Buying an investment property is a popular and easy way to gain long-term returns. But, you may be wondering how you should go about selecting the right property. Here are some tips to kick-start your search.
1. Research the market
The market is constantly changing so it is important that you do your homework about the market before making a purchase on a property. Investigate the recent sales and property prices in the area. You can help reduce your research time by buying a property in an area that you are familiar with. Focus on areas with good infrastructure and potential growth.
2. Consider the type of property to buy
Try not to be too focused on the suburb, but choose a property that suits your goals and needs. If you’re looking for a property for your expanding family, you ought to consider whether the property has sufficient space, secured parking, a good size backyard, and a nearby school. If you’re a single person looking to buy your first property, then a 4-bedroom house might not be suitable. Note that houses tend to yield a higher return, but are considerably more expensive. Consider engaging in a buyer’s agent who will be able to assist in determining the right property for you.
3. Get expert advice
Whether it be a buyer’s agent, accountant, or a mortgage broker, expert advice is essential. However, always conduct your own research into their services before hiring an expert. Attending property investment seminars is one way to help you gain some much-needed direction.
There are many decisions to make before purchasing an investment property and you need to do sufficient research to ensure you know where and what to buy. The best way for you to achieve this is to research the location, price, and growth prospect of your chosen investment.