According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2016 at 58% of all buyers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable.
But, many couples are also deciding to buy a home before spending what would be a down payment on a wedding, as unmarried couples made up 14% of all first-time buyers last year.
If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2016, while single men accounted for 8% of buyers. One recent article pointed to a sense of responsibility and commitment that drives many single women to want to own their home, rather than rent.
Here is the breakdown of all first-time homebuyers in 2016 by percentage of all buyers, income, and age:
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Simply stated, low home prices and low interest rates make this a great time to become an investor in Virginia Beach VA real estate. “We haven’t seen home prices this low in so many years, coupled with the rates being so low,” says Jill Sjolin, an agent in Washington who specializes in investment properties. “When the money is cheap to borrow and the houses are cheap to buy, it’s absolutely the best time to invest.”
It goes without saying, of course, that the first step in acquiring investment property is to analyze your finances to make sure you can afford it without compromising the security of your other assets. Look closely at your income, savings, and spending habits. Check each of your three credit reports well before you start looking at Virginia Beach VA real estate or shopping for lenders. Consider tax implications, property taxes, and renovation costs. Online calculators can provide you with a guide to possible financial outcomes of the purchase and rental of an investment property.
The next step is to determine the goal for your purchase. Investment property can yield income two ways–through regular rents and/or capital gains. Most experts advise novices to invest for the long term rather than try for quick flips and to begin with residential Virginia Beach VA real estate rather than commercial properties. Click here for more tips, including financing options, for first-time investors.