Hi All,
This is SID from Melbourne. Lets say my wife & I are just embarking on the idea of starting to invest in our first “Investment Property”.
Is there some sort of a guide that helps you in assessing how does one choose the right propoerty?
Any ideas / suggestions would help.
CHEERS
SID
You NEED TO DO YOU GROUND WORK AND CARRY OUT YOUR RESEARCH. Firstly pick out areas that meet your plans. If you are looking for capital growth look to inner city areas. You then need to get to know the area like the back of your hand. Go through every property in your price range. Also go through all the rental properties. You will find that over a short period of time you will have a good idea of what is available and the price range. Finally look at properties and ask are they close to public transport, shops, schools, childcare centres ect. If you were a tenant why would you rent this property. This is what I do all the time whether I am researching Australia, New Zealand or other places. I will shortly load onto my web site a property evaluation sheet which may help.
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand Property Researcher and education seminars
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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1) Read all the property books you can get your hands on (especially ones that talk about how to deal with agents)
2) Decide on a few suburbs you might be interested in and research them thoroughly (historical price reports, demographics, talk to people who live there)
3) Look at lots and lots of properties, both rentals and sales.
Also, Sid, you may want to go back a step and put down your objectives with property investment. Are you looking to build your retirement fund? If so when do you want to retire, etc? How much can you afford, what is your tax situation and what happens if your circumstances change? (Change job, kids, etc).
Property investment is only a tool: what is a good investment depends on your objectives and your circumstances. You need to define your circumstances and objectives first.
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