Property investment can be a good source of income but it can be costly if not done right. You have to consider certain factors before buying the property in order to make it work. There are five important considerations you need to think about before you buy. You first must consider your finances. You need to have money to buy the property as well as to leave some aside for possible income for debt incurred on the property.
Next consider what kind of return you want, that can determine what type of property you buy. You also need to financially consider your long term plan, your goals and your endgame. You need to do your research. Be aware of sources that are too willing to give you free advice.
Finally, consider your motivation. If it's going to be a long term money making goal, it's important to understand the money does not pour in overnight
Key Takeaways:
- A property investment plan is key to building a large property portfolio.
- Investors aged 20-55 should target properties that grow in value, as this will increase their personal wealth.
- Selling agents are legally obliged to work for the seller, developers will only promote their own stock and some self-proclaimed “property advisors” may be receiving commissions from developers.
Key Quote:
"Consider the sources from which you’re receiving your information. Selling agents are legally obliged to work for the seller, developers will only promote their own stock and some self-proclaimed “property advisors” may be receiving commissions from developers."
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