Dabbling in real estate can be an incredibly fulfilling experience, and one that often leads to financial benefits as well. When it comes to purchasing an investment property, there's a lot of money to be made - both in the long-term and short-term - especially if you have good market knowledge and discerning foresight. If you're planning on buying an investment property in Edmonton, here's what you'll need to get started.
Professional Help in a REALTOR®
Hiring a professional real estate agent sooner rather than later can be beneficial when it comes to finding the right investment property. Especially if you're new to purchasing real estate for investment purposes, there are plenty of lessons that can be learned from a seasoned professional that will assist you in the process. Take advantage of all of the tools a professional can provide you with, including specific advice, properties that aren't on the public market, and research tips, and hire a professional to get your search started.
Financial Go-Ahead: Mortgage Pre-Approval
Before you start your search for an investment property in Edmonton, it's a good idea to pay a visit to your mortgage broker or bank. Since mortgage rules and restrictions vary for investment properties versus owner-occupied real estate, it's important to ensure that you're pre-approved for a mortgage on an investment property before you invest your time and energy in searching for one.
Time and Energy for Research
One you've been pre-approved for your mortgage, you'll likely want to do plenty of research on your own time to ensure that a particular property is right for you. This includes leaving time open for viewing properties, searching for properties online, and simply driving around new neighbourhoods to determine your area of choice. If you don't have the time to commit to your search, ensure you have an agent who understands your needs and goals, and who can assist in the process.
Clear Financial Goals and an Investment Plan
Your specific financial goals can often determine the kind of investment property that is best for you, so it's important to ensure that these goals are clear - both to yourself and to your real estate advisor. Perhaps you're most interested in the ability for high rental income, perhaps you're most concerned with long-term property value increases, or maybe you're planning to remodel or renovate the home for a short-term financial benefit. Be sure you consider and discuss these factors, both by yourself and with your family, as well as with your real estate agent.
Purchasing a home for an investment can be a fun project, and when approached with the right tools, can be incredibly financially rewarding. So be sure you gather your tools, like a real estate professional, a mortgage pre-approval, and an investment plan, and get fully equipped for your investment property search.Posted by Sarah MacDonald on
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