Investing in property step #1: Decide on the type of property to buy
Once you decide you want to invest in property
, you need to consider what type you want to buy and where.
For example, do you want to buy a two-bedroom townhouse or a studio apartment?
By knowing this, you’ll find it easier to uncover potential property investment opportunities.
Investing in property step #2: Get in touch with estate agents
Cut down the amount of time you spend looking for property by getting estate agents to help you find what you’re looking for.
If an estate agent knows you want to invest in property to rent out, they’ll be eager to help with the prospect of repeat business. Plus they know property values inside out, which is useful for you.
Investing in property step #3: Explore property investment opportunities
Once estate agents get back to you with potential properties, pick the ones that look most promising and find out what the rental income from them could be.
To find this out, just phone a local letting agent posing as a prospective tenant. Give the type of property you’re looking for (the property you want to buy) and they’ll give you an idea of the rent.
From this, you’ll be able to judge whether you’re likely to cover your costs with the rent you’ll receive from tenants.
Investment property step #4: Make an offer
Decide which property suits your requirements best and could achieve the best income and make an offer.
Make sure you start off small, offering around 15% below the market price. You can negotiate if need be, but ensure you have a price you’re not willing to go above and stick to it.
If you’re patient, you’ll find the right investment property for you at the right price.
Investment in property step #5: Sort out your financing
If you’re serious about investing in property, it makes sense to approach your bank before you make offers on property so you know how much you can borrow.
Once a seller accepts your offer on a property, you’ll need to get the financing sorted out through your bank.
So there you have it. Your five-step guide to investing in property.
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