Perhaps you are thinking of buying your first home but are not sure if this is right for you. Have you ever thought of buying an investment income property first? Well, it might seem a bit odd to buy an investment property before your first home, however, there is some thought that this might be a good idea for you.
First steps
Before we jump ahead too far, talk to your mortgage broker about your financial options. You may be surprised to find out what options you have. If you decide to go ahead and invest, here are some ideas we have put together for you.
- If you invest in a property, it might be a while before you buy a home for yourself.
- On the other side, if you buy an investment property, you can generate income to pay down the mortgage and build equity.
- Depending on your mortgage you may be allowed to add extra payments on your mortgage to pay it down faster.
- When you buy an investment property it allows you to move around and have more personal freedom.
- An investment income can help you save money faster to allow you to have a downpayment on a home faster.
Buying real estate can be the right answer for you
You might not want to buy a home right away. Investing in an income property has the advantage of allowing you to have cash flow (after all property expenses are paid). This can help you fund your lifestyle and save. This may be an option for you if you are not ready to take the step of home ownership right away.
- You can use part or all of your residence to rent out rooms.
- You can rent out land on your property for storage.
- You can deduct any reasonable rental expenses from your income tax.
Find the right home
If you are looking for the right home, our Anne Winch Real Estate Team can save you some steps. Our Team can:
- Check MLS for the right type of rental investment you want.
- Check with other real estate teams to find out if there are any properties that are going to be listed.
- Find the neighbourhood where you will get the best value for you – research what markets you can afford.
- Help you find properties that may need a bit more TLC but are still going to give you a return on investment.
Our Real Estate Team
You can’t always know what real estate investments are out there without a good real estate team to be on the lookout for you. Our Anne Winch Real Estate Team can be there for you to find investment opportunities before they hit the internet. It is important to have a real estate team you can count on to help you find these opportunities so that you will have more free time.
Leave the negotiations to us as we have many years of experience negotiating real estate deals. We would love to help you find the right rental property for your next investment. Give us a call, text, or email to find out how we can be your real estate team on the road to your future real estate investments.