Tips on Knowing Where to Put Your Money
Tips on Knowing Where to Put Your Money
If you're planning on investing your money in real estate, it's important that you do your research. It's particularly important to keep these things in mind:
1. Location, Location, Location
When you're buying a home, you're making a big investment; however, homes aren't liquid and their location is fixed. That means that you have to consider what neighborhood your home is in, what sort of shopping or schools are nearby, and a half-dozen other things as well. Always look around to see what you're close to when deciding on your dream home.
2. Upkeep and Maintenance
When you buy a house, you need to take a deep and critical look at what is right with it, and what is wrong with it. After all, if you can afford the price easily, but it needs new appliances and a new roof, then you have to figure all of that into your investment costs. Additionally, when you buy a home and you make improvements such as these, it improves the home's value and you can claim the material expense as a tax deduction when you sell the home.
3. Foreclosed Homes
After the housing bubble burst, a lot of houses were repossessed and put up for sale all over the country. This is a great way to get a house for a lower price, but you have to think carefully when you decide to purchase one of these homes. After all, just because the house is cheap, can you afford the property tax for the area it's in or for the worth of the home itself? You need to consider all of the options and possible drawbacks before you decide to hand over your money on a foreclosed home, no matter how good a deal.
4. Become a Landlord
While the real estate bubble might have burst, and lots of people have lost their homes, that doesn't mean there's no opportunity. If you can establish an apartment building in an area where people will need housing (a college town, like Charlottesville, or a city with a constantly flowing population), then you have a goldmine on your hands. As long as you check your tenets and make certain that you can keep your maintenance costs down, being a landlord is a great way to make money quickly and efficiently month after month.
Blog Author Bio: Rob Alley earned a bachelors degree at Virginia Tech, in Blacksburg, VA in Biology. Rob Alley consults with homeowners regarding Real Estate transactions and speciliazes in listing and selling Charlottesville Real Estate. Realtor/Owner of Virginia Real Estate Solutions at RE/MAX Assured Properties
Charlottesville Real Estate Experts
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