What makes a home a good investment?
It can be a daunting process to begin your investment portfolio!
We have put together a few tips to consider when searching for that perfect investment that is going to pay off in the end…
Location, location, location! Where you purchase your investment properties is going to be essential to benefit from the profits of investing. It is generally recommended to be within a 5km radius of a major hub…think about the local amenities like shops, medical care, access to public transport, and close to schools for instance.
Size is important. It is often recommended by Property Managers to focus not only on the quality of the property but also on its size. For instance, if you are buying a property close to schools, a family-sized home might suit you better. Or you might be buying an apartment or unit to invest in, in which case you might be able to get away with something on the smaller end.
Understand the market. Whilst many say there is never a bad time to buy but ensuring you understand the market you are buying in is very important. The more knowledge you have under your belt the better position you will be in when you buy. Get out there, go to home opens, attend auctions and get a real picture of what is going on in the area and what local homes are selling for.
Be in it for the long haul. Investing isn’t going to make you profitable immediately, be patient and ensure you keep the property well maintained. Investing in property, just like investing in the stock market, is generally a slow race…but can provide you with some healthy profits in the future if done wisely.
Choose your Property Manager wisely. They are the ones who are essentially going to be on the ground, inspecting the property and making sure it is being maintained well. Ensuring that your Property Manager is skilled, attentive and a good communicator is going to be essential to making investing work for you.