Pay the right price: Buy low, sell high. Do your research to avoid overpaying.
Target your audience: Consider your target demographic for the area you are buying in and research what kind of tenant you will be catering for. Remember you are not buying for yourself, focus on a property that will double in value in the shortest time opposed to what suits your personal taste.
Infrastructure: Evaluate a property’s access to freeways and public transport and research what is planned for the area.
Add value: Buying a fixer-upper can be a great investment strategy. Renovating a kitchen can be costly, but can increase the value of your property while possibly giving you a substantial tax deduction as a bonus.
Don’t follow the herd: The smartest investors tend to jump in before everyone else does.
Have a strategy: Have your advisor go over your current financial situation to help ensure that you have the right investment plan in place, now and in the future and ensure everything fits with your goals.
Crunch the numbers: Take the time to understand the financial impacts of purchasing a property.