09
Sep
By support
Around The Home

Growing Your Wealth: 3 Reasons Why Real Estate Is the Ultimate Long-Term Investment

Growing Your Wealth: 3 Reasons Why Real Estate Is the Ultimate Long-Term InvestmentWhile many people may be hesitant to consider real estate as a viable long-term investment, owning property has a steady historical track record and isn’t as volatile as other investment markets can be.

Any investor who hasn’t seriously considered it as an option should take a closer look at the benefits of owning real estate and why it is the ultimate long-term investment strategy.

It Becomes A Consistent Source Of Income

Investing in rental property has the added benefit of being able to show regular returns in the form of rental income. Unlike other long-term investments that require a level of patience in order to profit, real estate can provide a large sum return in the future while still providing financial benefits on a monthly basis.

An Investment That Anybody Can Participate In

Many forms of investment require a level of skill or familiarity in order for first timers to jump straight into it with any level of confidence. Real estate is one investment that anybody can enjoy, thanks in part to the insight that can be gained from family and friends who have gone through the same process.

The level of knowledge that’s required to invest can be gained with some simple investigating to learn more about local areas that have increased in value and the kinds of homes that are popular. A real estate professional can take that information and add to it, providing invaluable expertise to the process.

Consider It To Be A Guaranteed Retirement Plan

Saving for retirement has become harder to commit to as each year goes by. Money being left in a savings account or an easy to sell investment can be dipped into at any point, leaving very little when retirement starts to roll around.

Using property as a long-term retirement plan requires a level of commitment to the investment and upkeep to the property that guarantees there will be something tangible to bank on later in life.

While investing in real estate may seem simple, especially when compared to other investment markets, it’s still recommended to consult with a professional before making any decisions. A local real estate professional will have a level of knowledge about which areas will be the wisest to invest in depending on how long in the future you are looking to sell. If you are interested, contact a local mortgage professional in your area today for more information.

07
Sep
By support
Home Buyer Tips

Buying for Retirement: 3 Reasons Why You’ll Want to Buy Your Retirement Home Before You Retire

Buying for Retirement: 3 Reasons Why You'll Want to Buy Your Retirement Home Before You RetireMany people dream of buying their ideal retirement home after their career has come to a conclusion – with all that extra free time it seems like it’d be the most logical time to shop around.

However, many real estate professionals strongly recommend that their clients find a retirement property before they’re off the payroll. While it may seem like a big time commitment to find a new home while you’re still busy with your work there are several significant financial benefits to purchasing your retirement home before you actually do retire. Here are our top reasons why.

It Makes Your Mortgage Easy

When you are employed it is easier to get approved for a mortgage. If you wait until after you retire to buy your retirement home, you may not have the income require to qualify for the mortgage that you need. Don’t limit yourself! Buy while you’re still employed to keep your options open.

It Leaves You With More Spending Money

Buying a new home while you have an income provides you with more security with your expenses, such as mortgage payments and planned upgrades or renovations. Having an income can also mitigate financial stress should you run into any unexpected expenses after closing.

It Leaves You Ready For Reality

You may think you can accurately predict the expenses of your new home, but if you buy the property before retiring it gives you time to get to know the true amounts of your monthly payments. This can help ensure that you have enough saved to retire and live comfortably in your new property, with no surprises for your budget. You’ll be in a better position to create a financial plan once you know the reality of owning your new home.

An Added Bonus: It Can Be An Income Property

If you decide to purchase your retirement home before you retire you don’t have to move into it right away. You can rent it out as an income property until you’re ready to settle in, which will not only help cover mortgage payments but will also allow you to see first-hand what the monthly expenses are for the property.

This will also prevent you from having to deal with a move while working; you can wait until you do finally retire before packing up your current home and moving into your new one.

Contact your trusted mortgage professional today for more advice to set yourself up for the future.

17
Aug
By support
Real Estate Tips

3 Things You Must Do after Inheriting a Home

3 Things You Must Do after Inheriting a HomeThere can be a lot of excitement when it comes to the realization that you’ve inherited a home, but simply because it’s an inheritance doesn’t mean there aren’t a few strings attached. Whether you’re expecting to be gifted with a home in the future or you’re currently going through this process, here are a few things you may need to watch out for.

The State Of The Mortgage

Once a home has been effectively handed over to you, it’s important to determine the status of the mortgage with the lender and if anything is still owed. While you have the option of taking over the mortgage in a lot of cases, in the event that there’s a reversible mortgage or you’re choosing to rent it out as a second property, you may not be able to transfer the mortgage. While this can often be a rather seamless process, if money is owed there can be other factors to consider.

Determine If You Want It

If you already have a first home and don’t want to take care of your second property as a rental unit, it’s important to realize that keeping the home may not be the best decision for you. While you have the option of organizing a short sale if you’d like to get it off of your hands, you can also contact a real estate agent who will be able to provide you with advice on how to proceed if you’re unwilling (or unable) to take control of the property.

Is It In Good Condition?

Whether you want to keep the home or not, there can be cases where it’s not even a question if it’s a home that you’re going to end up investing money into without much return. In the situation that a lot of money is owed on the house or there are serious issues with its general condition, you may want to release yourself from the inheritance and move on with your financial situation still intact.

There can be an instant feeling of acquired wealth in the event that you’ve inherited a home, but a home in bad condition or that you don’t want to take care of can end up being more of a headache than anything else. If you’re currently considering your options when it comes to a home inheritance, contact your local mortgage professional for more information.