Saturday, August 5, 2017

Property Investment: The Big Mistakes You Don't Want To Make!

There is a common misconception that property investment is a risk-free investment option when that isn’t the case at all. Of course, compared to some investment opportunities, like making an investment in the diamond industry or buying stocks or bonds, property investment does come with a lower level of risk.

However, that’s not to say that property investment comes with no risk at all because that’s not the case. There are hundreds of thousands of investors who have bought a property, things have gone wrong for one reason or another, and they have lost their investment. So although property investment isn’t as risky as some investments, it still comes with a level of risk, and it’s important to understand that.

For any investor that is serious about making a success out of property investment, it is vital to ensure that the big mistakes often made by new investors are avoided at all costs. Want to know what traps new investors have a habit of falling into as well as ways to avoid falling into the same ones? Then read on for a guide to the big investment mistakes you don’t want to make.


Planning as you go

If there is one mistake that can have dire consequences when it comes to investment, it’s failing to plan in advance. A lack of a well-thought out and well put together plan is a huge mistake when it comes to investment and one that you don’t want to make if you are keen to be successful. A lot of investors simply buy a property and then start to think about what to do with it, without having a plan in place. However, it’s much better to use resources like https://www.propertytalk.com to research the best methods of property investment. Once you’ve done the research, you can then put a plan in place - think of it like a business plan - before making an offer on a property. Don’t make the mistake of attempting to make a plan after purchasing a property.

Failing to choose what you want to do with your investment

Before choosing a property to invest in, it’s important to decide what sort of investment you want. Are you looking for a property to buy, do up, and sell on for a profit or are you looking for a property that has rental potential? It’s important to decide on these things beforehand, as they will impact the type of property that you should buy, as well as the area that you should buy in.

Going it alone

The key to success in the investment industry is building up a network of professionals that you can rely on. At the very least, you need to work with a realtor, appraiser, home inspector, and an attorney. For the remodeling part of your investment plan, you will need to create a team of skilled plumbers, electricians, interior designers, and decorators, to ensure that the overhaul of the property goes according to plan. The fact is, if you go it alone, you are much less likely to be able to make a success of things.

There you have it, a guide to three of the biggest property investment mistakes that you don’t want to make, and how to avoid them.

Investing In Rental Properties: What To Consider

There are plenty of ways you can invest your money, we know that. From stocks and shares, startup businesses right through to property. Even with a property, there are many ways you can invest. You can choose to invest in your own home, buy a rundown property that needs some love and attention, or, one of the most popular ways to invest would be in the rental market. But how do you go about that? What do you need to consider? I thought I would share with you some of the ideas behind rentals and how you can get started in this lucrative investment opportunity.


Finding the perfect rental

One of the first things you need to do is to find the perfect rental for your investment. There are many things to consider when thinking about this. First things first is the location of the rental property. You need to think about how close the property is to local amenities such as shops, bars, and restaurants. Not to mention whether it has good transport links. Heading online to search for rental properties would be the best way to research on websites like 10thFloorBrokers.com/properties. These websites can help you look out for current costs and what the market night dictate that you would get as a rental. It could also indicate whether certain areas have a high demand for this sort of property.

Any extra insurances costs

Some of the things you need to think about are the extra costs that you might incur on top of purchasing the property in the first place. These normally come in the way of insurance costs. You have to think about the building and damage that could be caused while it is empty. You also need to think about the problem you may have with certain tenants. It’s always a good idea to ensure that you cover all bases with your insurances, to make sure you are covered for every eventuality.


Finding the right tenants

The right tenants are sometimes hard to find. The ones who will treat your property like ti was their own. Always paying on time and happy to report issues and help them to get resolved as quickly as possible. While it may be hard to find these people, it isn’t to say you can’t. Enlisting the help of an agent means that some of the hard work can be taken care of. For example, they can arrange credit checks and also immigration checks to ensure that the person wanting to rent the property is legitimately able to. Websites like thebalance.com/find-renters-for-your-property offer advice if needed.

Ongoing management

Finally, you need to think about the ongoing management of the property. That is the person who would handle complaints and issues and be the first point of contact. You have to options. You can ask an agent to do it all for you and sacrifice a portion of the rent as a fee. The advantage is if that the tenant doesn’t pay, the agent still guarantees you the rent. Alternatively, you can choose to manage yourself. This can sometimes work well as you can keep a much closer eye on the property.

I hope these tips help you if you are considering buying a property to rent.


Friday, August 4, 2017

Take A Chance On Me - The Rewarding Risks You Need To Take


Getting yourself to a state of financial security nowadays is mainly dependent on luck. There are plans that a business can follow to a tee to get them on the road to millions, and somewhere along the line they will fall short even though they’ve stuck to the recipe; it’s because luck wasn’t accounted for. The same goes for those who are working independently to try and make their fortune. If you aren’t taking a risk every once in awhile and letting serendipity play its part, it’s going to be a very slow process getting to the top.

Start With Stocks

If you haven’t invested on the stock market before, don’t worry - it’s never been more simple to do with. ConnectFX has simplified the process to find a broker for you, ensuring that you are finding somebody that is reliable and ranked within a great selection. It deals with the Forex markets, which has an average daily turnover of over 5 trillion US dollars - more money than most of us would even know what to do with. Taking your business out and trading with it can seem like a daunting task, but it’s services like this that make it easier for the average joe to get out and get invested. The more shares that you sell and trade, the more profit that you will make for yourself.

Invest In Another Country

A lot of businesses are taking their show on the road - that is, seeing just how well they’ll do in a country that isn’t home. The more that you expand your business, the more people that you are opening yourself up for trade with; it’s a no-brainer in a lot of cases, but it is something that definitely requires investment on your part. Letting go of the amount of cash that you will need to get yourself out and marketed to an international audience can be a risk in itself, but as long as you do the relative research to back it up, you shouldn’t have a problem with it.


Be Bold With Ideas

Nobody ever got anywhere by holding back on something that they wanted to do. Ideas weren’t kept a secret or were waiting for the green light to go ahead with; the people who have made the most money with what they had in mind were confident and bold with their approach. It can be hard to do this is you aren’t sure of yourself or the direction that you’re going in, but consider it until you decide to take the chance. It may just be the making of you.

The more that you are willing to risk, the more that you potentially have to lose; but keep the betting safe and you will only come to reap the rewards. Don’t gamble with more than you have, and always go with a combination of recommendations and your gut instinct; it’s almost always a winning pairing that has financially rewarded a lot of people from past to present.


Wednesday, August 2, 2017

What Makes A Successful Property Developer?

First and foremost, there is perhaps a need to define the term ‘successful’. Any property developer who is able to meet their financial obligations and owns one or more properties is successful, but we’re going to focus on the uber-successful. The mega rich. The moguls. The guys - because it is, overwhelmingly, guys - who take the property world by such storm that there’s seemingly nothing left behind in their way.

For the multimillionaire property investors, the world is their oyster; the homes, hotels, and estates that they buy are close to play things of the fabulously rich. So how do they manage it - what separates the good property investors from the really great ones?

#1 - They Start Wealthy


It’s an undeniable truth; few property developers that hit the really big time come from humble beginnings and work their way up. The most well-known property tycoon of them all, Donald Trump, inherited a large amount of money from his father. Though he notoriously lost his fortune to bankruptcy, he built it back up thanks to the connections he had been able to make along the way.

Does this mean there’s no prospect of a future in real estate if you weren’t blessed with a financial boost in life? Of course not, but it does mean you need to be realistic about your success. Even if you don’t get to the multimillionaire status, you’re still doing well to be succeeding at all when you put things into context.

#2 - They Are Ruthless

There’s no doubt about it; there’s an element of being involved in property investment that means you need a hard exterior - and a pretty harsh interior wouldn’t go amiss either! To make it in what can often be a cut-throat world, you have to be willing to take from others. You have to want the deal so much that you’re willing to push yourself until you get it.

#3 - They Are Dedicated

As the above foreshadowed, there isn’t much time for kicking back and enjoying life if you’re a property developer. At least, not for the first few years anyway. You’re going to have to have a focused determination that means you’re willing to work around the clock to snag the deals that everyone was too busy catnapping to have the chance to grab ahold of.

#4 - They’re Daredevils

If you are too risk-averse in the property industry, you can still make a decent living. You can buy and sell good investments, having done a lot of research, and spent time weighing the pros and the cons. However, you’re unlikely to truly break the bank; that’s just a simple statement of fact.

On the flip side, if you’re willing to throw caution to the wind on occasion and just go for it because your gut instinct is telling you to do so - then you might just be onto a winner.

There’s no doubt the property world can be cut-throat and hard on your social life, but get it right, and who knows? You might be one of the big players before you know it.


Wednesday, July 26, 2017

Country Break Or City Retreat? How To Afford Both And Make Money At The Same Time

If you work in the city, it makes sense that you would want to live there too. Nobody embraces a long commute, and besides, city life appeals to you. Imagine that hustle and bustle all around. You could pop to the bar next door anytime you wanted. You could head out for coffee at the drop of a hat.


But, there’s a small spanner in the works of your plan. You and your family already live in your dream home, and it’s in the middle of nowhere. Besides which, when it comes down to it, you’re not willing to give up on the peace of countryside living. Sure, the hustle and bustle are great, and no commute would be even better. But, nothing quite beats the feeling of arriving at your peaceful haven after a hectic day.

So, what can you do? Either way, it feels as though you’re going to lose out on one of your dreams. But, that might not have to be the case. In truth, nothing is stopping you from having both a country break home and a city retreat. That way, you can spend weeknights close to the office, and weekends enjoying your haven. The money may, of course, seem like a problem. But, owning two homes may not be as expensive as you think. With a little careful planning, you could actually make money. All you need to do is ask yourself these questions.

Would It Make Financial Sense?

This is the hardest question you need to answer during this decision. Would two homes make financial sense? Bearing in mind that you’ll need to afford the upfront cost of your new home, and pay bills on top. But, if the commute you’re making each day is a sizeable one, the costs may pay for themselves over time. To help you decide, make a detailed note of the mileage you drive over a month. If you catch public transport to work, keep all your tickets instead. Then, add up the cost of the commute for that month, and consider how much that would be over a year, two years, and so on. If it’s a lot more than you were expecting, the cost of a new home may not seem so extreme.

Would You Be Willing To Make Compromises?

Let’s be honest; few of us can afford to buy two houses straight up. Bearing in mind, also, that houses in the city can be pretty expensive. But, this could work if you’re willing to make compromises. Instead of getting a house in the city, you could opt for an apartment. It may not be what you had in mind, but it’s a much better option. You’ll still have your country home to spread out in. And, with developers like Meriton offering stylish city apartments, there’s no reason you can’t make this work. Bear in mind that you’ll need to consider size. Are your whole family going to spend the week in the city with you? You may find that you also have to compromise there. A large apartment is still going to set you back a fair amount. Could you live in the apartment alone, while your family stays in the country?

Would You Be Willing To Use One As A Holiday Rental?

If you can’t stand the idea of being apart from your family, consider renting out the empty property when you no one's there. Of course, you can’t rent it out on a lease, or you wouldn’t be able to return there. But, you could always use it as a holiday rental. You could even consider doing this with both properties to make double your money. A move like this should more than cover the extra costs of bills. If you wanted, you could even use these funds to make improvements to each property, so they make you more money in the long run. Something like extending, or even just redecorating, could see you increasing your money when the time comes to sell.

Conclusion

No one said that owning two properties would be an easy pursuit. But, it’s the best way to enjoy both worlds. And, as you can see from the points above, it may even be an investment worth making. Consider whether this is a lifestyle which would suit you. Bear in mind that this option is only really doable if you can afford to buy properties up front. If you’re operating with mortgages, the chances are it wouldn’t pay off.