Investing in property requires a deliberate and calculated approach together with a clear strategy.
Although there are no hard and fast rules to property investment there are some actions you can take to improve your investment performance. There are four areas worth considering before you take on the responsibility of an investment property, each designed to maximise your return, drive growth and make your investment worthwhile.
If you are looking to rent your property, location is everything. Before you buy it pays to get to know a little more about the area you are interested in. That includes finding out more about the rental market and your prospective tenants. It is also worth looking at the competition and the homes already available to rent. This will give you an idea of the average rent and type of property the area’s tenants are interested in.
Buying a new home can be more expensive than you think. If you need to arrange a home loan you will need to factor in arrangement fees, stamp duty and all of the other costs associated with purchasing a new home.
Reducing your reliance on credit cards and loans is not only good for your cash flow, it could help improve your credit record and make it easier to secure investment loan in the future.
As every successful property investor will tell you, your yield, or return on investment, is key. Before you buy any property, you should do a few simple calculations. These should cover the following areas:
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