Wednesday, February 13, 2013

Investing in Property

With the economic climate in such a poor way at the moment and the stock market not doing well, I often think that I should be investing in property. There are many places available at the moment and they are not all repossessed properties that people have not been able to keep payments up on, as demonstrated by the lovely selection by this realtor in Greenville.

There are risks with all investments and what is really putting me off is what has happened to my family home. I know that it is very rare but it has been discovered that the street is built on potentially contaminated land. Until the land is fully tested and if necessary remedial work paid for and completed, the houses cannot be sold. This means that at present the house is worthless because no one wants to buy it with the risk that they may have to pay for work to be done on the property and land.

Obviously if this did happen to an investment property, it could still be rented out and an income gained. However, there would be the extra expense of the work being done and the risk that it could not be sold. I am sure that once the complications with my home have been sorted out and forgotten, I will be keener on investing in property again. I will have to save up for a deposit, but I think it could be a good nest egg, perhaps to buy something for the children to live in and then they will not have to throw money away in rent or to just use it as a retirement income.

I am certainly still open minded about the idea, but I would be careful to make sure that I had some spare money in case I needed to spend anything out on the house.

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