Property investing can be a tricky business and there are several ways to go about it. The key to succeeding is that you need to decide on a strategy and then stick to it; changing strategies too much will leave you putting your investment at risk because different strategies require different investment considerations from the very get-go. People often assume that the property business is a ‘passive income’ but if this standpoint is taken, they are soon to discover that this notion is horribly wrong. There is almost no chance of anyone earning the very concept of passive income as every income earned demands time invested. It is important to pick an investment strategy that fits best with your personality so that it is a natural fit and not constantly feeling counter-intuitive to who you are. Here are some of the basic property investment strategies to consider.
Buy to sell
This means that from the very beginning you are buying with the sole purpose of selling. You will consider the rental return, but it may not be a major attraction. Without a doubt you need to find a property in an area that is in high demand. You can either buy with the idea of doing alterations and renovations to uplift the place or you can buy with the intention of waiting for a few years for the market price to climb. Either way, because you’re looking to sell, you need to build in the cost of an interior stylist Noosa to ensure that your property is looking its very best when you are ready to sell. This attracts the right type of customer at the right kind of price. It pushes the value up by being able to sell it to a higher-level market.
Buy to rent
If you buy to rent, this is also a buy to keep the strategy. You must decide early whether you are buying to rent for common residential purposes, for people to live, or renting for holidaymakers. If it is the former, then you will want to ensure that you are buying close to schools, shops, and public transport. If you are buying to rent to tourists, then ensure that you are close to the popular tourist routes and destinations. You will also need to ensure that you are listed with the well know travel companies. It may even be advisable to hire an agency who will manage your bookings and can see the details of arranging keys, doing the laundry, replacing the soaps and so forth.
Buy to build
Buying to build is often a more complicated option and requires a lot of experience with construction contractors and renovations teams. Here you will look for places that have large stand sizes and space to build. You also want to make sure the stand has good road access. There are several build options. You can either buy a property that already has a unit on it and build more units or you can buy an empty stand and start from scratch.