Our ideas of a dream home vary from person to person. Seeing as we differ in needs and preferences, it’s not surprising at all. But even so, the task of finding “the one” is something that we all share a burden of. Fret no more as we’ve got an investment property guide to show and lead the way.
- Identify the needs. – As mentioned, this varies from one person to the next so it’s but common sense to think it through before anything else. A list helps here and so is the identification of negotiable and non-negotiable asset requirements.
- Know the battle field. – Learn about the real estate market, the various trends, how supply and demand works, how to compare prices across similar investments and pretty much the basics that go into purchasing assets. Knowledge is power and it pays to be prepared.
- Perform your homework. – There’s a lot but we’d like to focus on preparation. Before an acquisition, so much has to be done and all the more afterwards. It pays to plan and prepare. For instance, there’s the thing about finances. One has to save up, earn enough or arrange for credit ahead of time in order to come up with the required sum.
- Target growth areas. – Residential assets that are situated near establishments like offices, malls and schools or significant infrastructures like roads and transportation channels tend to drive more value as time passes by. In essence, they add to one’s equity over the course of ownership which is always a good thing.
- Remember taxes. – Tax laws vary from one country to the next and sometimes from one city to the other. It’s therefore crucial to research and understand them so as not to suffer from headaches later. These policies will affect one’s liabilities to the government at purchase and afterwards.
- Compute in repair and maintenance costs. – There are properties that seem affordable upfront but become costly over time due to its ongoing costs. When choosing which properties to buy, do consider the repairs and maintenance expenses that go with it. They matter and will make an impact in the periods to come.
- Have the asset surveyed. – Aside from personally paying the house a visit, get a chartered surveyor to look into it and validate facts. They can also provide more details and information about the investment property that were not made available by the sellers.
Ready to build that dream home? Check out this page.