eal estate investment and discover where the up and coming
development has never been areas of that town are likely to
a more popular pastime or be. If there are inner-city
career changing challenge; if you redevelopment projects planned
would like to learn seven secrets examine the real estate market in
for consistently successful real the immediate vicinity, if there
estate investing through are areas that are booming right
development or you would like to now examine the immediate
know how you can continue to neighbouring areas for their
profit from property even if the potential for future prices rises
market takes a downward turn just for example.
read on...
Don't follow the crowd - have the
1) Do Your Location Homework - confidence to buck the trend and
did you know that through get ahead of the curve by
successful and sustained location positioning yourself in a market
research professional property that is about to boom rather than
investors actually continue to in one that has already
profit during a market down turn? blossomed.
It's true - whatever the market
conditions you can apply their 2) Know What You Can Afford -
location research approach to While it can pay to sometimes
your real estate investments and speculate never be tempted to
also make consistent profits from jeopardise your own home. Work
property. out your finances and be
ruthlessly strict about what you
Take the necessary time to learn can and cannot afford as a down
all about a town or city you're payment, for mortgage costs and
considering for your next for the renovation and
property development purchase and redevelopment of your next real
estate investment. Only proceed houses with substantial gardens
within the confines of your in the area and you will have
tightly allocated budget and do totally missed the market and
not be tempted to over extend potentially created a property
yourself particularly if that will not sell!
competition in the property
market is tough and the market is 4) Renovation Not Rebuild - Know
slow or stagnant. your budget limits and your
personal skill restrictions. Do
3) Identify Your Target Market - not consider taking on a property
Having identified your next that is in need of a complete
location for property investment structural overhaul when your
identify the types of people who budget is tight or you do not
buy into renovated properties in personally have the time, skills
that location. Know who your or inclination to do the
target market are going to be and structural work yourself. Be
what they are likely to look for realistic about what you and your
in a property in that location. budget can achieve and seek
If for example you're examining properties that fulfil that
inner-city spaces you might brief. Pay to have an independent
identify that your buyers will be and complete survey done on any
young single professionals and property you are seriously
that the ideal property type for considering buying before making
these people will be luxury low a down payment to ensure that
maintenance apartments - seek out there are no hidden surprises
suitable properties with the waiting for you beneath the
potential for redevelopment into floorboards to eat up your budget
luxury low maintenance apartments in its entirety.
and you will fulfil your target
market's brief...seek out large 5) Manage Your Budget - With your
survey in hand you can approach
builders for quotations and seek 6) Appeal To The Widest Market -
out prices for fixtures, Forget putting your personal
fittings, finishings and stamp on any property you develop
furnishings. Take the prices - YOU are not going to be living
quoted and sourced and build your in the property! You should
budget. Factor in ongoing already have identified your
mortgage and service costs and target market which will give you
labour costs as well as your a good idea of the level and
findings and structure and quality of finish expected, now
allocate your money accordingly. meet those expectations without
Watch every single spend and be adding your own personal taste
ruthlessly strict with yourself into the equation. By appealing
and your builder. If at all to the widest market or the
possible have your builder commit lowest common denominator your
to a contract with fixed finish property will be attractive to
dates and fees and stay on top of the majority of buyers making it
every single penny or cent every faster and easier to sell on and
single day. At the end of each profit from.
week tally up your outgoings and
expenditure and ensure you're not 7) Make Friends With A Real
exceeding your budget. If you're Estate Agent - Your greatest ally
overspending rein it in or you when developing property will be
will have to shave it off other your real estate agent. Make
areas of the development. friends with these guys and you
Remember never to scrimp and save will build a beautiful and
on finishing touches and always successful symbiotic relationship
give yourself a realistic fall in which you both profit to the
back fund in case of emergencies. maximum! Real estate agents are a
fountain of untapped knowledge
about the local market, who is commission ensuring a beautiful
looking for what property in and lasting friendship!
which area, which additional
features cost little to add but Finally, remember that when
which push up the asking price you've bought, renovated and sold
and what a buyer expects from on you'll be looking for that
your particular property type. next property opportunity and any
Get the facts from your real real estate agent who you've
estate agent and then apply their worked well with will be on the
advice. You will create a hunt for suitable real estate for
property they can market for top your next investment making any
dollar and to the widest market - subsequent purchases that much
you will make more profit and easier to source.
they will make a bigger
About the Author:
Rhiannon Williamson is a freelance writer whose many articles about international property and investing in real estate abroad have appeared in publications around the world. Visit this link to read her latest articles about property in Dubai -http://www.shelteroffshore.com/index.php/property/cat/C71/
Source: www.isnare.com
