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| 8 Tips For Successful Property Investment | ||
Want to make a property investment? Ready to do it but wander what to invest in?For these and other questions you may have in mind our advice. The tips below help us during the years, now we hope that they will be useful for you as well. 1. Make a plan - Be prepared and investigate the local market with observing at least six months the prices and demand in the region. Make your own research and compare it with your advisor’s research. Don’t forget that the plan is to follow, so resist the emotions and follow it strictly. 2. Short-term or long-term investment? – You take this decision, but in both cases depends on what type of property you have invested in. Don’t forget that the market is changing and have in mind that long-term investment require bigger costs for maintenance. My advice is for short-term investment to plan at least 5 years and for long-term - 9-10 years. 3. Compare sale prices with those of rents - To make sure that you take the right decision, check and compare the prices of several properties for sale and for rent. So you will be able to calculate what revenue to expect and what is the real value of the property. 4. Choose an agent who also invested in the region - when you buy choose an agent with good name, find out if he/she already invested in the region so you may rely upon taking the right decision. Every agent with long experience and plans for the future will be at most honest aiming to have long term relations with you. 5. Be always in touch with your agent - Whether you need property management or not, be in contact with your agent, ask about the status on the market, about demand and forecasts for the future, so you'll know what to expect and could react in case of good opportunity. Let your agent be aware of your plan and goals, so he will feels as a part of them. 6. Do not when there is a good offer – NEVER, NEVER reject a good offer, without consultation with your agent. Always consider every offer, as well as property and market condition and don’t forget that might not have another similar offer. Assess the situation, the pros and cons and don’t forget that you can always reinvest. 7. Find out about additional costs over the years - Ask your agent about the costs for property management, accounting, insurance and other monthly fees. Only then can you will be able to calculate most precisely the value of the investment and capital return. 8. The best investment is that which you can leave for less than 3 months - The power of money is when you have them, so every investment is good when you can as quickly as possible to turn it in cash. Invest in properties, which when necessary can be quickly sold without loss. Source: Century Homes |
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