The benefits of making your first home an investment property.
An investment property is a real estate property that you purchase with the intention of making money back by renting it out or reselling it. If you are preparing to purchase your first home, then making it an investment property is probably the last thing on your mind. However, there are some reasons why you should consider taking this step. For instance, consider the following.
- You’ll Generate an Extra Source of Income
When you purchase a property with the intention of renting it out, you can start making profits as soon as you find qualified tenants. Your rental property will become an easy form of income that you do not need to worry about. With this extra cash flow, you will have an easier time paying your bills and debts.
- Real Estate Can Be Affordable
While home prices are on the rise, many young homeowners can score a deal in the form of distressed sales. Distressed sales are homes or properties that have been foreclosed on. The banks are willing to sell these properties at a low cost to quickly recoup their losses. By taking advantage of distressed sales, homeowners can get into the investment game at prices way below market value.
These are some of the reasons why you should consider making your first home an investment property. Do you need help buying or selling in the Hermosa Beach area? If so, contact the experts at Brighton Escrow to get the top-tier escrow service you deserve. Serving the Hermosa Beach area, we are ready to make home buying and selling a breeze.