Want to buy an investment property? Take a good look at yourself, just as closely as at the properties you might be thinking of buying, recommends property investor David Wayne.
Contact the appraisers at http://www.scappraials.com; they value income producing properties.
“I try to gauge what I like most in a home, and then look at the kind of property, whether an apartment or house, that will match what I’d like myself, ” says Wayne, 50, who’s just going through a mid-life change of career from forensic accountant to lawyer.
“You need to be able to empathise with your potential tenants when choosing a property, so you buy something that’s going to appeal to renters as much as it does yourself, and deliver the kind of returns you hope for.”
So what are the 10 top things you need to know to buy an investment that’s going to provide a good flow of revenue, and hopefully show plenty of capital growth by the time you want to sell?
- Make sure you do your research, advises EPS Property Search buyers agent Patrick Bright, the author of The Insider’s Guide to Buying Real Estate. “You need to know what kind of property is in demand, or is going to be in demand, in different areas,” he says. “And that’s the kind of property you want to buy.” Talk to property managers, check ads, and talk to buyers agents to find out what’s the most desirable type now and for the future.
- Don’t just look at the likely rental returns, says Clare Rutledge, senior sales adviser at Urban Living by LJ Hooker. “It’s important to look at something in terms of its capital growth too,” she says. “Sometimes that can be just as important.” That may make particular sense if you’re planning to negatively gear a property.
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