Choosing a Wise Investment Property
Property is one of the most common forms of investments that people make. There are a variety of reasons people choose to invest. Those reasons tend to vary but most commonly it’s to offset their income tax, to secure their children’s financial future or to even set themselves up for retirement. Whatever the reason for buying an investment property, doing the right research before signing a contract is vital.
Investment Property Checklist:
- Talk to a financial advisor to determine how long you ideally want to own an investment property and what sort of return you could potentially earn. No-one can predict the future real estate market trends with absolute certainty but by speaking with the right professionals can give you a huge advantage.
- Get to know the area well before investing. Even if you’ve lived in the suburb you’re looking at investing in, you may not know everything. There are websites like rpdata.com.au which can give you statistical information and market history on any suburbs within Queensland. That way, you’re far less likely to pay too much for a property and depending on the vendor’s reasons for selling, you might even be able to secure a quick sale at a reduced price.
- Consider zoning potential. For example, a property on a large block could possibly be rezoned for multiple dwellings or in future sold to a developer at a higher price. You may not be interested in rebuilding but a future investor may be and could be prepared to pay top dollar for the opportunity.
- Look for special features that may make your investment property more valuable. Close to shops, schools and public transport or near water, a park or a golf course can add to the appeal of an investment property and increase the future resale value.
- If you plan on leasing the property, aim for an area with consistently low rental vacancies. This means there’s likely to be renters out there right now and ready to move in. Better yet, when those tenants do eventually move out, your vacancy period is likely to be short.
Investing in property is a big step. Take the time to do the research, talk to professionals and analyze as much data as possible. There are never any guarantees with real estate but you can definitely make an informed decision and improve your chances of a high return on your investment.
Loth Estate Agents is a full service real estate agency. Our buyer’s agents can walk you through the pre-purchase stage of analysis and right through settlement. Our team of professional property managers can also assist with your leasing requirements and property management needs.
Contact our friendly staff on (07) 3366 1764 or email us directly at: firstname.lastname@example.org