Although the world is facing challenging times right now, the real estate market is in an interesting state with low interest and mortgage rates. This makes it an excellent time to make a Kelowna real estate investment. But how do you invest in real estate when you have to stay at home? Can you only buy certain types of property with the coronavirus right now? We answer those questions below.
Making a Kelowna Real Estate Investment from Home
With more people needing to stay at home, the real estate industry is moving online to also adjust. Tools like e-signatures don’t require you to be physically present signing documents, and documents themselves can be simply emailed and read as secure pdfs.
Although you may not be able to physically visit the property, Kelowna real estate agents are incorporating video tours of properties, more info, and more images into property listings so you can get the best possible sense of a location before you buy. Just because you’re staying home doesn’t mean your real estate goals and plans need to be put on hold.
Types of Investments to Make: Buy Rental Property
Rental property is always in high demand in Kelowna, so why not start there to invest? Although renting out a room or basement suite in your own home in the current world circumstances might cause a headache, purchasing property to rent in another location can return a good profit.
However, just keep in mind that once you own rental property being a landlord means you are responsible for either hiring someone to make repairs that need to be done or doing them yourself. Plus, you’ll also have to respond to the needs of your tenants if they have any.
Purchase Vacation Property in Kelowna
Kelowna attracts many snowbirds, i.e. people who come to the city just for the winter weather and activities. However, it also attracts people who want to experience the wealth of summer opportunities as well, so purchasing a vacation home in Kelowna is an especially good investment. Normally, vacation homes just cater to just one season, but Kelowna has tons of activities to experience in two major ones, and even year-round.
Vacation homes also typically require less maintenance since they’re only being used for short-term periods and can be especially lucrative during peak seasons or major local events or festivals.
Invest in Real Estate Without Buying Property: REITs
If you want to avoid dealing with tenants or property of any kind, but still want a hand in the real estate market, don’t worry, there are still plenty of options to choose from.
One of the easiest options to start investing is through a real estate investment trust (REIT). An REIT is a company that owns, and often operates, income-producing real estate. It’s worth looking into which ones are performing best since not all REITs produce equal profits for investors, and you might get an especially good deal by investing in one that’s thriving.
Just Buying a Home
Congratulations! If you buy a home you’ve invested in real estate! By consistently paying your mortgage and making improvements to your home and property you can increase its value and improve your investment. That way, when you sell it, you’ll be able to make a good profit back on it.
Despite current events around COVID-19, this is a great time to invest in real estate. There are still plenty of great ways to get into the market and start making a profit and build up your investment portfolio.