A rental home can be a great investment, but as is the case with any sort of business venture the most important thing is the bottom line. In other words, you need to make more than you spend. If possible, your first rental home should be paid for with 100% cash; but that doesn’t mean that you shouldn’t shop around to get a quality house and a good price.
According to a recent post on usatoday.com, the summer months might not be the best time to buy a home:
Don’t buy when everyone else is
According to realtor.com, the spring and summer months are the best time to sell a home, because that’s when the most buyers are in the market.
Families like to move when their kids aren’t in school, and it is just more convenient to move in nice weather than in frigid winter weather. In fact, about 50% of all home sales take place during the summer alone.
Like with any investment or purchase, buying when everyone else wants to buy is rarely the best idea. Sellers generally see more activity during the summer, which means more offers and the ability to hold out for the price they really want.
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