If you’ve decided to invest in property, either for re-sale or renting, there are a few things you should know in order to be successful. Even if you have bought property before, this is different; investment property is all about the numbers, and if they don’t add up, you need to be detached enough to walk away from the deal.
Firstly you will need to do research. Get to know neighborhoods and the true value of properties. As a renovator, you need to do the math and set yourself a limit when going into an auction. Don’t get involved in a bidding war or carried away by a persuasive real estate agent – remember this is business and stick to your budgetary limits.
To avoid getting into bidding wars at auctions, we recommend networking – let real estate agents know you are interested and financially ready to buy; they will show you off-market properties and you’ll be at an advantage, having the opportunity of making an offer and closing a deal before the property goes into auction.
Remember to be flexible as sometimes, for sellers, it’s about more than just money. They might need a little extra time to vacate, or require a quick sale due to other commitments. Try to find a win-win solution. And, if you are really interested in a property, show it. Be fast and proactive, put in a fair offer and follow through.