Get the right Investment Property with these tips
Investors often purchase a property, realise they paid too much, find themselves getting disheartened by the experience and end up losing faith in property investment altogether. You can take steps to avoid falling into this trap. The first thing is to ensure you have a strategy in place. You need to determine how much you can afford to spend, what area your investment property will be in, what sort of a property it will be and which bank to finance your loan with.
Once you are on top of those things, you may then start looking around for property. Make sure you don’t just limit your options to searching online. Search the newspaper, speak to local property consultants and seek financial advice. Remember that looking at your prospective property’s pictures online is no substitute for an on site visit to check it all out in person.
A vital part of your strategy should be to get to know the property agents and be added to their shortlist. This will ensure you don’t miss out on any special offers such as hearing about under-valued properties that may come up due to a death, divorce or some other circumstantial compulsion.
Investment properties come and go very quickly, especially the well priced ones with potential for future development. Although this is no reason for you to feel you need to rush towards making a decision because it is more important to make the right decision as opposed to making a fast decision.
Purchasing a recently renovated property for a high cost is not always a good investment due to the lack of potential to add further value to it to build equity. Then on the other hand, you could have the same happening in inverse where you pay high costs for a house in its original condition, only to end up realising you could have purchased a renovated house of the same sort that was fully renovated.
Finding and purchasing the right investment property is a serious and time consuming affair – and rightly so. At SwitchMyLoan.com.au we help customers with investment properties find the best deal available on the market to refinance their existing home loans.
Call 1300 307 155 and start saving today!
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