Thursday, November 15, 2018

10 Must-Read Global Real Estate Tips For First-Time Investors

Are you interested in purchasing real estate for the first time? If so, there
are plenty of options available to you! No matter what type of property you are
interested in, we have some property investment tips to help you get started:


1. Learn about ownership rights The first thing you need to do is get to grips with ownership. This depends on where
in the world you are investing. Take Hong Kong as an example. The state owns all
land in the city, with the only exception being the grounds of the Anglican Cathedral.
The Hong Kong government issues Government Leases to landowners.

2. Seek expert assistance throughout the entire process The process of acquiring real estate can often be complex, which is why hiring a real
estate investment advisor comes highly recommended. They will be able to
oversee the entire process, from the provisional agreement to the keys being handed
over.

3. Choosing the right finance It is important that you finance the purchase of the property in a manner that is
best suited to your situation. The vast majority of investors acquire a mortgage from
the bank to fund the purchase. However, you may be entitled to better options
depending on where you are based and your status. A first home owners grant
may be an option in countries like Australia.

4. Factor in the transaction costs of buying and selling real estate  One of the biggest mistakes you can make is underestimating the costs associated
with property investment. Don’t overlook transaction expenses, such as stamp duty.
You also have legal fees and estate agent’s fees to consider too.

5. Know what taxes are payable Next, determine what taxes you are going to be subject too. Property tax and
profits tax need to be looked into.

6. Buy insurance Consider insurance options that are going to protect your investment, such as
buildings insurance, which offers a payout in the event that the property is damaged
by the likes of a fire or a flood.

7. Apply for a mortgage early Apply for a mortgage early to avoid disappointment, and make sure you have the
right documentation before applying. Expats, in particular, require a considerable
amount of documentation in most countries.

8. Assess the letting market What is demand like for the area you are considering? What types of properties
are people after? Will the property require a lot of adjustment before it is ready for
people to rent?

9. Rental yields Determine the rental yields for the area you are thinking about. Make sure you
consider properties of a similar style and size to the ones you are considering.

10. Legality Make sure you adhere to all legislation that is in place. It is time to brush up on
your understanding of the law!

No matter where in the world you are planning to invest in real estate for the first
time, the tips above should assist you!

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