Real Estate has traditionally been a popular way to build wealth and security for you, your family and future.
Depending on your risk level or level of involvement in managing your Real Estate portfolio, there are a vast number of options and opportunities. Investing in real estate is achievable, and with a solid strategy and the help of experts in their field, you too could enjoy this wealth building possibility.
If you are thinking of investing, here are the first few steps to take before considering your purchase.
Speaking from personal experience, I have seen first hand how Real Estate can help to create financial stability. By being mindful of my credit rating, using my eye for financing I have built my Real Estate estate portfolio, one property at a time. Thanks to the additional equity this has produced, I have been able to experience life to the fullest.
A good first step is to meet with some trusted financial advisor, assess your current situation and start to identify your long and short term investment goals. This is a good time to make sure your “financial house” is in order as you embark on housing investments.
Investing in Real Estate can take various forms, and levels of involvement. This is a good time to assess if low maintenance condominiums are for you, or if you prefer detached homes, with more than one unit. Additionally, you should consider whether you wish to be your own property manager or hire one out.
This is a good time to meet with your financial institution or broker and assess your financial borrowing capabilities. Consider options such as drawing equity from your existing property, or, provided you qualify, buying a new home for yourself, and converting your existing home into a rental property.
This is the fun part. Now is the time to work with a trusted Realtor andnd start the hunt for the perfect investment opportunity. Whether you are looking for a new home for yourself, turning your existing home into a rental property, or if you are seeking a single or multi unit, make sure to take the time to look and do the market research and math to ensure this decision makes financial sense.
Once you have found that perfect property, it is time to put on the landlord hat (or hire a property manager)and learn the ropes of landlord tenant relationships. Getting to learn the obligations of tenants and landlords up front will help this process. Take your time selecting the best tenant from the get go – make sure to verify credit and employment, check their references. Although this is time out of your day, it is time well spent if it means you end up with a great tennant.
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