Getting started with property investment is a daunting task and I can assure you that it will not be easy. However, the fact still remains that it is definitely possible for you to yield profits from your investments. The key lies in proper and thorough planning.
Here is a checklist of 5 items that you should take into consideration before making your first purchase.
People tend to overlook is their personal capabilities in sustaining an investment. Always be prudent and ensure that your current income can sustain the housing. Real estate is a long term game that might take awhile before you start yielding profits, so don’t be overconfident on your ability to afford a second property!
2) Property Location
When dealing with property, its location can be a game changer, so make sure it changes for the better! Do remember to NOT just focus on a property’s current value and instead, look harder and find properties at promising locations that are selling under-value. These are the properties that will sustain it’s valuation over the years
3) View Each Property At Least Twice
When you are considering certain properties, always view them AT LEAST twice and at different time of the day. This will ensure that you reserve your judgement and evaluate the property comprehensively when making the important decision.
4) Check Your Surroundings
When considering a property, remember to always make the conscious effort to access the surrounding areas. Go through the master plan from URA to understand the developments of the surrounding area of the property as they could very much affect its future valuation. You will be surprised at how sensitive property value can be!
5) Inspect for Repair/Renovation Cost
Another often overlooked factor is the repairs/renovation that the property might need. These additional cost could easily add up to bleeding your investment capital unnecessarily. This is especially so for older properties that might require a lot of work to be done!