Real Estate Is an Attractive and Gratifying Way to Invest. Here Are Five Tips for Those New to the Game.
Determine Your GoalsAs with any investment, you should have a goal in mind before committing any resources, financial or otherwise. Real estate offers several outlets for earning an ROI. Long-term income is gained from buying and renting, while short-term gains often come from buying, renovating, and reselling (otherwise known as flipping). There are even full, ground-up development opportunities, be it single-family homes or high-rise shells.
Know Your LoansReal estate—even at the lower end of the price spectrum—can be quite expensive. While cash is most often used for acquiring an investment property, there are a variety of loans that can provide investors more flexibility in securing their chosen property (like Fixed, ARM, Jumbo, and FHA).
Assess the Market ConditionsCertainly, you can make money in any real estate market, whether that market favors buyers or sellers. However, good investment begins and ends with determining if a market is fitting to achieve your investment goals.
Location, Location, LocationIt's tired. It's worn. It's the most oft-repeated phrase in real estate. It's also true. The best real estate investments are those in the best locations. When scouting Chicago investments, you want areas that are well established with amenities and close to restaurants, shopping, entertainment, and transportation.
Partner With a Savvy AgentThere's a lot of nuance to real estate. Find an agent well-versed in the local market. One who provides reliable data, a keen eye for details, and negotiation skills built from years of deal-making experience.
Are you interested in buying and selling Chicago real estate? From the Gold Coast to Lincoln Park to Streeterville, contact Margaret Baczkowski today and allow her years of experience and expertise to help you navigate the process. (The team is also licensed in Indiana, Michigan, and Wisconsin.)