If you’re preparing to buy your first home, it’s a good idea to take a few tips from owners and investors who have done all this before.
Successful property investors operate on similar philosophies, and their outlook provides valuable insight for you as a first-home buyer.
The critical element to success is not what you buy, but your long-term strategy and approach to real estate ownership.
So, think of your first home not just as a place to live, or where you’ll bring up a family, but as an investment that you will use to achieve your financial goals.
Smart property buyers research the local market thoroughly – and they don’t just look at prices. They’ll also focus on the history of the area, take note of any infrastructure improvements such as a new highway or public transport and gauge the supply of properties coming on to the market.
Factors such as being in a good school zone can also influence how a property’s value might increase.
If you’re thinking of dipping your toe into the home-ownership marketing, here’s a list of tips on how experienced property investors approach buying.
- Think long-term about your financial goals and buy with them in mind, not just your immediate needs.
- Use your head, not your heart. Don’t let emotion conquer all. Do the math and make sure your numbers stack up.
- Know the value of the property to you and don’t pay over the odds.
- Research areas that are likely to perform strongly. Don’t just follow the pack.
- Know your budget and have the finance ready to go.
- Ask the experts. Investors know the value of experience and local knowledge, but they do their research, too.
Your local Barry Plant agent would be delighted to talk with you about your options.
Article courtesy of Active Pipe.