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Buying real estate is often used as a wealth management strategy because properties can appreciate in value over time. Below are several helpful tips to follow if you’re ready to buy your first investment property.

How to Buy an Investment Home

1. Focus on Location

Sometimes, a good home in a highly desirable area can be in higher demand than a perfect one in a rural or underdeveloped part of town.

Familiarize yourself with where people in the area want to live. Hot spots are usually focused around top school districts, amenities, and areas with low crime rates. It’s always possible to fix a cheaper property in a desirable area to improve its appeal.

2. Know What to Avoid

wealth managementNot everything is easily repairable. For instance, foundation problems due to erosion can make the home unstable. Water damage can also result in rampant mold growth.

Repairing these issues doesn’t always pay off, so avoid the risk. Hire a home inspector to take a close look at the roof, slab, framing, and other core features to ensure they’re strong.

3. Don’t Be Afraid to Buy Small

Bigger isn’t always better. Remember that small homes on large lots have far more renovation potential than large, fully finished properties with small yards.

Small properties are often priced more attractively as well, leaving more room in the budget for an addition, swimming pool, or sprawling patio. When touring homes, pay close attention to the potential of a listing rather than its current value.

 

Founded by Brian Stephan, CEO and General Manager, Stephan And Associates in Xenia, OH, offers a variety of wealth management services. Brian and his team assist with retirement planning, investment ideas, and general financial services. They’ll create a custom plan based on your goals, so call (937) 374-2002 to set up a consultation. Receive more wealth management tips by connecting on Facebook and explore the full scope of their work online.

 

The content of this article is for informational purposes only and should not be considered a recommendation of any particular security, strategy or investment product or investing advice of any kind. Information contained herein has been obtained from sources deemed reliable but Spire Wealth Management, LLC and its affiliates do not guarantee its accuracy. The views and opinions expressed in this article are those of the authors and are subject to change. Index information is provided for illustrative purposes only. Indexes are unmanaged, do not reflect deduction of fees and expenses and are not available for direct investment. Investing involves risk, including the possible loss of principal.

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

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