Buying Home vs First Investment Property
Hello Folks - This is my first post at BiggerPockets so please be patient with me. With the disclaimer out of the way, here is my doubt!
I have been savings for a while now and been renting. I have ~120k saved in HYSA and unable to decide if I should go ahead buy a home for living first or buy a real estate investment. Also with exorbitant rates at the moment, is it a bad time to buy any property? Whether for living or investment.
Would really love some inputs and insights on what should I be doing with the saved amount?
Most Popular Reply
@Yogendra Joshi, location, location, location. While it's important to be thorough in your search, you're overthinking way too much. 90s and early 2000s build is not old whatsoever. There are ATL in-town homes that were built in the 30s, 40s, and 50s that are still selling at record-breaking prices. Also, ADU stands for accessory dwelling unit. New construction is great for first-time home buyers in my opinion since you won't need to worry about major capital expenditures; new roof, system replacement, foundational/structural issues, etc. That being said, I would still advise exploring resale properties.