If you want to be successful and earn massive profit in property investment, there are some key factors that you’ll have to consider before hunting for an investment property. Besides, we provide you the following question checklist for property investment that you should ask yourself before getting started in property investment.
1. Do you know the basics of property investment and understand the current market movement?
You’ll need to form a group included your mentor, property agent, lawyer to assist you during the investment process. However, you can’t completely rely on them. Yourself must know the basics of property investment and all financial details involved and study the current market movement. With these knowledge, you can spot any potential risks ahead of time and easily to find the profitable investment opportunity.
2. Have you choose the trust-able and reliable property agent?
You have to be wise to choose every of your team members, especially property agent. Property agent is an important role in your investment career. Check on the property agent’s company track record, request to see their client testimonials and try to contact with their former clients. Ensuring that they are trust-able and reliable and the most importantly, they can help you to get close to your goals. (Click here to read: Top 5 Guides To Pick The Right Property Agent)
3. What type of property you’re going to invest in?
There are a variety of properties out there, such as apartment, condominiums, flat, landed house, commercial property and so on. The type of property also determine your investment strategy, ensure that you know what kind of property and investment strategy can achieve your desired profits. (Click here to read: Residential Properties vs Commercial Properties)
4. Is the property in good condition and good location?
A property that is in good condition might be more expensive, but buy a cheap property in a bad condition will incur significant repair costs. Regardless of renting or resell the property, its location is vital. You need to aware that a property in a bad neighborhood or in an economically unstable location will rarely turn out to be a good investment. (Click here to read: 3 Tips For Deciding A Property Location)
5. Do you know how to boost your returns?
If your investment properties have generate positive cash flow, it is the sign of successful. And you can start to think about boost up your returns, but you’ll need to figure out how to make this happen first. You’ll have to understand how to minimize the costs such as repairs, maintenance and taxes, and you should also make sure that the property remains let for most of the year.
6. Can you find the good tenants?
If you choose to investing in rental property, the tenants will be the key of bringing yourself profit. So, make sure that you can find the good tenants for your property. For example, able to take care well of your property, pay rents on time and follow the rules. But, this will depend on the location, property condition, rent and other factors.
7. Do you understand the risks?
Be honest, every investment has its potential risks, property investment is not an exception. Therefore, you’ll need to understand all the potential and possible risks and learn how to manage it. As the property market keep changing and not in your control, it might makes you can’t find tenants for a longer period. If you understand these risks, and know how to mange it, you will find it easier to turn your property into a successful investment. (Click here to read more: Understanding And Managing The Risks Of Property Investment)
Before getting start in property investment, you should look out for the above questions. Answer it one by one, and you will find out there are many different ways to invest in property. Once you’re get ready, you can convert all of these answer into action and start to building your property investment empire.
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