3 Reasons Why Your First Home Should Be an Investment Property

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3 Reasons Why Your First Home Should Be an Investment Property

Consider your first home purchase as an investment property.  

When you’re young and looking to make the largest purchase yet, you may not have even considered turning your first home into an investment property. Although many people wait until they have their first property under their belt before investing in real estate, it’s possible to make your first purchase an investment. Here are a few reasons why you should consider investing in real estate while you’re young.

You can set yourself up for success

Being young and independent means that you don’t have the responsibility of kids and a mortgage. However, if you’re eager to set yourself up for financial success in the future, investing in property can be a smart way to go. Saving money and building credit can easily be done when you’re young. Your current lifestyle might allow you to cut costs in a way that might not be possible later in life when you have larger obligations.

Real estate is affordable

Purchasing property isn’t just for the wealthy. You can purchase affordable housing, especially if you consider the diamonds in the rough. Buying a home that has been foreclosed can allow you to own an investment for less than the market value, especially as prices begin to rise.

You can have another source of income

If you’re purchasing property that you plan to rent out, you will be able to profit off your investment as soon as you find tenants. Then, you can take the money you earn and reinvest it in your property or use it to pay off debt.

Are you ready to invest in property? Whether you’re buying, renting or selling, it’s important to maintain reliable homeowners insurance coverage. At Dougherty Insurance, we represent multiple carriers and are able to explore all of the best options to suit your needs. We want to make sure that you have the coverage you need – it’s our job to help you! Contact us today for unparalleled insurance in Illinois, Wisconsin, and Indiana.

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