When it comes to property investment, timing is everything. Ultimately, choosing the right time to enter the market will have a significant impact on the long-term success of your investment.
This is a great list of five things you will need to be truly ready to make the plunge.
- You are financially ready. You have saved enough for the downpayment and you have also established your emergency fund. Your credit history is good and you are able to meet all the financial obligations.
- You Understand the carrying cost of owning a home. You have a clear picture in your mind of the the monthly costs associated with owning this home including dollars for ongoing maintenance and it fits within your budget.
- You have done your research. You know the neighbourhood of your future property or have consulted a good real estate agent that knows that area that you are thinking of investing in.
- You have chosen a good agent to help you with your search. Buying in the Toronto market is not easy. A good real estate agent will guide you to properties that represent good value in current market conditions and help you get hte property at market prices.
- You have a time horizon of at least 5 years. No one can predict where the market is heading. You want to make sure that you are not going to need the money that you are investing in this home in the short term. Like all investments, you want to be in a position where you can sell market when your investment has appreciated not being forced because you need the cash.
If you can check “yes” to this list – go wild and have fun with your investment opportunity.