliable income, so moving your money around, applying for additional credit, and buying large ticket items can be red flags. You don’t want to take any chances when it comes to your credit profile! Go With the Flow There’s no perfect time to purchase a home, so try not to anticipate the real estate market to determine when to start looking. Real estate markets fluctuate constantly, and if you wait it out for the “perfect time,” you may never find the best home for you. Stalk the Neighborhood Sure, you can change things around your new home. But you’re unable to change your neighbors! If you find a property you really like, make an effort to visit the neighborhood morning, noon, and night to see what is going on. You’ll get a better picture of if the area is a busy neighborhood, if your neighbors are constantly out and about, or if you will be living in a relatively quiet place. Don’t Forget the Hidden Costs When creating your budget, don’t just focus on your monthly mortgage payment! Buying a home and maintaining it can be incredibly costly to those who are not prepared. Make sure to budget in closing costs, inspection fees, home insurance, regular maintenance such as mowing the lawn and cleaning out gutters, and utilities. As a general rule, it is always better to stay modest when creating a budget as you most likely will need some wiggle room with these unforeseen expenses. When it comes to Houston real estate, Kay Harris is the real estate professional you can turn to. If you are looking to buy a home in the Houston area, give us a call today and we’ll get the process started.
Three Ways to Get the House of Your Dreams in a Strong Seller’s Market
It is no secret that buying a home when relocating can be extremely stressful. It goes without saying that there are tons of things on your mind during this period in your life, so here are some tips that will help you buy a new home with ease.
If you are thinking about buying a home for the first time, chances are your mind is racing. There’s a ton of new information to comprehend, and it can surely be overwhelming. To make things a bit easier for you, here we answer some frequently asked questions for first-time homebuyers.
No matter if you are buying a home or selling your property, a real estate agent can do it all. It is their job to ensure that the entire buying and/or selling process runs smoothly, but what exactly does that entail? Here’s what you can expect your realtor to help out with along the way.
Now that you have decided on putting your home for sale, congratulations, the hard part is over. Now comes the fun of home selling; preparing your home to list on the real estate market.
It is no secret that buying a home is one of the biggest purchases you will make in your life. Chances are, you’ll be spending more of your time with your real estate agent than anyone in your life during the entire home buying and selling process. Your realtor is one of the best resources for any home buyer or seller, so it only makes sense that we have a few tricks up our sleeves to help the process go by as smoothly as possible for you. Here are some of our favorite real estate secrets for both buyers and sellers.
The real estate industry is full of special terminology and confusing acronyms. And if you’re preparing to buy or sell a home for the first time, this lingo can be overwhelming.
Buying a home is quite an exciting time for anyone, no matter if you are a first-time homebuyer or are looking to upgrade your current home.
It goes without saying that purchasing a home is one of the biggest financial decisions you will ever make. And with there being so much to know about your finances during this time, it is easy to feel overwhelmed. We want to make the financial process as easy as possible for you. So here’s everything to know about home mortgage interest rates.
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