It’s a weird position to be in. You’ve left home, perhaps graduated college, found a steady job with decent benefits, and saved up a small nest egg. First of all, congratulations! You’ve got this adulting thing down.
You know the next step in your personal journey is to buy a home and start building equity. But you also really like where you live now. What should you do if your current lifestyle doesn’t match your ideal financial plan?
Maybe your first home should be an investment home. Keep reading to see if this could be the right choice for you.
Do you already Live the Life You Choose?
If you’re like many Millennials, you’ve spent the last decade since the recession hustling. You’ve moved up from that dilapidated apartment on the cheap side of town. Now, you have a decent space in walking distance to all the local amenities that interest you most. But you know you can’t quite afford to buy in your chosen neighborhood without sacrificing all the experiences that make it worth living there. That’s quite a pickle.
That’s also the beauty of investment homes. With a little market knowledge and DIY savvy, you can find a good investment home without changing your personal lifestyle.
Do you plan on investing in real estate someday anyway?
Even if you don’t personally know real estate investors, you can picture the general timeline people take. First comes that raise you worked hard for, then the perfect wedding to your perfect spouse, and next 2.5 happy children. Investment homes come squarely after all that. But who says you have to take those steps in that order?
If real estate investment is part of your long-term financial plan, it could be to your benefit to begin sooner than later. Take risks while you’re young and independent, and while you can effectively juggle your finances without the surprise costs that come from managing a full household.
Do you enjoy having a side hustle?
When investment homes are managed correctly, they can be a great source of secondary income. Those extra funds can then be saved for a primary home when you’re ready to buy or they can be used to build upon your investments.
Keep in mind that investment properties are not just a free source of income, though. You will have to manage any repairs or home updates, or hire people to help. There will be good months and not-so-good months. But with a little help, planning, and good tenants, the good should far outweigh the bad.
Do you want to talk to someone about whether this is the right decision for you?
Owning an investment home is different from owning a primary residence, which means it comes with its own benefits and challenges. But if it’s the right decision for you, it could be the best decision you ever make.
Luckily, the expert REALTORSⓇ at Beverly-Hanks are here to help! Many of our agents are experts in buying investment homes for renting or remodeling. Contact us today to speak with a Beverly-Hanks real estate agent about buying investment homes in Western North Carolina.