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BONUS CONTENT
Real estate investment risks
There are also some risks associated with investing in real estate. These include:
High cost: Real estate can be a relatively expensive investment, especially if you are buying a single-family home. The median price for an existing home — one that's already standing, not new construction was $415,500 in February compared to $409,500 in January and $410,200 in June 2023. You will find cheaper homes in the country but they're not always worth it.
Illiquidity: Real estate can be difficult to sell quickly, especially if the market is slow. On average, it takes 30 to 90 days to sell a home. This can be an issue for people who require liquidity.
Maintenance: Rental properties require regular maintenance and repairs, which can be costly. The average homeowner spends $1,400 to $2,300 on regular maintenance per year, excluding unexpected repairs.
Tenants: Dealing with tenants can be a challenge, and there is always the risk of non-payment or damage to the property. Plus, you may not easily find a tenant as the vacancy rate in the country is over 10%.
Despite the risks, real estate can be a very rewarding investment. If you are willing to do your research and manage your property carefully, you can potentially generate significant income and build wealth over the long term.
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