If you could look into a crystal ball 15 years into your financial future…what do you want to see?
I was meeting with a client recently and she was discussing her frustrations with trying to find the money to put aside to save for her son’s college education. She was overwhelmed with knowing how to choose the best investment accounts and confused about how much she should be contributing.
My question to her: have you thought about investing in property?
When done right, property purchases can be a wonderful investment in your future. The concept is simple; you put aside money today in property and the value increases over time so you can cash out in the future. It doesn’t matter if you are trying to save for college or for retirement, your money will work hard for you if you invest it properly in real estate.
By partnering with the right REALTOR® who understands your overall financial goals as well as the goals for your property purchase, you will be able to make a smart investment in real estate that will not come with any surprises, meet your budgetary needs and increase in value over time.
For a first time homebuyer
If you are buying for the first time and are not necessarily looking for your “forever” home, consider purchasing a two-family property. You can live in one side while renting the other to help offset your mortgage and save money for the future. In a few years, once you have established some equity, you can move out and let the rental income from both units pay the mortgage. You will be in a good position to earn money by selling the home or you can continue to earn money on the rental income once the mortgage is paid off.
For a homeowner who is looking to save for retirement or college
Purchase an investment property. This property value can vary, but let’s say you have a budget of $150,000. Put down a down payment of at least 20% and enter a 15 year mortgage agreement. You can rent this property and in 15 years you can either sell the property or remortgage it for the cash you may need.
Helping my clients realize their real estate dreams is my favorite part of this job. I always aim to work with my clients on a long-term basis. I am in touch with them about their lifelong goals, their home renovation plans, and even their retirement plans. My understanding of where they see themselves in the future helps me to make recommendations of the steps they should take today – whether it is investing in home improvements, or putting their home on the market to receive maximum value.
Reach out to me to discuss your real estate goals and to learn more about how you might be able to leverage real estate investing for your family.