I Would Love To Own A House But….

People often say to me, “Oh, I would love to live there but I can’t afford it”…. or I want to buy a house but all of the homes that I can afford are not where I really want to live.

As everyone knows, the reasons why we live or move somewhere change over time. People who have enough savings and good credit should consider buying a property and working with a realtor to find areas where the investment is worthwhile. But another option to consider is buying a house to rent out.

Of course the market for rentals in the area chosen has to be strong enough to justify this kind of investment decision. Your realtor can help you to understand historical real estate and other trends that make the area attractive and affordable for renters today and especially in the future.

Purchasing a home to rent to others affords you flexibility while at the same time providing a beneficial investment. You’re free to change residences as life, job and family circumstances change. From your rental, over time you can explore different communities in the area that may be only a few minutes apart and yet are very different. Here again, your real estate agent can be a valuable mentor and guide.

Some people are buying a property where their children are going to college or graduate school. The children have a place to live while in school and can manage the property until they graduate and move elsewhere or perhaps get a job locally and pay rent. The property stays in the family and appreciates as an investment. Although there are pro’s and con’s for being your child’s landlord, the arrangement can prove to be a win-win.