Should you focus on making money from a property, or is it more important to make sure your needs and wants are being met? I evaluate every property as an investment first, a place to live in second.
I liked this article, which suggests the main aim is to always buy properties that are guaranteed to make money first, and do our best to keep ‘needs’ as a secondary focus as much as we can.
- Undervalued (an amazing opportunity that I can’t walk away from). This is a must, regardless
- Well positioned (location is always the underlying motivator)
- Area has proven track record for capital growth (or, where is the area positioned since the last time it peaked?)
- Only buy where we want to live if it suits our needs, otherwise consider renting what we need and buy an investment property
- Buy properties we can add more value to (renovate, extend, redevelop, etc.)
- Buy properties we can get a good rental return from.
If you'd like to discuss lending for your own home or investing in property, please call me 0431 376 008. Cheers, Marvin