Investment Tips for Buying a House
The main factor is money to buy the property. But in fact, most of the property purchased using a mood rather than logic.
According to the newspaper editor Your Money in Australia, Anthony Keane, this is fine. But this applies only to people who bought the family dream home. If you want to buy a house for investment, it is clearly forbidden.
According to him, investors should have a different mindset typical of ordinary home buyers. Decisions that made should be aimed at gaining a profit or income, and not to impress others.
Here are five ways to override the emotional stuff and think like a property investor when buying a house
1. Some parties felt, buy a house in the best area in poor condition is a disadvantage. This is true, because you don’t want to buy a property to be renovated for several months before the tenant rent the property so that gives you income. But this could be an exception if you have clever investment strategy, which aims to find a home with low maintenance costs.
2. Choose a neutral color of the house, and don’t choose to suit your taste. The reason, neutral colors make it easier to rent because it can be customized with any furniture. Choose colors that suit public taste. Usually the tenant don’t want change the color.
3. Adjust the location of the property to prospective tenants. If you are targeting college students as tenants, make sure your home location easily accessible to public transportation. If your target family, there must be a school nearby. This can be known by examining the area and try to understand the people who live there and the services required.
4. View property as a business, according to the authors and buyers agents Patrick Bright, investors should evaluate their property every six months and ask questions, like, if necessary additional investment to renovate and repair the house? Do you still get benefits? Is this the best return on investment?
5. Have long-term plan. For private home buyers, most do not have long-term plans for the house itself. But investors should not be doing this. They must devise a plan before buying property and write the plan.
Investing in property is not easy. But if you treat it as a moneymaker and feelings aside, the investment will be a lot easier.