How Much Does It Cost To Renovate An Old Building 9 Pro Tips To Get Started In Property Investment

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9 Pro Tips To Get Started In Property Investment

1. Know your budget

Before you dive into real estate investing, it’s essential that you have a deep understanding of your cash flow. Also, ask your bank to pre-approve your investment loan so you know how much you can borrow before you start looking for properties.

2. Don’t skip ongoing costs

Make sure you budget enough for insurance, fees and general repairs. When you’ve bought your perfect investment property, know what you can do to avoid costly maintenance issues like replacing old faucets.

3. Buy in the growth area

Choose an investment property in areas where there is a high demand for rental accommodation. Therefore, buying an asset for transport, schools or universities will make it more attractive to tenants.

4. Be practical about your investment goals

If you’re looking for long-term property for quick capital growth, it’s easy to renovate properties and convert them for a quick profit. In slow economic times, it can take many years to achieve the same growth.

5. Create sweat equity

Paying a tradesman to renovate your investment property is an expensive affair. But if you’re ready to jump in, you can increase your profit margin and save money by doing the work yourself.

6. Hunt what is livable, but avoid the big

Please note that the rental property must be clean, tidy and functional only. Don’t set out to buy a luxury asset because it has a fancy decor and interior.

7. Don’t get excited when shopping

When house hunting, you need to shop with your head, not your heart, as some people can easily get caught up in emotions. While the house on the steep block may offer you mesmerizing views, it could be a nightmare to renovate due to excavation or holding costs. Also, make sure you know the benefits and their risks.

8. Think before a negative output

Your asset may be negatively geared if your investment loan repayments are not fully covered by the rent. While this can offer tax advantages, it can also lead to financial problems if you don’t have enough cash flow to cover loan repayments. So, you need to consider your budget before buying.

9. Inspect your building

Before signing any buyer’s contract, take the time to thoroughly understand the building report to avoid any costly repairs. Also, termites are one of the main problems to be aware of.

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