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Two people that create a partnership together in life might not share the same views when it comes to real estate investing. There are a lot of horror stories about what real estate does or doesn't do for investors. There are equally as many horror stories about how real estate can cause spousal issues that lead to separation. There are common reasons why some spouses hate real estate investing and will do everything possible to prevent it. If you have a lovable but not so understanding spouse, you could benefit from knowing exactly how to handle the situation. No one said that investing is easy or that every day of your life is filled with happiness. It takes hard work and dedication in more ways than one to be successful in real estate.
The Fear Factor in Real Estate
Fear is probably the number one cause of people not getting involved with investing activities. Financial loss is always a large concern when anyone takes retirement funds or savings to use to buy a turnkey property or rental home. A home in an exotic location like Florida is unlike homes that are not inside of tourist destinations. The fear of losing money on a rental property is reduced when a tentant is in place for a property. The guarantee that income is there and waiting to come in each and every month is more settling. Spouses that understand this concept usually have a decrease in fear about purchasing a rental property compared with a standard piece of real estate.
Goals are part of life. An unmarried couple might have different goals than what a married couple near retirement would have. Speaking with your spouse about current and future goals is another way to lessen the fear factor of investing. Most people fear change. The change that real estate brings to your life can be as amazing as you want it to be. Being a landlord takes some responsibility, but a good property management company can takeaway the majority of the workload. Unlike commercial real estate, planning for investment property is much easier because housing is one thing that all people need to survive.
The loss of family or personal time is another argument that is put up by most spouses. Spouses that dislike real estate know that it takes a lot of work and easily can consume free time. Husbands or wives with children or other responsibilities inside of their own home have to decide how much time can be spent investing. The ability to create a working schedule that will never interfere with personal time or space is settling for a spouse to know. Sticking to a schedule is a challenge in itself, but it takes equal work from each spouse.
The burden of property taxation, accountant fees, property inspections and construction costs are all things that come up during property ownership. Hating real estate because of the work involved can be common. Knowing how long that you will hold the investment property and what it will appreciate to in the future could help ease the transition of making a purchase. Having a spouse that is totally against your real estate activities can be much easier to cope with when all of the fears are laid out on the table and analyzed. The decision to invest can be made together after each person vents his or her likes and dislikes.