5 Buying Secrets from Property Investors
Category Investment Opportunities
When starting as a property investor a lack of knowledge can lead to costly mistakes.
There is so much conflicting information out there that it is easy for a new investor to become confused and end up making the wrong decisions.
Choose the Right Property Type
If you want to enter the buy-to-let market, flats generally make the best investments. Your investment budget would be the main factor, but if you can afford it, choose a two-bedroom flat over a one-bedroom. If you can stretch your budget a bit further, a second bathroom is great to have too. The idea is to choose a property that would appeal to several different tenants. A two-bedroom flat would appeal to small families, sharers and single tenants who need either a spare guest room or a home office.
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Choose the Right Location
Location is still the main consideration when buying a property, whether it's for yourself or as an investment. Yes, there is a high demand for rental properties pretty much everywhere but buying in the right location will get you maximum return on your investment and attract the right type of tenant.
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Get your finances organised early
You want to be able to move quickly when you find the right property so that you don't lose out to the competition. If you don't have the cash, you will need to get pre-approved for finance. This would put you in a stronger negotiating position. Applying for finance early on will also make you aware of what you can afford to spend.
Know Your Long-Term Goals
If you're looking for a quick return on your investment, look for properties in up-and-coming areas with a high growth rate. For longer-term investment, the established areas may suit you better.
Find Motivated Sellers
A motivated seller needs to sell and sell quickly. A property owner who is in no hurry to sell can afford to wait around for a great offer to come along. A motivated seller will be more likely to accept what they think is a fair price for their property as soon as it comes in.
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Getting yourself prepared by taking care of finances, learning the demographics of your location as well as the price ranges, understanding your prospective tenant's requirements then meeting them, all add up to a painless and rewarding buy-to-let experience.
Prequalify now! Check your credit score and affordability using our free online prequalification. Results are instant. Click here
Whether you need a "Life+Style" Change, or if you are looking to downsize or upsize, or you just need a holiday home to break away from the rat race; then give us a call, WhatsApp us, send us an email - your Property Matchmaker(s) are eagerly waiting to Match you with your new HOME...
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Author: Hugo Badenhorst
