While it matters with any property purchase, making the right decisions when purchasing investment properties is even more crucial as they can have big flow-on effects for all of your future property purchases and ultimately, your whole portfolio.
Transacting in property isn’t cheap either so spending some time upfront can really save you spending unnecessary time, effort, energy and money in the future.
What’s important to note is that, if you haven’t already purchased, your first and following property purchases can usually end up being the blueprint that will help you climb the property ladder even faster.
It’s so important to make sure that the first few purchases are the right investments.
How they perform can control everything that follows.
That’s why spending the time to research is so important.
The right property purchases will push you further ahead faster.
The wrong property purchases will hold you back for longer.
By focusing on the basics like current market pricing, expected rental returns and also the expenses you will incur both before and during ownership in whatever markets you’re looking in will help you realise a good deal as soon as you see one.
Research is key.
The more research you do, the better off you’ll be and the more astute of an investor you’ll make.
Property, finance, taxation and basic legalities are good places to start.
What is it that you want to achieve? What are your options? What are the opportunities available to you? Research everything you need to know.
The best part about researching is it can be done anywhere and in your own time.
Get your phone out and Google or YouTube whatever you want to know.
Can’t find the answer?
Try wording the question differently.
Now while knowledge is powerful, practical experience is even more valuable.
People that have been there, done that, can help tremendously.
So networking and connecting with people on social media websites like Facebook, Instagram and LinkedIn can really help you to speed things up on your property investment journey.
Not to mention joining forums or groups and getting in and amongst the conversations.
You never know who you could connect with.
Almost any question you have has been asked before you and with the answers online.
While researching will take a lot of time and effort up front, you’ll essentially be banking more time, effort, energy and money down the track by knowing what to do and how to do it before you even need to do it.
That’s valuable information.
Tip – It’s important to regularly review your properties, the areas they’re in and the proposed or planned changes ahead on all scales. Keeping on top of things beyond your control will help you stay in control of what you can control.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
