Many of us stay away from real estate. It seems fraught and unreliable. And, no one likes unreliability where money is concerned. For most of us, buying one house is enough commitment. But, what if we were to tell you that real estate could be an investment worth making? In a world where many of us plow money into stocks and shares, we’ve become excellent at gambling with investments. And, you can be sure that investing in real estate is going to be less of a risk than investing in shares that jump and dive. If you have the money behind you, it may be worth buying properties and waiting while they gain value. Of course, you’re going to need to get it right if you want to see a return. Here’s how to make wise decisions when taking a trip down real estate lane.
KNOW THE MARKET
The more you know about the housing market, the better position you’ll be in to invest in real estate. Buying to make money is very different from buying somewhere you intend to live. Take your heart out of the decision, and think about these houses for the investments you want them to be. In the same way you would watch the stock market, look at the housing trends. Study home prices in your chosen areas over a long enough period to give you a solid idea. Try, also, to predict up and coming areas. Once you’ve mastered this, you’ll be laughing. The trick is to buy the right house before prices skyrocket as the area gains popularity. Simple things, such as new shopping centers, or improved amenities, could be a sign that an area is moving up.
FIND PROPERTY YOU CAN INVEST IN
So, you already know that this is a different experience from buying for yourself. You aren’t looking for a house you can picture yourself in. Instead, look for somewhere with potential for growth. A property that can be improved is sure to make money. Fix-up projects are always a good bet if you know how to add value. It’s also worth looking at new builds. Look out for new developments from top names. When someone like Joe Nahas teams up with Woods Bagot, you can be sure the project is worth your time. But, remember to do your research before you jump in and make any decisions.
MAKE THE RIGHT CONNECTIONS
Success in real estate depends on who you know. Even if you’re working on an entrepreneurial basis, you need to know the right people. Otherwise, you won’t get the insider information you need. Get an idea of who’s big in the business and make yourself known to them. As your success portfolio grows, this will become easier. To start with, make sure to network. You need the people who matter to know what you’re doing. It can help to include them in your project. This will give you a valuable insight into which decisions you should be making.