With many years of experience between them, the Investor Assist team has a lot to offer in the ways of property investment tips. This is by no means an exhaustive list, so please check our blogs to see more tips for buying investment property. However, these investment property tips will assist you with some of the common questions we come across when guiding our clients.
- Where: It is best to buy in new areas, but often these are hard to get with other investors showing so much interest, particularly if there good schools and public transport in the area. What can you do in this situation? Well one of our hot tips on property investment is buying nearby to new suburbs. We recommend you list your top five suburbs and get an idea for how much these will cost you.
- When: It is important not to wait till the lowest point in the market. Many people looking for our property investment tips want to get property when it is at its absolute cheapest. However, it is impossible to tell when the top or the bottom of the market is reached. It is much better to consider population growth, migration and housing shortages to get a better idea of when to buy investment property.
- Why: One of our most important property investment tips is not to let emotion factor into property investment decisions. The reason you buy an investment property is to make money in a low-risk field. Basing your decision on how much you love a property or an area could cause problems as your tenants might have different tastes. It is much safer to choose the property based on tried and tested areas and designs to attract more tenants.
- What: To decide what investment property you should get, you should research region, market, location, and product type. It is important to stay away from exotics when deciding what to buy. You will have an understanding of your normal band of property investments once you get started. One of the big tips on property investment we give to you as a client is that straying too far from this could prove risky and ultimately be a bad investment.
- Who: As far as property investment tips regarding personnel, the best thing we can say is choose the right kind of help. It is important to remember that real estate agents are often looking out for their business. That’s not to say they can’t be a valuable source of information, but you must take everything they say with grain of salt and ensure you do your own research to see how their claims stack up. On the other end of the spectrum, another big mistake people make is managing their investment property themselves. Hiring a landlord would be of far greater value because they are experienced in handling tenants while you continue to work.
- How: A great way to find investment property is following the 100 rule. This involves going out and looking at, or studying online, 100 properties. This will give you a strong understanding of prices and will assist you in better understanding the pros and cons of certain areas. One of the tips for property investment we always give to new clients is telling them to follow the 100 rule so they can get the most out of their venture.