In order to be in a position to make decisions about purchasing real estate you first need capital. We have all heard that the first investment is the most difficult due to a lack of down payment. Most of us have to work and save to obtain the initial funds for a down payment.
Once you have the capital to get started with your first real estate purchase, it can be overwhelming taking the first step as a new buyer.
There are so many questions: Am I doing the right thing? Which property do I buy? What type of loan should I get? etc. When seeking to make real estate investments, there are many questions you can ask yourself, and most of them tend to make investment selection difficult and confusing.
The decision making process is made much easier by narrowing your focus and concentrating on just a few variables. Usually when we are considering making a purchase we have a limited amount of money available to us to invest. We should only be concentrating on properties within our price range. Today limitations on price, and adhering to a budget, is even more difficult due to the fact that properties sell so quickly and often for over the asking price.
It is pretty easy to establish your specific price range for your investment purchase. This one decision will narrow your investment choices immensely. You should always purchase the most your budget will allow. Having a Realtor that can help in locating outside funds can greatly enhance your ability to maximize your purchasing power.
It is true that at certain times different types of properties are in higher or lower demand than others. In a strong real estate market like we have in the Bay Area, any worthwhile property will sell quickly at its market value. However, most worthwhile properties, so far for the process of capital appreciation is concerned, will produce approximately the same results over time.
When we think back at investment opportunities, over the years, the best ones were the ones we actually made. The mere fact that we acquired the property was the single most important factor, not whether we should have purchased something else instead. There is no question our biggest regrets are the missed opportunities, the properties we didn’t purchase.
So, what investment property should you buy? Any property that is available that you can afford right now. Today’s acquisition will be tomorrow’s bargain.
All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by San Francisco Examiner.
All information should be independently reviewed and verified for accuracy.
Properties may or may not be listed by the office/agent presenting the information.