Buying Properties
September 22, 2008 | admin | Comments 0
When buying a property, whether it be for yourself, as an Investment Property, or for reselling, here are some tips to consider:
- Don’t over pay – even if you really like the property. If you can justify the extra cost consider it only if it is going to be your home, not an Investment Property.
- Don’t get emotionally attached to a property. Always remember that an Investment Property is a tool to create wealth – nothing else.
Buy in a well-located area where there are not many rentals on the market, and where there is a good vacancy rate. After all, you don’t want to be stuck with an empty property do you?- Work out your finances first. Get a preapproval before you go house-hunting. This will allow you to determine what you can afford. If you are buying for investing, use an ‘interest only’ loan.
- Don’t be afraid to negotiate hard with the seller. The worst that can happen is that you receive a “no”. This strategy is effective, especially when the house is an ugly duckling that needs work.
- Stick to your plan. Make sure the property you intend buying fits into your Property Investment Plan. Be firm on this, and don’t over pay or be conned by shifty development sellers into compromising.
Filed Under: Investment Strategies • Property Investment
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