Property investment enables you to generate a passive income. This means that you can earn money you don’t have to work for.
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5 PROPERTY INVESTMENT PITFALLS YOU SHOULD ALWAYS REMEMBER.
1. Investing with your heart, rather than your head
We like to think that we’re rational, but matter of fact is that emotions play a huge part in our decision making process when we buy properties. For your investment property, that’s what you need to avoid at all costs.
Being a successful property investor requires you to look at the financial scenario of the investment and not to allow your emotions to drive your decision making process.
2. Do your own research
Does your investment property have the features tenants want?
If investing in property is your business then your tenants are your customers.
You need to determine if your investment property will address the needs of prospective tenants taking in consideration the location, size and the rental that is achievable in the area.
Speak to Rental agencies in the area or do your own research online to find out more about what features tenants require in the area you are looking to invest in.
3. Speak to the experts
Speaking to experts in the field of property investing is very important.
Every investor has different needs and goals. Speaking to a property investment expert will help you formulate a goal together with a plan to achieve these goals.
This includes helping you choose the right property investment for you, securing finance and walking you through the process of buying a property investment from a to z.
4. Long term property investing strategy
It is important that property investors understand that investing in property should be seen as a long term investment and that property is not as liquid as shares or other investments instruments, where you could buy and sell within a day.
Having a strategic investment plan is essential for the property investor taking in consideration your financial goals for the future.
5. Knowing the costs of investing in Property
It should be important for every investor to understand and know the costs of buying an investment property. Transfer costs and Transfer duty could be substantial and should be discussed with your property investment specialist.
This will help you determine how much money, if any you might need to register the property into your name.
There will be monthly costs after you have bought your property investment such as levies, bond repayments and rental management fees, that you would need to take into consideration to assure that your rental income will cover these costs.
Your property investment specialist will have all the financial information you require, to assist you in seeing the whole picture, clearly. One step closer to achieving all those financial goals you have set for yourself.
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