It continues to be a buyer’s real estate market in San Diego and a great time to buy property. Whether you are a first time home buyer or an experienced investor, housing prices are still significantly down from five years ago and mortgage interest rates are still at an all-time low. Historically, real estate has always been one of the best investments – so be smart and take advantage of this current window of opportunity.
Below are some recommended chronological steps that you can take to invest in property.
The first step is to consider buying a home for yourself, if you do not already own one. You can take advantage of the current buyer’s market and the other benefits that go with homeownership, like the tax break on your mortgage interest.
Only buy what you can afford and what you feel comfortable with. A good mortgage broker or bank representative can pre-qualify you for a home purchase and help you determine what you can comfortably afford.
After you have a home of your own, the second step for you is to consider buying an investment property. It does not matter whether it is a condo, single detached home or a multi-unit property. You just want to purchase something that works within your budget. Remember to never over extend yourself financially.
A healthy financial portfolio should always be diversified and include at least a couple of real estate investments. If time and money permit, it is recommended to continue to purchase additional real estate to secure your financial future.
One of the most important and simple concepts in real estate is to buy property when it is a buyer’s market and to sell property when it is a seller’s market. Since we are currently still in a buyer’s market, now is the time to buy.
There has been a trend this year with the number of home sales and prices increasing. So if you are in a position to buy a home or an investment property, you should take advantage of buying something now.
Be smart with your money. There is an old and very wise saying: “It is not how much you earn in life, but rather, what you do with what you earn.” I cannot emphasize enough how much truth there is to this saying.
Through the years, I have known many people who have had “regular” jobs like janitors, waiters and housekeepers and they managed to buy and ultimately payoff their properties. On the flip side of the coin, I have known people who have worked throughout their careers and have made a lot more money than the janitors, waiters and housekeepers and yet they do not own their home or have any investment properties.
As you plan for retirement, it is recommended that you ultimately pay off your mortgages. This will allow a place for you to live “free and clear of any mortgage debt” and if you have an income property, you will have income from that investment.
So, in this buyer’s market be smart with your money and invest in property.
Until we meet again, enjoy your home life.
Trent St. Louis is a licensed Real Estate Agent and a member of the National, California and San Diego Associations of Realtors. You can reach Trent at The Metropolitan Group at 619-300-1621 or at SpecialAgentTrent@gmail.com CADRE#01273643.
Thank you for your post! I have been looking into investing in real estate but was confused about where to begin. I will definitely keep this advice in mind. Keep the great info coming.