So you’ve decided that an investment property is next on your horizon, but where do you start and how do you decide which home is the best to invest? Here’s a list of my do’s and don’ts when it comes to finding your ideal investment property.
DO know it’s important to research the property market before you start. Making sure that it’s the right time to start your portfolio is key. Looking into areas that have seen rapid growth in the past two to three years is the best place to start. Knowing where the next upcoming plans for shopping centres and parks might also help sway your decision.
You DON’T want to rush this. Take the time you need to make sure you’re purchasing in the right market and right area, after all, you want to make a profit out of your home in the long term, not a loss.
DO make sure you find the right loan for you. You want to know how much money you’ll be devoting to your investment property each month. You also want to make sure your loan deal is the best for your situation, as you don’t want to be tied down because of your repayments in the future.
DON’T shy away from help. Ask others who have started their property journeys and ask for advice when you start. Consult your real estate agent and also ask as many questions as you can, so you feel confident in making a decision.
DO continue to keep your financial goals at the forefront of your mind. This is an investment property, for you to repay then own yourself, giving you an asset for the future. This is important since you might want to look at other properties to add to your portfolio in the future.
These tips will help you when you decide to start your property journey, remember, real estate agents are there to help and guide you through it, so don’t hesitate to ask questions when you need clarification, as it can sometimes be quite complex when you start.