Real estate ownership is a solid, tangible investment that in important part of any retirement portfolio. Your real estate investments can play a large role in your plans and financial security. If you know you want to purchase a property, that’s a great place to start. There are many ways to invest in real estate with your future retirement in mind. A few ways are:
Own Your Home
This could be your most valuable asset. As your property generates equity, it may provide a financial resource when you need to downsize or seek additional health care.
Buy, Improve & Flip
Familiar with “Fixer Upper” or “Love It or List It”? If you have watched these shows, you know they offer a face paced depiction of flipping a home. You get the idea. Buy, fix and sell again for a profit. This can be a great way to earn a lump sum. Alternatively, it can be a risky venture if you don’t have the right assets, skills and access to cash. Secondly, you need to know what you can potentially sell the home for based on the local real estate market. PRIMESTREET knows market value and can help you determine if a purchase has potential to be successful flip.
Buy & Rent
One of the most common ways to invest in real estate and generate income, renting out a property offers lots of potential. As with most investments, weigh the pros and cons. Managing a rental property can be stressful, but there is opportunity for above average returns on your investment. A rental requires significant upfront capital, but the monthly cash flow can possibly pay the mortgage and put cash in your savings account.
Buy & Rent Short Term
This can be a great way to enjoy a vacation home and have it pay you in return! If you have the right house in a desirable location you might be able to make as much money from a few vacation renters as you would from a year round tenant elsewhere. Of course, you may need to hire a management company if you do not live near your vacation home. This investment is not made without considerations.
If you are ready to make the leap into investing in real estate, call PRIMESTREET today to talk with our client-focused owner/broker and start planning for retirement you deserve!