5 Hot Tips for Successful Real Estate Investment
The last downturn of the global stock market saw millions of 'every day' investors having their fingers badly burned. Overnight life savings were eaten away, retirement funds went into decline and the economic forecast for all of us who had any money invested in stocks and shares was gloomy to say the very least.
As a direct result investors in their thousands turned their backs on the rollercoaster stock markets and sought alternative asset classes in which to invest their hard earned money. This has led to a global boom in real estate markets and property prices, and it has spawned a generation of budding real estate investors.
For those of you wondering whether it's too late to venture into real estate investing or considering how best to make the most significant returns from property investment, here are 5 hot tips for successful real estate investment to set you on the path to potential profits!
1) Consider Investment Property Abroad
There are many relatively untapped property markets in countries around the world that offer the real estate investor greater return on investment in the form of rental yields or short to medium term capital growth.
While major markets in the USA, UK, Australia and Europe are slowing down, there are emerging property markets globally that are hungry for investment and are proving to be highly profitable.
For example, in 2007 a number of countries are already aligned for accession into the European Union and as a result property markets in these countries are likely to benefit from greater numbers of visitors, more trade, increased investment into infrastructure and more stable economies. The likes of Hungary, Slovakia, Bulgaria, Croatia, Turkey and even Northern Cyprus are just a few examples of overseas destinations with emerging real estate markets that may be worthy of your consideration.
2) Make Sure Your Plans Are Profitable
This sounds ridiculously simple right? Well, you'd be surprised how few people actually make sure their plans are actually sustainable and as profitable as they hope.
Examine any real estate market that you're about to enter by firstly comparing property values across the city, state or region and making sure you know what your money will buy you. Then ensure that the rental yield you intend to obtain from your property is actually realistic or that the asking price you intend to set once you've renovated the property will be offered.
3) Never Assume Anything
This goes from assuming a house is structurally sound to accepting that tax laws won't change – from believing your tenants when they tell you that they are house proud and honest to accepting the first builder's quotation!
Do your due diligence on every single aspect of the process from ensuring the asking price for a property is fair to checking your tax returns before your accountant submits them for you. This is your investment, your future, your potential profit and therefore it is ultimately your responsibility.
4) Employ An Expert When In Doubt
Few people are a master of all trades therefore be prepared to acknowledge areas where you are far from being an expert and at least consider courting a second opinion. Again, this goes from checking out the structural soundness of a property to understanding the legal ramifications of letting out your property. If in doubt always double check – and if this means you have to call in an expert, make sure you call in an expert!
5) Set A Realistic Budget And Stick To It
Whether you're purchasing property to let out or buying real estate to renovate you need to sit down and add up every single area of projected expenditure to enable you to set a realistic budget with which to work.
Make sure you add in everything from having searches and surveys conducted, legal fees, accountancy fees, insurance costs, likely interest payments on any finance required, taxation, connection of utilities, marketing for tenants or buyers, real estate agency fees, and of course don't forget to add on the cost of the property and the price of any renovation and refurnishing and decorating work required.
Spend time considering every single area where a cost will be incurred and detail every likely payment that will have to be made and you will arm yourself with a bullet proof budget and do all you can to ensure you encounter no nasty surprises along the way.
Rhiannon Williamson is an offshore investment, overseas living and international property expert and publisher of http://www.shelteroffshore.com/.
For investment property abroad news and property buying guides, visit http://www.ShelterOffshore.com
Related Articles:
3 Easy Changes to Shave Strokes from Your Golf Game
Here are 3 easy golf tips that will immediately give you a better swing and improve your hitting! It did for me almost instantly once I got the feel of it.I went from hitting maybe one fairway per round and not being able to hit my driver to hitting the vast majority of fairways off the tee while still enjoying the extra distance of using my driver.
American Synagogue in Palm Springs, California Donates Torah to Austrian Congregation
Generous gift is a reversal of the more common journey from 'old world' to new. Traditionally, when a Synagogue is in need of a Torah, one is often given from a community in the "Old World" to the usually younger congregation in America. On May 4, Temple Isaiah had a very unique and remarkable ceremony to send off one of their old and beloved Torahs on a journey in the opposite direction -- to Vienna, Austria. Leonard Sherman, a member of Temple Isaiah in Palm Springs, was in Austria and learned of a congregation in need, Zwi Perez Chajes School of the Jewish Community, Vienna, and brought their request to Temple Isaiah. Rabbi Sally Olins and the Temple Isaiah congregation sent off the Torah on May 4 at a special servi...
Keller Williams Realty Forms Marketing and Sales Alliance With Snell Real Estate for Luxury Residential Properties in Los Cabos and La Paz Mexico
Keller Williams Realty teams with Snell Real Estate, the largest and most prestigious real estate brokerage in Baja California Sur representing more than 85 percent of the high-end luxury real estate market in Los Cabos and La Paz.
Bonterra Builders Joins Builder Team at Millbridge, Will Introduce New Home Designs
Bonterra Builders, a premier homebuilder in the Charlotte area, has purchased 120 homesites at Millbridge, a master-planned community being developed by GS Companies in Waxhaw, N.C. Bonterra will introduce new single-family home designs at the master-planned community.
South Florida Home Equity Loan Leader Honors High School Athletes With Scholarships
Tropical Financial Credit Union offers more to community than great rates on refinancing your auto loan (http://www.tropicalfcu.org/home/about.Pressreleases.pr_scholar_athlete) by donating to schools athletic fund for top scholar athlete.
Tips On How To Buy Your Golf Clubs And Bag
Golf clubs can be expensive The problem is that expensive doesn't always equal better
Bayshore Realty, Offering Morro Bay Real Estate and Vacation Rentals, Celebrates their Tenth Anniversary
Celebrating their tenth anniversary on the Central Coast of California offering vacation rentals, homes for sale, commercial properties, lots and land, and Morro Bay real estate investments in all of San Luis Obispo County.
Outskirts Press Announces Drama and Then Some, the Latest Highly-Anticipated American - African American & Black Book from Orlando, FL Author Ms Puddy
Outskirts Press, Inc. has published Drama and Then Some by Ms Puddyn, which is the author's most recent book to date. The 5.5 x 8.5 Paperback in the American - African American & Black category is available worldwide on book retailer websites such as Amazon and Barnes & Noble for a suggested retail price of $14.95. The webpage at www.outskirtspress.com/DramaAndThenSome was launched simultaneously with the book's publication.
ResortQuest Northwest Florida Real Estate, featuring Destin, to hold Open House event in September
ResortQuest’s Coastal Celebration will be held September 8th-10th from 2:00-6:00. ResortQuest Real Estate has decided to do something it has never done before and host an event showcasing a sampling of their property listings in the Northwest Florida region, including Destin, Florida
Water Softeners: A Scrooge in a Southern California Community
Hard water affects over 85% of North America, clogging pipes, stressing appliances and reducing their efficiency.Home owners and operators of industrial machinery have often chosen to install a water softener.This ?solution? comes with its own tradeoffs though: a huge price tag for the environment, one?s health and one?s pocketbook.