Is one of the goals you’ve set yourself for 2020 to invest in property as a new aspect of your investment career? Investing in property is an exceedingly common goal – a lot more people than you may think are keen to invest in property. The fact is that property investment can be a fantastic step to take for your investment career and your bank account.
However you need to take a clued up approach and be clear about what you are doing and how to achieve success.
It’s not as simple as finding a cheap property and purchasing it, there’s far more to successful property investment than meets the eye. In order to succeed at property investment, you need to understand what you are doing and how to pick the right property in the right location to invest in.
To help you ensure that your property investment journey is a successful one, below is a guide to the ins and outs of successful property investment for first-time investors. Read on for everything that you need to know.
Consider the Type of Property You Want: A Fixer-Upper or a Ready-To-GO Property?
When it comes to property investment, there are two main routes that people tend to go down; either buying a property that’s in need of a little TLC and spending time doing it up, and then selling it on at a higher rate, or buying a property that’s in near to perfect condition and renting it out. Each option comes with its own pros and cons, so it’s important to carefully consider which type of investor you want to be. Don’t forget when making your decision that a rental property is a slow yield investment, whereas ‘flipping’ a property is a fast investment and you should quickly see a return on the investment you initially made.
Be Clear About Location
Whether you’re planning on buying a property to do up and sell on at a higher price or to rent out, you need to be mindful of the location of which you’re buying in. While you may find a cheap property in a bad end of town, what you need to consider is whether it has the potential to turn into a success – will anyone actually want to buy or rent the property in that location? It’s often better to spend a little more and buy property from somewhere like https://liveinwhitehorse.ca, for instance, as an area like this is far more likely to be popular with both buyers and renters. You need to be smart about your investment choices and ensure that you carefully think each one through.
Plot out Your Potential Profits
Obviously, you will never know exactly what you will earn from a property, however you can map out a rough estimate of what you will be earning, to ensure that the property you are thinking about investing in offers the right profit potential and won’t be a wasted investment. It’s also important to think about how much of the profit from one investment you can put into your next investment.
There you have it, a few useful tips for getting you started in property investment.