Is now the right time to buy?
It’s never the right time to buy the wrong property. How do you know…Is now the right time to buy? You must be judicious whenever you buy anything especially a big ticket item like real estate.
When you buy, you aren’t buying the general real estate market conditions, you aren’t buying the neighborhood, you are buying an individual property
–so make sure you look at as many similar properties in the neighborhood as you can.
90% of what goes into the valuation of residential property is what a similar property has sold for in the last 6 months
–do your homework and enlist the assistance of an experienced real estate professional (investor and/or Realtor).
Investment property is all about the numbers:
- purchase price
- annual rate of return
- operating expenses
- interest rate (if you’re getting a mortgage)
- attractiveness to (amount of) tenants
If you are buying a property to live in yourself, make sure you find something you are happy with and something that you can afford for the foreseeable future.