Make 2009 Your Year to Invest
1 January 09Most of us at some time or another play with the idea of investing in property. We hear a range of stories that either excite our interest, or instill concern. But at the end of the day it often comes down to where and how do I start investing in property?
The first step is to write down a plan of what you want to achieve, how and over what period of time. Consider issues like whether you will seek out low-maintenance properties, or ‘fixer-uppers’ to try and quickly increase the value. If you are looking for a ‘fixer-up’, it is vital to be realistic about the time and money required to renovate and how that will stack up against the final value.
Consider issues like managing the property. Is this something you want to do yourself, or would you prefer to hand the management over to a professional.
While reading investment books or joining a local property investors club is a good start, whatever you do, make it a point to commit to taking action this year. Don’t worry about looking back and the ‘if only I’d purchased 12 months ago’ syndrome! Concentrate on what is happening in the market now, considering everything from property prices, rental conditions, and interest rates to make long-term wise decisions.
TIP: Delaying action to wait for the ‘perfect’ time and property could mean missing out on some valuable opportunities towards building your future security. Write your list of priorities and recognise which ones you won’t compromise on, however be prepared to accept minor flaws that are either small projects to repair or will have little effect on your long-term plan.