Thinking about investing in property? Check these four crucial points first

Julie Brownlee, Fsp Invest, 08 Oct. 2014

Tags: investing in property, property, invest in property, property investment, investing,



If you’re thinking about investing in property, before you do, you need to ensure you’re making the right decision.

Whilst property can make a great long-term investment, there are also a number of pitfalls that you need to try to avoid. Otherwise you could be making a very costly mistake.

With that in mind, what are the main things you should check out before you sign on the dotted line?

Read on to find out…



Four vital aspects to consider before investing in property


There are a whole host of things you need to consider before investing in property, but these are among the most important.

Location
Make sure the property you buy is in a desirable location. You’re more likely to rent the property out and make money from your investment over the long-term.

Type of property
You need to ensure you invest in a property that’s in demand.

There’s no point buying a five-bedroomed house to rent out when the vast majority of tenants are looking for two-bedroomed townhouses.

Attracting the best tenants
You need to have a lease drawn up that will cover you for all eventualities. If this means using the services of a professional, you’ll likely find it is well worth the cost.

It will protect you legally and will also give your tenants peace of mind.

Don’t overstretch yourself financially
The biggest mistake you can make is putting everything into your property investment. Remember there may be periods that your property will lie empty or require maintenance.

You need to ensure you have enough money to cover the bond if you don’t have rent coming in. And to pay for any repairs that need done to the property.

So there you have it. Four crucial points to check before you invest in property.

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