It appears that the property market is a rather complicated area for potential first time buyers.
Despite of the bad condition, premises are being sold with a high price that keeps climbing year after year.
Although it is said that the younger generations are not working on the property ownership and their mindset is different there are still number of Gen Ys who have managed to build an impressive portfolio of property. Here are some tips for you:
1. Keep your eye on the prize
The key-word is to keep focused on your goals which you want to achieve. It is important to have a good work ethics and even if things don’t go your way, one should keep working on the picked goal. Property investment is something that takes a lot of effort and concentration. It might be time-consuming, so it is important to keep your attitude positive.
2. Start small
Don’t think too big and estimate your knowledge and skills. Starting with small investments enables you to take less risk and win a bigger market to rent/sell to instead. Also, starting up with an accomplishable investment lets you make your first mistakes on a less risky and expensive property.
3. Get a life insurance
That is one issue starting property investors typically ignore when they enter the market. One should get a life insurance at least by the time of the purchase of the first property. You can ask yourself, how would you afford your home loan repayments if you lost your ability to earn an income due to a medical circumstance or any other unpredictability.
4. Invest in yourself
No one has a natural ability to understand the investment market, these skills are learned. Raise your knowledge by attending workshops, seminars and conferences. Becoming a property guru doesn’t happen overnight.
5. Learn to negotiate
It’s mandatory to contribute to your negotiating skills in the property market. Almost all is negotiable- the property price, settlement and home loan terms, expert fees.
6. Use your head instead of heart
Buying property can be an emotional experience but it’s wise to leave your heart out of it. Making an investment should be a smart business decision not a search for a cozy home.
7. Have a checklist
There are always several details to consider when buying a property and it can be helpful to create a checklist.
Checklist is the best way not to forget anything and keep you focused while looking at properties. Just take your time and look closely.
8. Say no
Buying too quickly in the property market could lead to your downfall. While buying property, always remember that quality should be over quantity and take a chance to say “no” if you can’t secure the property at the right price.
9. Embrace your sacrifices
Young generation is often reluctant to buy property as it’s a huge strain on their disposable incomes. First home buyers may have to give up some luxuries to save for the first property investment.
Focusing on the long term financial benefits of property investment will most likely let you enjoy all these benefits when you retire.
Although it might not be easy to filter information, you can narrow your search and concentrate on a specific topic. Just focus on a handful of areas you want to invest in. You need to know a good purchase once it comes up.