Ahead of Kenya Homes Expo 2019,what are the advantages of investing in real estate? Everyone should own at least one house or a piece of property.One of the many benefits of investing in real estate is being able to generate wealth through appreciation, building equity, and hedging against inflation.
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Look if you decide to rent the place, profits go into your pockets. However, you can use the little you get to maintain the house or cover insurance. Economically, owning a home is a good investment plan. With time, the value of your property increases and sells at a higher price than you originally paid.
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Potential real estate investors should make sure to understand the mortgage market. If you get the right mortgage, it could help keep your costs low and reduce uncertainty about the property’s cash flow. Using the leverage of a mortgage will free up some of your cash so you can save it for repairs or a future investment.
Invest in single-family homes first since it’s the simplest way to get started as a new real estate investor. The upkeep is easier than multifamily or commercial properties. With only a single tenant, there doesn’t tend to be as much wear and tear on the property and, when something breaks, you’ll only need to fix one thing.
Invest in an area that will get a high return on investment. A cap rate of 7% or greater is ideal. You can find some amazing deals in locations that are transitioning or in gentrified areas. To obtain the highest return on investment (ROI), you will need to know the area and what houses are selling for in the neighborhood.
Invest in a rental property in an area and niche in which you are familiar. Draw from your previous life experiences to gain a competitive advantage. For example, if you’re retired military, then buy a rental property near a local military base for military transfers. If you’re a college alumnus, then buy a student rental near your university’s campus. If you’re a nurse, then buy a rental property for short-term nurses near your hospital.
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