So you want to make sure you do everything you can to ensure you achieve a good return on your investment.
Some of the ways to do this include:
Do your homework
You’re investing a lot of money in this venture and you don’t want risk your financial future by acting too hastily. Do some research before committing. Check valuations and recent prices on reputable real estate websites to ensure you’re making a wise decision.
Watch your finances
Don’t get your hopes up before knowing you have the wherewithal to buy. You could waste a lot of time looking in the wrong price bracket and then finding you can’t borrow enough money.
Check the demand
There’s no point buying an investment property unless you can be sure it will be tenanted. One way to do this is to buy close to facilities such as shops, schools and transport.
People usually want to live close to such facilities and will look for rental accommodation nearby.
Think long term
Don’t buy an investment property hoping to cash in on a boom in the next couple of years.
Rather than trying to predict what the market will do, you’re better to set your sights on buying the type of property for which there is an
established demand so that it will bring in the returns you want.
Find a good property manager
Once you have your investment property, you want to make sure it is managed properly. A good property manager can take the worry out of such things as fi nding the right tenants, collecting rents and seeing that the property is well maintained. Make sure your property manager is licensed, has local knowledge and understands the importance of communicating regularly with you about your investment property.
Follow these tips and you’ll be well on your way to a happy future as a property investor.
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