Residential is first choice As we stated previously, regardless of the state of the economy, people always need a roof over their head but even in good economic times many businesses fail to prosper and are forced to close leading to vacant shops, warehouses and factories.
Don’t just buy any house or unit. Do some homework on your area and continue to grow your knowledge about investment before you begin to search for your investment property.
You may not love it If you are living in your second or third home, which tends to be the case with many new investors, you are unlikely to fall in love with a property that you‘ll buy for half the price of your current home. This is normal however it is important that the property fits the recommended criteria.
You must be able to drive past it and feel good Although you may not love your investment properties as you do your own home, you must be able to drive past it and feel good about its inclusion in your portfolio. The chances are that, if you feel good about the property, so will the bank, prospective tenants and future buyers.
Work with an investment specialist The majority of real estate agents sell properties for and to owner-occupiers and although they may dabble with the occasional investor client, they do not specialise in this field. RE/MAX have a definite focus on providing specialised service to investors. Their specialist representatives work predominately with investors, run regular information seminars and manage properties for investors. Discuss your plans with them and they will be able to provide you with advice on every aspect of property investment including the sourcing of suitable properties.