Making profit from property is a definite possibility, but only when done properly – so before you start wildly searching through property for sale in the East Rand, take note of some of these important tips.
Before we jump into some of the more technical tips, the first and most important thing to remember is that this is a long-term plan. You need to exercise patience at all times. This will assist you in finding the best deal, and in turn the greatest opportunity of boosting the return on your investment.
Next, assess properties that are in demand. When starting out, you should consider looking at investing in flats or similar properties over houses. These options are usually available at slightly lower prices, depending on the area that you search in, and due to the popularity of these property options, you are less likely to sit with an empty property waiting for tenants.
Once you identify the property that you think has potential, make sure that you look ahead. You want something that allows you to ‘create’ profit. This means that you are eyeing something that has renovation opportunities. Changing up the kitchen or bathrooms can help you boost your sales price immediately, so always consider this when looking for your next investment.
At all times, make sure that you are tax savvy. Before signing on the dotted line, make sure that you have access to a professional tax consultant who can advise you on everything that needs to be covered during buying and rental process.
Lastly, you will also need to have easy access to lawyers, accountants and builders. Choosing the right partners in this department will ensure that deals and DIY projects are handled smoothly and efficiently.
Following these steps will reduce risk and could set you off in the right direction as you look to make millions on property investment.
