Published June 15, 2021

Are You Considering Buying a Property?

Written by René Ahmad

Are You Considering Buying a Property? header image.

Here’s why now may be the time to buy a second home or investment property.

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Are you considering buying a second home or investment property? The pandemic and very low interest rates have contributed to the desire for both. The benefits of vacation homes became apparent to many who needed a change during the health crisis. People gravitated to warmer climates, lakes, cottage country, and even city condos with easy walkability to other areas.

You may want to think about buying a vacation home and using it as a rental property part-time. If this sounds like the option for you, check with the homeowners association and learn about any rules or restrictions. Also, speak with your financial advisor and accountant to ensure your plans are good for your portfolio.

"If you hesitate now, you may end up paying much more in the future for the same property. "

If you’re considering buying another house, think about your current lifestyle; are you looking for something different or just a property in a different part of town? Also, think about your budget and how that corresponds to what you want to do. When looking for a property, make sure to examine the condition, price point, how much it would likely rent for, and how much ongoing maintenance might cost you.

In 2020, the median price range for seasonal homes increased by 21%, and prices are still rising. Finance consultant Dave Ramsey recently stated that he believes housing prices will continue upward and that we’re not in a housing bubble. He thinks that if you hesitate now, you may end up paying much more in the future for the same property. Don’t wait for the real estate market to turn because it may not.

Remember that owning an investment property helps you build wealth over time. It’s currently an excellent market for both buyers and sellers.

We’d be glad to help guide you through the entire process. Simply let us know what you’re thinking about doing via phone, text, or email. We’d love to answer your questions and help you build wealth. Hope to hear from you soon.

Are You Considering Buying a Property?

"If you hesitate now, you may end up paying much more in the future for the same property. "

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