Yes, it is possible to live in your investment property, but there are several factors to consider:
Legal restrictions: Some areas may have restrictions or regulations that dictate how you can use an investment property. These regulations may limit the duration or circumstances under which you can occupy the property. Review local laws and consult with legal professionals to ensure compliance.
Financing considerations: If you plan to live in an investment property, your financing options may differ from those available for traditional investment properties. Lenders may have specific requirements or limitations when it comes to owner-occupied investment properties.
Tax implications: Living in an investment property can affect the tax treatment of the property. For example, if you decide to sell the property later, you may not be eligible for certain tax benefits associated with selling a primary residence. Consult with a tax professional to understand the potential tax consequences.
Rental income potential: If you decide to live in an investment property, you will forego the potential rental income that could be generated by leasing it to tenants. Consider the impact on your cash flow and overall return on investment when factoring in the lost rental income.
Maintenance and management: Living in an investment property means you will be responsible for the maintenance and management of the property. This includes regular upkeep, repairs, and addressing tenant-related issues if you choose to rent out a portion of the property.
It’s crucial to weigh the benefits and drawbacks of living in an investment property and ensure it aligns with your long-term goals. Consider consulting with real estate professionals, financial advisors, and legal experts to fully understand the implications and make an informed decision.