Summer is a perfect time for vacations and relaxing. Whether you prefer the mountains or beach, you’ve probably said to yourself, “wouldn’t it be nice to live here all year?” With a little bit of planning and foresight, you could turn your hope into a reality.
The way to do this is through an investment property. This is property you purchase with the goal of earning a return on your investment through rental income or selling the home sometime down the road for a profit. This could be a long-term or short-term investment, depending on your time frame.
Owning an investment property can be hard work and obtaining the financing can be harder in comparison to your primary home, but the long-term benefits can far outweigh any potential short-term headaches. Speak with a reputable lender to determine what financial information you will need to provide to the bank and what exactly your goals are in regards to the property. Are you looking to rent it out for 5-10 years? Looking to renovate and quickly sell for profit? Having a clear picture will help your lender determine the best course of action.
Location will play a large part in determining your return. Vacation destinations are ideal targets for maximizing your rental income. Properties near a major university or business are also prime areas where you can find willing renters for your property. Know your market and your potential tenants.
There are certainly deals to be had on the real estate market but do your homework and make sure you have the time and money to see your investment through. Unexpected expenses for renovations, maintenance and taxes can quickly deplete your bank account. If your handy with tools and have some savings, it can go a long way to helping you save time and money. However, owning an investment property can also generate a very steady monthly income and put you closer to making your vacation spot your everyday home.
Our team will connect you with a specialist within the Keller Williams network for assistance with projects outside of metro Atlanta. For additional details please contact The Debbie Leonard Group at 404.419.3610 or 404.419.3500.