Explore the Opportunities
Real estate can be a smart investment. Buying and renovating a home may allow you to sell it for a higher price. If you decide to rent your property, it can provide a source of income. Plus, there may be potential tax advantages1
Understand the Costs
Just like your primary residence, there will be taxes, homeowner’s fees, maintenance and repair costs to consider. And if you’re planning to rent the property, make sure you’re able to manage additional expenses such as the cost of finding renters and potential tenant vacancies.
Know the Requirements
Mortgages may not be available for certain property types such as time shares. And investment property loans tend to have higher interest rates, require larger down payments and have additional qualification requirements. So you should begin exploring and discussing lending options early2.
Know Your Mortgage Options
There are many options for financing an investment property, and talking with a PNC Mortgage loan officer can help find the right solutions for you
1 Consult your tax professional for futher information
2 Consult your Mortgage Loan Officer for additional information