If you’ve considered investing in real estate in Connecticut but don’t quite have the budget to begin, there are a few options that are available to consider. Before making your first purchase, getting organized is key as any documents and inspections that are needed should be completed before selling or renting the property that you purchase.
Your first residence
An option to consider is purchasing a home that you and your family will live in until you’re ready to sell it or rent it to a tenant. This option doesn’t involve as many details regarding real estate law as you would simply be transferring the title to someone else if you sell the home or making sure you have the proper rental coverage and lease agreements in place if it’s rented. You can make improvements to the home while you live there as a way to try to increase the profit from the property.
Another real estate option that’s available is purchasing a duplex. There would be a unit for you to live in and one to rent to someone else so that you can make money on the property. Many duplexes can be financed with government loans, which could result in lower interest rates and monthly payments.
When you sell a home, there are typically closing costs that need to be paid as well as inspection fees to ensure that the home is ready to move into. A way to save money would be to ask that the buyer pay these fees or that they be included in the payments that are made each month so that you’re not responsible for them.
Even if you don’t have an abundance of money to spare, there are ways that you can get involved in the world of real estate.