You Must Act
When the inspiration (the psychological processes of thinking, feeling and willing) to work is there, then actual activity takes place with the help of the senses.
Many times, you might have read a good real estate investment article and got motivated to take action, but may have often shied away or got too busy with your lives and failed to act upon it. In my opinion, there is no need to feel bad, if there is something destined to happen, it will, no matter what. But for something to take place, you MUST take action.
Depending on what stage of life you are in, your goals can be different. Real estate is always a part of one’s adult life; of course, real estate goals may be different, for different people.
But life is more than just real estate, that's another topic for another time.
You are a Young Adult or Newcomer to Canada
If you are a young working adult, with a negligible debt and a good credit, you might be better of not renting. All you need is a five percent down payment to come a step closer to home ownership. Have you ever considered, how much you are contributing in making your landlord richer? What if you can afford to spend a little more than your monthly rent and opt for buying a property instead? You may well be able to pay towards your own mortgage.
You may want to read my blog post first time buyer or investor questions, and come attend my home buyer session.
You are a Parent of a Young Adult
Most people in this situation might be living in their own properties. Most of you are in the middle age group. Most of you have worked hard in your life and you are at a stage when you want to see your children get a head start in life. So here are some options that come to my mind:
You can either help your adult child buy his/her first home, or you may even consider buying a starter condo, and have one of your adult child or a child of your friend or relative rent it. In my opinion, one's own kin is the best tenant one can have.
You are planning to Invest
If you are planning to invest in real estate, the first and foremost thing to remember is that there is no gain, without pain.
Profit and loss, happiness and sorrow, night and day are inseparable parts of life. So, when you are expecting higher than average returns, you must also be ready to deal with tenants (good or bad), fixing properties, book keeping etc.
Sure, there is always help available and you can run your real estate investment, without worrying about day to day affairs. Professionals can be hired (real estate brokers like myself, property managers, accountants, landlord tenant paralegal companies) to buy the right type of real estate investment, property management, handling landlord tenant issues, property improvement, book keeping etc.
Who knows, one day your real estate investments might even help cover some or most of your retirement expenses!
You are a moving up or down
You can be a home or condo owner who is planning on buying a bigger sized property or someone who is considering moving into a smaller property. Both the above situations depend on what stage of life you are in. Depending upon your financial situation, you may even think of keeping both the properties, i.e., you may consider keeping one of the properties as a real estate investment.
You are retiring and want to leave your legacy behind
Your financial planner will be the right person to advise you on more ways you can use your fully paid property. Again, depending upon your needs and desires, choices can be many. For all of the above financial options, it would be prudent to consult with your financial advisor, accountant or lawyer. As far as real estate investment opportunities go, you can come and see me.
Come to me if Your New Year’s resolution revolves around Mississauga Real Estate
If you are a first time buyer, a move up or a move down buyer/seller, a seasoned investor or just someone who wants help to make a sound real estate decision, contact me, to buy or sell real estate in Mississauga.