Dear Annette – Is buying a second home as an investment a good financial decision?
We hear this reference with invitations to parties… why not your real estate?
Yes Molly, I do believe that buying real estate can send you down the road of financial success, as long as you spend the time to investigate and plan out what that looks like for you. Buying anything on an impulse will increase your odds of the outcome not turning out as you plan.
Your first step is to determine whether you are looking for long-term or short-term gain. If you are looking for a short-term gain, then buying and rehabilitating and then selling a home is the formula. Many of us know this because of HGTV and all the “flipping” reality shows. Long-term gain can come with buying, rehabilitating, and then renting. You have the potential to make a small income per month, and as time goes on, the property will increase in value.
With either decision, you need to talk about a plan of action and timeline so you know all potential situations that you can encounter along the way.
I have also included a video, which you can watch below, on this topic.
I would love to sit down and chat about all of your options, please feel free to contact me to discuss.
Always, caring about your real estate options,
Read more: All Things Real Estate with Annette