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Why It's Wise to Invest in Real Estate
Jun 18, 2019
Real estate is a large and consistent market that is worth investing your money in. It offers you and your community a lot of wonderful benefits, and if you do it right you can make back your investment and then some. Here are some of the top reasons why it's a wise idea to invest in real estate:
1. Earn a Passive Income
A passive income is money that you earn from a business venture while you're off the clock. It's money that comes your way even when you aren't putting in work hours. Real estate can help you to generate this kind of income when you rent out properties to people in your community. Owning several rental properties gives you multiple streams of income. It does require upkeep and coordination with your renters, but if you do things right the passive income you earn will be more than enough to keep up with maintenance costs.
2. Protection Against Inflation
Inflation and changes in the cost of living is something that is hard for many people. However, it can benefit realtors. Even as prices change and the cost of living grows, you will still continue to earn a regular income that may even grow as the cost of renting goes up. Investing in real estate can protect you against these societal changes that most other people fear.
3. It Will Always Be There
People are always going to need shelter. This is why real estate agents
have a business that isn't going to disappear any time soon. If you want to invest in something that is going to last you over the years and create a consistent flow of income, this is a great bet for you.
4. You Can Improve Your Community
Being in charge of real estate and rental properties gives you the opportunity to make positive changes in your community. You can upkeep the homes you rent and create safe, well-functioning homes for people to live in. Struggles with property management is a huge issue for many renters and this is your chance to make a difference in that area.
5. It Offers You Flexibility
Real estate agents can work for themselves and build their own schedules. If you want to have more flexibility in your work schedule without giving up your income, real estate is a good way to go.
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.
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