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Is Austin a good place to buy real estate? Yes, and for many reasons. For starters, Austin's job market ranks fourth in America, with an unemployment rate of only 3.8 percent.
Not only does Austin have a great job market, but it is constantly being recognized as one of the best places to live by publications like Forbes, the U.S. News and World Report, and many others. For these reasons, the demand for housing here has skyrocketed so much that it outpaces other major Texas cities.
This alone presents an excellent opportunity for Austin real estate investing. If you're a beginner wondering how to start investing in real estate, here are the five steps of investing in Austin real estate.
1. Find An Austin Real Estate Agent
Austin has one of the highest real estate markets in America, making it difficult for investors to choose one agent over another. One way to narrow down your options is by using reviews from previous clients on sites like Google Reviews, Yelp, and Facebook Reviews.
Although reviews are helpful, it's still important to meet with more than just one Austin real estate agent before making your final decision. Compare their experience, expertise, knowledge of the Auston real estate market, and costs.
2. Finding A Property To Invest In
This is the most exciting part of the process because you get to choose which property you want to invest in. There are a few things that need to be considered when choosing Austin investment properties. These are your budget, the property location, and property size.
Location is extremely important for several reasons. First, it needs to be close enough so you can take care of your rental but far enough away from construction noise and not too far from public transportation if possible. The second reason is that you need to do your research on crime rates in certain locations because, unfortunately, no neighborhood is safe from theft and violence.
3. Get A Pre-Approval From A Lender
If you want to make sure that you have all the necessary paperwork ready for purchasing a home, then you should consider getting pre-approved from a lender. Your Austin real estate agent will know exactly where your borrowing power stands by going through this process.
With this information, they can give you an idea of how much money they think you would require for closing, down payment, and other costs. This is an essential part of Austin real estate investing because you'll know how much house you can afford.
4. Make An Offer On A House You Like
Your Austin realtor will help you create an offer that works best for the seller. The Austin housing market has changed considerably since the real estate bubble burst in 2007. Case in point, it's important to work with someone who knows all of the changes well enough to explain which houses are worth investing in.
5. Sign Closing Documents And Pay Closing Costs
When you make an offer on a house and they accept it, it's time to sign closing documents and pay closing costs. Before closing the house, you need to go through a home inspection with an Austin inspector and hire inspectors for pest control and soil reports. Your Austin real estate agent can help you find reputable, affordable inspectors so that your money is well spent.
Austin Real Estate Investing: The Ultimate Beginners Guide
There are many benefits of real estate investing in Austin, some of which you can't afford to overlook. Rental properties have been popping up and monthly rents are rising quickly, making it a great place to invest in. The economy is also growing at an exceptional rate, and this is a growth opportunity you don't want to miss out on.
That said, we hope our beginner's guide on Austin real estate investing was helpful. If you require a property management professional after investing in Austin, please get in touch with us.
