For many, the start of a new year is the perfect time to take on new challenges and explore new opportunities. Looking toward a healthy financial future is also a big motivator for those wanting to do more in 2021, and property buying is a great step in the right direction if you’re looking to generate more income in the year ahead and beyond.
But the idea of buying property can seem intimidating as you ask yourself where to begin. If you’re ready to invest and buy a property, SRC Land knows exactly what you must do. Following the steps outlined below can help you make an informed decision and assist you throughout the buying process.
1. Finding the Right Property
The first step to take once you’ve made the decision to invest in real estate is to decide the right type of property to buy based on your needs and expectations. Consider the long-term implications of the kind of property you’re looking to purchase.
Buying a property to ultimately use for rental income is one strategy, while buying property to eventually sell in the future may be another. A long-term outlook for what you’d like from your property will help you make the right decision for you and your family.
2. Find the Right Team
Talking to experts or more experienced buyers is another step to take to ensure you’re on the right path. A local real estate agent will likely have extensive experience with investors and give you a better understanding for the key differences between buying an investment property and land for a primary home.
As you put together a team to help you purchase your property, in addition to an agent, you’ll want to consider a home inspector, insurance agent, and appraiser, but the brokerage firm or real estate agent you work with will help guide you to these professionals.
3. Identify Investment Goals
Define what your investment goals are, whether you’re ultimately looking to build a single-family home or purchase land for a multi-unit property, and this will help you determine what and where you’ll be buying.
It’s important to be realistic about what you can take on financially to give you the best return on your investment. Sitting down with your lender to discuss current rates and identify finance strategies will paint a better picture about the smartest routes to take when deciding to invest.
4. Compare Several Properties Before Buying
Explore the properties available in your area of choice, and look at the nearby amenities that would make it a more attractive investment. Maybe you’re looking for property that’s easily accessible to local hot spots, or you’re looking for real estate that boasts great views and privacy. Comparing properties will be a great way to ensure you’re not missing out on seeing a property’s potential when making a decision.
In exploring a property’s potential, also look at realistic expectations about how much work you’re willing or able to put in. You might find a diamond in the rough in need of upkeep or work, but how much time and money will need to be put in to meet your standards?
5. Finding the Right Lender
The final step in the buying process will be to determine the kind of financing available to you. Whether you’re applying for a traditional loan or will require seller financing services, by this point you should have an understanding for what terms are available to you based on your credit, down payment, etc. Finding the right lender is critical to ensuring you’re moving in the right direction.
Because the decision to invest is a major one, make sure you identify a trusted company to work with when buying your dream property. For more than 20 years, SRC Land has worked with individuals and families to make the process of land buying simple and reasonable for anyone struggling with conventional lenders.
Whether you’re working with bad or no credit, SRC Land offers seller financing options for people looking to experience the American dream. SRC Land offers low down payments and affordable monthly payments throughout Texas, including beautiful owner financed properties for sale in Harlingen.
If you’re ready to invest in your dream property this 2021, SRC Land will assist you each step of the way. Contact us today to check out the amazing land opportunities available, and let us guide you on the path toward your dream property.
Let SRC Land offer you the best in seller financing options and an easier way towards realizing your dream of owning your own property.