Navigate the Market to Buy Your Investment Property
In the past we have often talked about having a set criteria for the purchase of property that you want to add to your investments. There are many who say that at the present time we are experiencing the best property investment period in many years and so it is with that in mind that this article is written.
Let’s take for example that you have a 3 bedroom with ensuite and bathroom house, plus single garage as your criteria for purchasing and at a value of $295,000. In saying that, it is wise to be open to the fact that there may be other options out there.
Option 1:
You can purchase a house with 3 bedrooms, ensuite and bathroom, plus single garage at $279,000 in lesser condition and spend $16,000 giving it a facelift.
Option 2:
Purchase a 2 bedroom and 1 bathroom house, plus single garage for $265,000 and spend $30,000 converting the garage to a bedroom and adding a garage.
Making these alternative decisions comes back to your business plan again. Option 2 for example, may not suit you because you do not have the time to worry about adding any rooms, but you may look at option 1 because you are prepared to do some painting and small upgrades.
The thing is that if you have definite criteria you can contact a couple of agents in the area that you wish to buy, give them the criteria and tell them not to bother you unless they have exactly what you are looking for. This can save an awful lot of time for an investor who is very busy in other areas of their life.
Filed Under: Investment Strategies
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