Why Invest In Real Estate?
If we've learned anything over the years, it's that the cost of real estate continues to climb. Being able to acquire a second home to rent out, a duplex, or small apartment building can be a great way to generate financial freedom for yourself and your family, if you understand the financial commitments involved and the maintenance required to keep a property's value at a peak level.
Here are some great reason's to invest:
Forced savings. Contributing towards a mortgage automatically forces you to save, and instead of throwing your money away paying rent, these monthly payments contribute to future security.
Appreciation. Due to supply and demand, home prices rise. In looking at the housing market in Kamloops, if you bought a home in the summer of 2004 for $279,500 , it would sell now for $474,000.
Tax-free profits. When your home is your principal residence, and you sell it, you will not pay tax on any of the profits. This is one of the best and simplest ways to build up wealth that we have in Canada.
Build Your Equity. With the trend in the housing market, your home will naturally rise in price. On top of that, your mortgage payments will be lowering what you still owe on the property. The difference between what you still owe and what your home is valued at, is your earned equity. This earned equity will give you the ability to obtain additional financing, obtain a second mortgage, or move-up to a larger home or investment property.
Investing in real estate is different than owning your own home. If you're becoming a landlord and renting out your investment property, for example, you'll have to understand the legal obligations of the landlord/tenant relationship. And when you search for an investment property, you'll need to be able to assess which property is likely to have the best Return On Investment or ROI.
That's where I come in...I can help you understand:
- The legalities involved in owning an investment property.
- The market analysis for each property you are considering.
- Tips for realizing the greatest long and short term gain on your investment.
- Answers to any other question you might have!
The next obvious question is "Where Should I Invest In Kamloops?" There are many theories as to where the most sound purchases should be made in town, but you really need to know where you're going to see the greatest increase in value on your purchase, and for that info, feel free to give me a call!
If you have questions about investing in the real estate market or you are ready to begin your search for an investment property, call me at 250-374-3331