The real estate market is vulnerable to economic instabilities, property bubbles, and even changes in the law. Despite these realities, investing in real estate remains one of the best investments that one can make, and for most people a home will be the biggest investment they ever make. This means that it is important to get it right, but what should you look for and how do you know what kind of real estate agent to use?
The Importance of Growth
The truth is that investing in a home is not just about making sure that you get a garden big enough for the kids. Investing in property is a huge commitment, especially in this day and age. Investing in property, whether it is a first home, a second home, or a rental property for the purposes of negative gearing also means looking for suburbs that expect to see real growth.
Whilst it is often said that property is a stable investment because prices will inevitably rise over time, the sobering truth is that this does not always hold true, especially in light of recent global economic conditions. Some suburbs attract short term growth, while others may actually fall sharply. The ideal property investment is in a suburb that remains attractive over the long term and also experiences steady revenue growth.
Making the Right Investment
Identifying growth areas is not always easy, but talking to a real estate company with plenty of experience in the local region is a great way to start. For example, real estate in Abbotsford is currently experiencing plenty of growth. Local real estate agents will tell you that this is likely due to the following factors:
- Location: It is true that location really does matter when it comes to housing. Buyers will always take note of where a property is located, and Abbotsford represents good value because it is very close to the centre of the city. For younger home buyers and people looking to rent, this is ideal since it is close to where all the action is. One has access to nightlife, restaurants, educational facilities, and so on. This makes the area very appealing to a younger set of people.
- Character: Most real estate agents will tell you that some suburbs attract growth because of a certain community spirit, or even an atmosphere that pervades the area. While this is sometimes hard to pin down to a concrete set of characteristics, Abbotsford offers a great location, but also retains a personality of its own. This appeals to many older buyers and families who are looking to settle in an area with a unique set of features and characteristics.
For most of us, investing in property will be one of the biggest and most expensive things that we do in life. This also means that it is important to talk to real estate agents who understand local property and the potential for growth over time. A property purchased in the right area can make a great investment over time.