What Points Should I Focus For Buying Property?

[navnit kumar]

Greeting To All !!

I am making a plan for buying property then what main important point should i focus which help for me buying property, land , flat or apartment.I need your expert advice.

 

[corywaddoups]

- Decide on the area you want to buy an apartment. This may involving spending some time in that area or at least doing some research at home.
-Before you buy, research the market to make sure you are getting value for money. Talk to independent valuers and real estate agents, and check recent sales in the area.
- Visit as many places as you can looking for properties that fit your criteria, so you’ll have a good idea of what your money buys.

 

[navnit kumar]

Thanks for information!!

 

[AdityaRaghav]

Hi Navnit,

First thing you must check into is that from which area you want to buy, what facilities you want near by like, hospital, malls, market etc. Once you have prepared basic list like this, the next step will be finding a portal which will guide you throughout your property buy.

 

[Barny]

Hello Navnit,

Firstly, have you got a country in mind as to where you're looking to purchase? If you know then worth posting because every country has different rules, regulations, taxes, finance packages, etc.

Whereas if you are undecided on what country, then again, research into the above areas would be worthwhile and once decided on that, you can then go to the next level of a specific area, town, city, etc.

Just my opinion of course :biggrin:

 

[totallyproperty]

Greeting To All !!

I am making a plan for buying property then what main important point should i focus which help for me buying property, land , flat or apartment.I need your expert advice.

Hi Navnit,

I hope you're finding the advice and tips on the forum helpful

I would like to add to the above some other points to consider:
- Do you want to manage the rental of a property yourself or use a letting agent? Don't forget to calculate any management fees into your costings.
- When deciding if a property would make a good investment or not (whether it's a flat, house or land for developing) you need to work out the total cash Return on Investment (ROI) and if looking at a rental property, then also calculate the Yield.
- Speak to local Estate and Letting agents in the area you are thinking of buying. Speak to at least 3 different companies and find out what demand there is from what type of tenant within that area (eg. young professionals, students, etc).
- Have you considered a HMO? This allows you to gain higher rental returns than a standard Buy to Let, buy also carries a higher level of landlord responsibility (with things like having internal fire doors, etc). There are specific regulations you need to adhere to with an HMO so do your thorough research.
- If you need to renovate a property, having a reliable building team working for you is essential in getting the project completed on time (therefore maximising your returns). Personal recommendation is often the best place to pick up a good building team.

Have you narrowed down your choices of location yet?

 

[Michelle Barringer]

Hello,

Firstly you need to work out how much work you want to do initially and ongoing.
If you don't have time to manage a property ongoing then considering something hands off might be more suitable- but if you are happy to manage ongoing you could consider std buy to let or HMO. Then buy something accordingly - but bear in mind the amount of time and input needed for each option

 

[jcena]

An investment property should be about increasing your wealth and securing your financial future. There is however, a common misconception that property investing always delivers positive returns, while this is true most of the time it certainly isn’t an instant road to riches. You need to keep in mind that how effectively you manage your investment will determine whether or not the investment helps you reach your financial goals. The cost of owning an investment property can be surprisingly low after you take into account your rental income and the tax deductions you’ll be entitled to.

1. Choosing the right property at the right price
2. Do your sums – Cash Flow is always king!
3. Find a good property manager and let them to do their job
4. Understand the market and the dynamics where you are buying
5. Pick the right type of mortgage to suit you
6. Use the equity from another property
7. Negative gearing
8. Check the age and condition of the property and facilities
9. Make the property attractive to renters
10. Take a long-term view and manage your risks

 

[nmb]

Before even looking at the type property you wish to buy I would put together a short, medium and long-term plan for your property investments. Also make a note of your financial targets, income requirements, how much debt you can take on without stretching your finances and as much as possible try to give yourself some financial "headroom".

Once you have a plan in mind then you can begin to look at different markets, different types of properties and put together your long-term property portfolio jigsaw.

 

[Longterminvestor]

Focus on the long-term prospects for the region you are looking to invest in, the types of accommodation that perform best and the future flow of suitable clientele in the area. You will also need to ensure there is long-term cash flow to finance any debt taken on to acquire property assets.