We all want to make money when buying a home. We search high and low for a nice house in our price range and probably plan to spruce it up a bit. Over the years, the piece of real estate will ideally increase in value. There’s not much worse than buying a home that decreases in worth as years pass. One way you can play it safe is by learning and understanding the real estate market prior to diving in. There are plenty of handy and helpful resources at your disposal. You simply have to know where to look for them. I think we all could use a real estate investing tip or two. After all, this is a BIG investment.
The very first home I purchased was in Salem, Oregon. Just before buying, I received a major real estate investing tip from my father. He told me to check the surrounding homes and neighborhoods for registered sex offenders. Now, I know what some of you may be thinking, and no I didn’t go door to door asking criminal histories. I simply got online and took advantage of the free county sex offender search. This website told me all sex offenders registered and living in my county. I was easily able to see which ones lived near the home I was about to purchase. There were none within a mile radius. I was definitely glad my father hit me with this crucial real estate investing tip. Otherwise I wouldn’t have done it. Anyway, I went ahead and purchased the home. I was stoked at how nice the neighborhood was. Just to give you an idea, here are some of the things I investigated prior to purchasing. The school systems were my first priority. You’ll also want to keep this in mind when investing in a three or four bedroom home. Clearly your buyer is going to have children, and that equals school systems. Secondly, I checked the local crime rate, which was good. Everyone wants to live in a safe area. Just hope things don’t go downhill. If the crime increases, it can affect the sale of your home. And finally, I scouted out the local amenities, shops and stores. Most people want these at their constant disposal.
Need another real estate investing tip? Pay close attention to the market. It clearly has its ups and downs. DON’T sell during a “buyer’s market” or you’re likely to lose a bundle. Remember your goal is to turn a profit. Sometimes that involves waiting it out.