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Before you take the plunge into property investment, you’ll want to do a bit of research to figure out if the choice is really right for you.
- Do the maths
Before you can seriously consider investing in property, you need to make sure that you can actually afford to do so. Making sure your finances are in order is the most important step you can take, and by taking care at this point, you can make sure you don’t overwhelm yourself with hidden costs later on. By sorting out how much you actually can invest, you can make wise choices when it comes to purchasing time.
If it’s a loan you are concerned about, then you probably shouldn’t worry. If you have a stable job with a steady income and a positive work history, you shouldn’t have much of a problem getting approved. Again, being organised is the best first step you can take.
- Figure out what you want
Are you after a house? An apartment? A place to rent out long term? Short term? Deciding on all of these factors will help narrow down your search area, and give you a better idea of how much money you’re going to need to take the plunge into the investment world. Each choice you make will have its pros and cons and it’s important you know what you’re after before you really start making any decisions. Otherwise, when it crunch time comes around, you might be in two minds about what you’re after, which can lead to more delays in actually making your investment.
- Figure out why you want it
What is your end game with your investment? Are you looking to build up a large property portfolio? Or would you like to try your hand at property development? Determining your motives will help you make the right choice when you make your final decision, and it will also help you figure out if investing is really right for you.
- Take note of all the costs – not just the obvious ones
Obviously when you’re purchasing a property, there are plenty of large costs that you will find out about upfront. But make sure you don’t forget about the extra fees that will always be added on top! Stamp duty is a major one, as are all the associated legal fees that come along with purchasing a property, handling agents, and plenty more. Don’t forget to take these into account when you’re deciding whether or not to invest!
