I started writing a post several days ago about purchasing an investment property. I was definitely on a high after receiving pre-approval for a loan. I have found several properties that I want to look at and potentially purchase but as I was writing about it, reality set in…
I am about to spend hundreds of thousands of dollars on an investment, which, could potentially lead to me losing tens of thousands. It’s definitely a scary thought. This may not be the right time to buy for most people but I do not see this investment as a way to make quick money. I mainly want this investment so that I can have people paying off my mortgage which will (hopefully) lead me to doubling my equity for when I wish to move out. But does that make it the right time to buy for me?
My thought is that, even if I purchase a property now and it does not grow in value, I will still have had rental income which will have made up for that and it will mean, by the time I am ready, I will have enough equity for a deposit for my own property.
This is definitely one of the biggest decisions of my life and I am not afraid to admit that I am absolutely terrified by it. I haven’t completely made up my mind so please leave any thoughts in the comments because I would love to hear them and hopefully it will help me decide!
– Tara x