5 Tips for Property Investment
Property investment is tricky business. There are many traps that new investors can fall into. New investors may invest too much capital due to a lack of understanding of how much investment properties really cost. Or they could invest in a property in neighbourhood with a bad reputation. These traps are easily avoidable. Be informed and prepared so that you can successfully invest in property and reap the rewards. 5 essential tips to help you navigate the investment property minefield are:
- Determine if investing in property is right for you. Property investment is a long-term commitment. Don’t expect to make gains immediately. If you’re after a more short-term investment with a high degree of risk that will give thrills and kicks, investment property is not the type of investment for you. Also be aware that property prices fluctuate, and as such, your property may dip in value in the first few years. However, on the whole, the value of properties rises, and is likely to be worth more in the future.
- Do your research. Learn about investing, learn about property, and of course, learn about investing in property. Listen out for updates on property investment and read up on the latest news in an industry magazine. Ask around and make sure to speak to the property’s neighbours. Visit the property during different hours of the day so that you know what the area is like. Be as informed as possible, so that you can invest smart.
- Choose the right financer for you. It may be tempting to invest with friends or family, but think objectively. Investing in property is a business decisions, and can you really own a business with these people? Can you (and they) keep emotions out of business matters? If you both can, then sure, go ahead and invest together. But if you even hesitant, its probably for the best to invest by yourself and be financed by a bank.
- Seek professional advice. Sure your neighbour, or your workmate, or your uncle might sound informed, but nothing can beat the knowledge of a professional currently in the industry. You’re paying them to work for you and so they will put your interests first. They often know inside tips or tricks of the trade that Mr Know-it –all next door doesn’t know. Professional advice, whilst presenting an up-front cost, is likely to save you much more in the long run.
- Take advantage of the tax benefits of investing in property. Ensure that you ask your accountant about how to structure your investment in order to get the most of out the benefits offered. Also be aware that things such as rental advertising costs and maintenance costs are tax deductable. Tax benefits for property investors often change, so ensure that you are up-to-date and make the most of the opportunities presented.
New investors are prone to falling into Property investment traps. However, by taking note of these tips, you can avoid these mistakes and invest smart.
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