Why Your First Home Should Be an Investment Property
Everybody reaches a point in their life when they start considering purchasing their own home. And because you are reading this right now, you’re probably thinking about it. too. But have you ever considered turning your very first home into an investment property? It is true that most people only think about investment properties after they have purchased their first or their second home. It doesn’t mean that you couldn’t start sooner. Read on to find out why it is an excellent idea to jump into real estate investing early in the game.
You are Young and Independent
You are most probably living the best years of your life and you can still live by your own rules, do some traveling and just be having fun. But if you have more important goals you can use this amazing period of your life to cut costs in ways that might be impossible to do when you’ve got more obligations when you grow older and your family grows larger. The key is to figure out how you can manage your money effectively so you can save enough for a down payment.
Your First Home Can Give You Extra Income
If you decide to turn your first real estate purchase into an investment property, you will be able to profit from it when you find tenants. You can use this money to cover your debts and bills or better yet, to invest in another property.
You Get a Property and Someone Else Covers the Mortgage
Many do have doubts about investing in a house, but renting out your first home can help ease your worries. It’s a good way to own a property you really like and not worry too much because you’ll have tenants and your rental income can help pay off the mortgage. You can do this until your finances improve and you can live in the house yourself or even beyond that time.
You Can Reap Capital Growth Benefits
Smart investors always consider capital growth when they think about their investment strategy. Investing your money in an investment property for your first home opens your door to long-term capital appreciation and of course, the ability and the opportunity to refinance and purchase more properties. You have to be careful though in choosing the location and buy a house in an area that shows high capital growth potential.
The thought of making your very first home an investment property may go against most people’s notion of how you should approach your early adult life, but that shouldn’t stop you. Remember that if while saving money when you’re young is great, investing it so it can grow may even be better.
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