Buying property for investment purposes is quite a bit different than buying your own home. When buying a home for your family, you have specific parameters to fulfill based on practical desires and emotion. The house must be in a good location, of adequate size and a specific style. Moreover, when you are buying a family home, it’s typically a place you fall in love with. However, that’s not necessarily the situation with buying property as an investment. At Shield Real Estate, we can help you narrow down the field of available properties to those that fit your financial needs.
Matching Your Skill Set to Rental Property
One of the initial questions to consider is how proficient are your abilities as a landlord? Renters come and renters go. They are like a revolving door. Some might stay longer, but others might leave before you expect them too or even cause damage to the property. Are you a people person, and can you deal with the ongoing process of posting ads and interviewing acceptable tenants? Ask yourself if you really have the time to put into the process of finding good renters and dealing with issues as they arise. These are tasks that we can help you with at Shield Real Estate.
Maintaining Investment Property
There’s no question about it: Rental property involves constant maintenance. Being handy with repairs is definitely a step in the right direction. It can save you from costly repair bills if you have the time necessary for scheduled maintenance and emergencies. It also gives you the freedom to buy an older property needing immediate attention. Take all repair and maintenance costs into account before deciding on a property as an investment. At Shield Real Estate, we recommend using sustainable materials and techniques that will keep energy and repair costs to a minimum. We can help you bring a property into compliance with building and safety codes.
Finally, include an accountant or financial adviser in your quest for investment property. Understand what your tax consequences will be and how you can plan for them.
For more information about purchasing a rental property or property management, contact us at Shield Real Estate. We can help you make the right decision for you and your investment portfolio.Contact us