You’ve likely come across a Fix & Flip show where they make it look easy, and all fixer-uppers get flipped in 4-6 weeks they put in thousands of dollars into it, then they turn around and sell it for a crazy amount of money. Yeah if you are rolling your eyes right now and saying to yourself that’s not realistic, not everyone can do that. We agree with you 100 percent. Also, we are not here to talk to you on how to fix and flip a home, believe it or not; there is a simpler way to make money through real estate.
It’s true there are many ways to make money in real estate, but we are here to talk to you about one specific way that is the most accessible to most people.
Are you ready to hear this top investment secret?
Buying A Home For The First Time Can Make You Money! Okay, it’s not much of a secret, but it’s definitely an essential step to making money in real estate.
How do you make your first home purchase an investment and how do you make money off it?
When you buy a home it’s easy to think you will be in that home forever; after all, it is a big commitment. But statistics show that the average American first-time home buyer stays in their home for an average of 8-12 years. This means that the average American will move and purchase a home a minimum of two times in their lifetime.
One or two home purchase in your lifetime is all you need to make sure you have a nice return on investment. You don’t need to buy or own multiple rental homes or commercial buildings to make money, although if that is your goal, then your first home purchase is a great start.
However, a more common goal that many people share is to have more money for retirement and your first time home can be instrumental in achieving that goal.
There’s a specific timeline that many homeowners will experience through their lifetime. Your first home purchase will likely not be your last, as the family grows so will your need for more space or better locations. Once the children are older and leave home, many homeowners feel inclined to downsize homes.
It’s within these typical life events that lies a great opportunity to make money, if you are mindful and learn to treat your home purchases with an investment approach, you will be able to meet your goal of making more money for retirement.
How To Make Sure Your Home Is A Good Investment
It’s no secret that location is an added value to any home, having a home in a prime location will always help the resale value of your home. Doing some research on future city developments or restoration plans of areas in your city can give you some insight into future city areas that are still very affordable but will likely increase in value in the future.
- Home That Needs TLC
Buying a home that perhaps has seen better days, but is structurally in good shape can also be a factor in building equity. This is something that could scare many people, but if you are comfortable in making some cosmetic upgrades, it could really help when it’s time to move on and cash out.
- Pay Attention To Real Estate Market Trends In Your City
Real estate market trends can be tricky because they fluctuate often. Although real estate, has consistently been increasing in value since the 2008 crash, there are still times when it’s better to buy or sell. There are a few signs that you can go by to identify if it’s a good time to sell or buy. For example, interest rates or home inventory levels in your area can let you know who has more of negotiating leverage the buyer or seller.
- Hiring A Knowledgeable Real Estate Professional
We understand that the above tips can be a little overwhelming especially when you are considering your long term goals. A trusted and knowledgeable local real estate professional can really help you in this process. If they are local to your city, they will know where the hot spots are and/or future hot spots. Your agent could also advise if a fixer-upper is the right choice for you and can help you keep you up-to-date on what the current market trends are like.
We at the Carol Royse Team have built our entire business on building relationships with our customers and help them achieve wealth through their home purchases. We are experts on all levels of the homeowner timeline, whether you are ready to buy a home for the first time, sell and buy an upgraded home or ready to downsize and cash out. We have extensive knowledge in our local real estate market and trends and in building wealth through real estate.
Not everyone will be a big shot “Investor,” but that should not stop you from maximizing your return on investment on your home, and the Carol Royse Team is here to help every step of the way.
Are You Ready To Make Money In Real Estate
Call Carol Today! 480.776.5231
If you are thinking of buying a home for the first time, upgrade to a larger home or down-size give us a call or fill the form below and we will contact you shortly.