If you are thinking about dabbling in the world of property investment, then there are few things you may want to consider first. What a lot of people do not realise is, investing in bricks and mortar is a bit like investing your hard earned cash into the stock market. There are no certainties, it is risky and you are not guaranteed to make money. But if you do your homework and take your time to understand the market a little more, then chances are you will end up running a lucrative ‘property’ business.
One of the first mistakes property investors make is that they forget they are buying property as an investment and will only look at houses or units that they like or would live in themselves. Instead, you have to understand the market you are targeting and get inside their mind.
Are you looking for a small family to rent your property or a young professional? Do you want students renting off you or a single person with a friend? You need to consider whether your property is commuting distance from the nearest large town, whether there are good transport links and if it is close to a decent school or business district. You should also find out what sort of properties are in demand and in what area.
When looking at properties, you need to consider what condition the building is in and whether it will need a lot of work to make it suitable for renting. Chances are if you have to put a new roof on and replaced the hot water system, it may take some time before you are making a decent profit from your investment. However, be mindful that some properties may need a lick of paint and new carpets before they can be rented and be prepared that some sort of maintenance might have to be carried out on a yearly basis.
Generating a good income from a property you rent out is not always easy. To select the right property requires patience, skill and experience. Savvy property investors normally employ the assistance of a property rental management company and or a buyer’s agent. Templeton Property is one of Brisbane’s leading buyer’s agents and property management firms, who pride themselves in offering impartial advice. Each and every member of staff has been specially trained within the industry, which means their investment property advice is accurate, helpful and above all will help you achieve a greater return on your money.