So you think you’re ready to invest? Here are 10 things you need to know before you decide to take the plunge in property investment.
You are ready financially. You have enough savings and you have set aside a certain amount for emergency purposes and your credit history is in order.
You have plans for the future. You have a plan in place for your investment. You have a clear picture of what your goals are and how you are going to achieve it, as well as contingency plans in case circumstances change.
You’ve done your homework. You have done your research on the area and market trends. You see the potential of your investment, and you have plans on how to accommodate future needs.
The time is right. The area you are planning to invest in is financially stable, and population growth is stable.
You understand the policies. Each region has their own policies on investments, including taxation. Understand these and make sure that the current rates are favourable.
You’ve surveyed the area. Infrastructure projects are underway as well as transportation, schools and other amenities.
The region is forward moving. Development in the region is at an upward trend, resulting in sustainable property that will increase in value over time.
People are interested. The location you are planning to invest in must have enough resources to entice people to live in the area.
You found a reliable financial planner. It is crucial that you find a reliable representative. Make sure that your planner only has your best interest in mind.
You’ve weighed the market differences. You may want to shift from residential to rental or office space. Any changes to your investment must be carefully considered.
Read more about this on the Property Observer website.