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How To Identify A Good Property Investment
If you are considering making your first foray into the property market as an investor rather than making a purchase for yourself, then there are a few things you'll need to know.
- Will This Be Your First Buy?
- If this is going to be the first house you are buying you really cannot afford to make any mistakes, because if you do they could financially cripple you. Spend time researching your target market, ask other investors how much occupancy they have got etc. You must know your market inside out before starting.
- Do You Plan To Rent Or Refurbish And Sell?
- When you buy the property, what do you intent to do with it? Will you rent out the property so that you can pay off the mortgage using the rent? Will you refurbish the property and sell it on for a quick profit?
- Look For Nearby Areas With Lots Of Renovation
- It's easy to identify an area that is on the rise. If you spot lots of building activity, skips and chutes then you know that other property investors are active in that area.
- Check Out The Local Planning Office
- Keep on top of planning applications. If there is a new golf course opening nearby or a new office development, you'll be sure that the price of property in that area will rise.
- What Are The Local Schools Like?
- If you plan on selling on the house or renting it out, then one of the best things to help locate a good area is finding out how good the schools are in that area. If the schools are good, parents will be eager to get their children into them so you should have no problem selling the property or getting good rental.
- What Is The Local Crime Rate?
- If you are investing, you do not need to have your property damaged by vandals or even worse - burgled. Find out what the crime rate is for the area as this. Ideally the area will be safe with a low crime rate - this will make selling easier and rental more attractive.
- Is It Good For Commuters?
- If you want to make a quick resale or rent the property out you'll need it to be in a good position for the typical commuter.
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