|Buying Property Tips#1: Choose the Right Location|
|Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.|
|Buying Property Tips#2: Study the Local Market Dynamics|
|It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.|
Investing in property is great! It has the potential of churning great rewards and benefits in the long run. But if you are a beginner in the investing game, then it would do you good to steer clear of the following mistakes that the Unite Property investment experts considers deadly.
Not Having a Plan
So, you've heard that real estate investment is the “in-thing” right now, and you decided to follow suit. – If this is your attitude towards property investment, then it is better that you do not go down that path. You need to have a clear idea in your mind as to why you are investing and what are your expectations. Any investment is like a rollercoaster ride and if you are not aware of the “why”, then you're probably going to be on a rollercoaster with no seatbelt!
Are You Financially Stable?
|Buying Property Tips#3: Choose the Right Property|
|Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.|
|Buying Property Tips#4: Do the Math Properly|
|Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.|
|Buying Property Tips#5: Consider Additional Expenses|
|When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.|
If you are someone who has a lot of loans and debts that need to be cleared, then this is not an opportune time for you to invest in a property. It is better to first settle all the debt, manage your finances and then embark on the journey to becoming an investor mogul!
Purchasing a Property without a Background Check
Every property comes with its pros and cons. Investing in the first property that comes your way is not at all a wise decision. You need to check out its location, whether it is well linked to public transport, whether hospitals and schools are nearby and whether the basic amenities are easily available. There might be properties that are in the middle of a legal dispute, the best way to know is by seeking professional help from Unite Property.
Know When to Hire Professionals!
There is a lot to know about real estate investment and if you lack the knowledge, there is no harm in sitting down with an expert.
If you have big plans for your property, you should never underestimate your competition but keep a fair idea about your competitors to stay ahead.
The real estate experts at Unite Property Group are equipped with the required knowledge and resources to prevent you from making such mistakes!
|Buying Property Tips#6: Inspect the Property|
|To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.|
|Buying Property Tips#7: Pick the Right Financing Option|
|While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.|
|Buying Property Tips#8: Invest through Equity|
|One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.|