- Make sure you have a personal investment plan detailing your entry/exit strategies and overall goals including diversification.
- Will the investment satisfactorily meet your yield and cash-on-cash returns expectations?
- Make sure you factor in costs including legal costs, renovation/fittings costs (even though minimal) and agent/maintenance/vacancy costs.
- If you are buying a sub-sale or auction (not recommended if it’s your 1st) property, will you need to spend significant costs to repair the property or fix any other problems?
- Take your time to look at various properties (especially in today’s market where there is ample supply). Make sure you look at and compare at least three to five properties before you make an investment decision.
- Get an experienced friend or advisor to help walk with you with your first property purchase process to save you headaches and heartaches.
If you’re a first time buyer, check out the 3 Beginner Questions To Ask Yourself Before Your First Property
