Becoming a property millionaire seems like a tough task, but whether you are looking to invest in property for sale in Berea or many other parts of South Africa, we have some tips to help you succeed.
Property is a solid investment around the world, but it is only as solid as the research you put in, as well as the deal you negotiate. Making sure that your return on investment is worthwhile is essential, and to achieve this there are some important steps that you cannot skip.
Step 1: Look for potential
If you are purchasing property with the intent to sell, make sure that you choose something that has the correct foundation. What you want is a so-called ‘fixer-upper’ but one that is not going to come with extensive costs. A property that offers renovation opportunities will allow a smart investor to add value and sell for a much higher price.
Step 2: Don’t risk it all on one property
As is the rule in any business, you don’t want to be relying on a single shot. You need diversity in your property portfolio by picking up good deals in different areas. This allows you to minimise risk.
Step 3: Get tax savvy
Tax is an issue that you simply can’t turn a blind eye to. Unless you are an expert in this area, making use of a tax advisor can help you save as much as possible during the purchasing and rental process.
Step 4: Pick your partners
You may consider yourself a good all-rounder, but when it comes to property you will need legal, accounting and DIY assistance. Pair yourself with professional partners as this can help maximise your profits.
These are four crucial steps in looking to turn up the profits and enjoy success from your property investments. Also, always remember that patience will go a long way in helping you build the property empire that you envisioned at the start.
