When is a good time to buy investment property?
There are many valid answers to this question. It depends on your financial situation and of course, your long term goals.
Some of our clients desire a home that can be rented part of the year and allow tenants the remainder of the months.
Other clients purchase a home initially for rental and plan to retire and use the home in the next five years. By the time they occupy the home, it normally has increased significantly in value the day they move in.
I will be happy to answers specifics to your situation via email.
Rivage
March 8th, 2006 at 12:41 pm
So, is now a good time to buy in Virginia Beach? Could we possibly get it rented out for the summer time?
Thanks,
Robert
March 14th, 2006 at 6:53 am
Yes Robert, that theory works well at this time of year. Because we are a resort community, rental is at the highest level in the spring. Even though these may be yearround leases, it is apparent that newcomers to the area make plans at this time of year for relocation. This also is due in part to the school year ending in June.
Many clients purchase a second home with the idea of using the home in the winter months and renting it weekly in the summer. There are many points to consider when this idea is implemented such as furnishings, decor, housekeeping, etc.
Other clients find that they prefer to furnish a home and use for weekends year round while anticipating the appreciation that has a solid history in this marketplace.
Thanks for your response,
Rivage