Investing in property in New York can be a wise move for a multitude of reasons. For instance, residential real estate investors can enjoy desirable rates of return and unparalleled tax advantages. However, several other benefits exist for investing in residential real estate.
One reason residential real estate can be an expedient investment is that the values of real estate always rise over time. The longer one holds real estate, the larger amount of money one can earn. The residential real estate market has recovered from previous bubbles that led to declines in home appreciation, and those who kept their investments can attest to the fact that their home prices bounced back. In fact, top-performing markets are leading to windfalls for some real estate investors.
Real estate investments may also help with diversifying portfolios. Diversification is paramount in investing because it helps with spreading out risk. Real estate remains a safe asset for mitigating risk in one's portfolio and can even be a conduit for amassing wealth. Furthermore, investing in real estate features multiple tax benefits.
New York's active residential real estate market may understandably be a major draw for those who are interested in buying single-family homes, turning homes for a profit or even renting out homes. However, failure to follow the proper steps during a real estate transaction may end up costing a buyer a deal. An attorney can provide the direction necessary for successfully completing a transaction in a manner that will benefit the buyer in the long run.
Source: entrepreneur.com, "5 Reasons Why Real Estate Is a Great Investment", James Harris, Nov. 16, 2017