Thinking of buying an investment property? Be warned, there are important factors to consider and it’s easy to get overwhelmed by all the details involved. Lucky for you, we’ve got some advice to help you get started.
Budget
Regardless of the purpose of your new property, it’s important to know your finances. It is even more important to stick to your budget, and doing so will ensure that you don’t buy a house that you can’t afford. Buyers agents can help you find your next investment property once you have a budget in mind. Learn more about what buyers agents do here.
Required features
Just like any other big purchase, knowing the features you need in a real estate property is a must! For example, you will need to determine how many rooms the property should have, and ask yourself if having no parking space is a deal breaker.
So make sure to list down your must have features before you hand over your payment. Otherwise, you might end up buying a property that doesn’t suit your needs. Using an investment property search tool is a great way to help narrow down your options if you find yourself stumped.
Long term or short term
It’s also important to think about why you’re buying a new property. Do you need a new home, or will it be used as an investment property? Knowing whether or not you’re planning to keep the property will really help narrow down your choices. This will also play a part in when you’re looking to find an investor-friendly realtor who can help you navigate your next investment property.
Considering tenants
The type of tenant you wish to rent your investment property to plays a huge role in your real estate purchase. For example, if you buy an apartment near schools and parks, it is likely that families with children will rent the property. On the other hand, professional singles may want to live in a space where they have easy access to shopping centres and public transport. If you’re looking at student accommodation, then sites like https://www.hybr.co.uk/landlords/list-your-property/ can help you list and market your property easier.
Property inspections
Property inspections are a must if you’re buying a new home. It’s not enough to just read a property inspection report as you may miss out on some important details of the property. Viewing the property firsthand will ensure that you see any potential problems yourself, and you’ll be better armed to make a decision if you know clearly what you’re buying into.
Buying an investment property might seem like a complicated process, but it doesn’t have to be. Just remember to keep your requirements in mind, and do your research before making that big purchase.
When you want to succeed on your property investment hire a property consultant. One of Brisbane’s property consultant Dean Ind from Invest Property Solutions shares valuable knowledge and helps his clients grow high performance property portfolios.