Finding the right investment property may need more research than when purchasing the right freehold condo for a family living. Investors all have different property investment strategies, but if they are not organized, they could well miss out on property investment opportunities as they arise.
Therefore there usually are more considerations to take into account, especially as regards the profit you will make from a property investment when it is going to be added to your property portfolio.
The fact is there are many property investment opportunities on the market at any one time, but whether they are suitable to add to your portfolio or not is the question? If good property investment strategies are not in place, these property investment opportunities could be here and gone before you are organized to purchase.
These 11 steps will make the process of buying an investment property for immediate rental easier and give it more chance of producing the return that is expected.
1. Assess the equity available to put into an investment property.
2. Discuss your situation with a good mortgage broker and find out what monies can be borrowed, which will then give a property price range within which to work.
3. Go back to the business plan and get the criteria for purchasing – the size, transport, how many bathrooms, garages, construction, yard, etc and also location details as regards schools, transport and so on.
4. Do some research and find out where a property the size you want for the money you have, is available – at this stage there may need to be an adjustment as you may need to buy in another area than you first intended and that should be OK as long as you do your homework on the real estate in that area.
5. Make a short list of cities in which to buy and contact some agents.
6. Make a short list of properties to view that fit within your criteria.
7. Once you have looked at the parks, make an even shorter list from which to buy.
8. Use online calculators or a property investment program to calculate that you will make the required money from the property of choice and check again that it fits your criteria.
9. Make an offer and go to contract (don’t forget to use the right buying entity on the contract) and cover yourself with clauses regarding finance and building inspection so that you have an out should you need it
10. Complete all your controls for pests and so on and get a valuation if needs be.
11. Confirm that all your requirements have been met, finance approved and go to settlement.
Strictly speaking, the steps outlined here are pretty standard when purchasing an investment property like bukit jalil property. Each time you buy a property, you will find that levels 1 and two will need to be done and step 3 should be part of the property business plan.
Investors find it easier to have a set plan.
When an investor has a set plan to follow it makes property investment purchasing so much easier and saves much time because each property can be compared to another quite easily. It means that you are not trying to compare a three bedroom townhouse against a four bedroom house or 1 bathroom against three bathrooms. You can see what I mean here.
Each different property falls within a diverse price range, and this is why it is easier and safer to be able to compare one with another comparable one, rather than two different ones, as a comparison you can also add value about services, service residence in kl proved to provide satisfying facilities and services.
When a systematic criterion for purchasing is used, it will make finding the right property investment opportunity so much easier, and you will not need to keep changing your property investment strategies.