Wednesday, November 12, 2008

Buying the Right Property


Tips for Buying the Right Property

A simple rule of thumb for investors is that you most often make your profits when you purchase the property. So buying at the right price becomes paramount.

By focusing your research and time on a particular geographic locality, you can develop an “investment comfort zone”.

So the first thing to do is to choose a geographic locality in which to concentrate your study of the market. You might choose an area of high capital growth. Or maybe just your own neighbourhood.

The best places for investment have good rents, low vacancy rates and are popular places to live.

You’ll also want to choose an area you can afford to invest in. No point in looking at areas in which you can’t afford to buy.

Now that you have chosen your area, the next thing is to develop your expertise in that same locale. Study price ranges, rental market data including vacancy factors, plans for potential infrastructure additions, planned developments, employment statistics and trends, school locations, transport, and local council matters. The latter includes town planning and zoning rules and regulations.

The next step is to acquire investment skills such as negotiating techniques, knowledge of
finance, tax laws, and risk minimisation. All this will aid building an investment portfolio.

Finally is the ability to act when the right property arises. Because with all of the above, bargains will start to stand out to you.

If you have any questions about real estate or would like assistance in locating a property feel free to phone me Noel Thompson Principal Professionals Logan Lifestyles on 3299 7733/0418 517 525 or to call into our friendly offices at Browns Plains or Waterford for prompt attention.

http://www.llr.com.au

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