One of the best ways of achieving a state of wealth is through property investment, and this is an excellent time to go about it. Interest rates are low throughout the world, property prices have been stagnant or even depressed, and there is plenty of property on the market, much of which is in the form of repossessions.
The passport to wealth through property investment
One of the best ways of achieving a state of wealth is through property investment, and this is an excellent time to go about it. Interest rates are low throughout the world, property prices have been stagnant or even depressed, and there is plenty of property on the market, much of which is in the form of repossessions.
Many banks are carrying more repossessions than they care to have, and are prepared to get rid of them for a reasonable sum. In addition there are many property owners who have suddenly found themselves unable to pay their mortgage and need to sell their property to avoid having it repossessed.
In fact this is the exact situation in which many successful property owners made their killing through property investment.
When researching properties for property investment, there are a few points to keep in mind. The first is to always purchase a property in a development area so that you can be assured of capital growth.
Look for a property investment near to a park, a beach or a school, since these are points frequently looked for by potential renters, and an attractive property in a sought-after area will guarantee strong leasing returns as well as maximizing the chances of full time occupation.
Keep an eye on interest rates, because the worst thing that can happen is if you find yourself in the position of not being able to keep up with mortgage repayments.
Do your sums carefully before committing yourself to a property. As the buyer it is you who will have to find transfer duty and attorneys’ fees, so make sure that you have enough ready cash available for those. It is you that will have to pay for the upkeep of the property. You will often come across property that is in a poor state of repair, especially in today’s financial climate.
That is not necessarily a bad thing as long as you can keep the purchase price down to less than 65 percent of its renovated value. Work your Wealth run a series of workshops and courses designed to assist people looking to increase their wealth through property investment.
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