If you are new to property investment there is definitely a lot that you need to know to help you to make the right decision for the right reason, here are some tips for the first-time property investor.
The first major point is to clear your emotions. We can all get attached to property as we all have our own home and the emotions associated with them. It is very important to not let them get the better of you. This is particularly true for auctions where people have a tendency to over spend if they get caught up in the moment. You can make this as easy as possible by having a clear set of numbers in mind and never straying from them.
It is very important to do your due diligence in terms of knowing your figures. You can get help from a professional property investment service for this if you need help. Here you will want to know exactly what all of your repayments and potential expenses of the property are as well as the average per annum capital growth for the area and the potential rental return.
Know the property and pick the right property for your needs. It is important to make sure that you have as much information about the property as you can. You want to make sure that you have all of the necessary building and pest reports to know that there will be no hidden expenses after you have purchased.
Be Patient and don’t jump in too fast. Don’t become a property investor hoping that you will get rich quick. Keep in mind that selling and buying property isn’t a fast way to wealth and you will need to have patience.
For an in depth read on Real Estate Investing I highly recommend Wikipedia.