Purchasing a property investment is a huge commitment, much like deciding to raise a family if you ask us. It takes a lot of planning, caution and research and at times an ounce of luck.
These acquisitions are serious business and you need to be ready, completely and atrociously geared up, to have a shot at succeeding. Do you want to know if you’re all set for the part? Check out the following signs and find out if you’re ready to make that purchase.
- You know your needs. You can very well distinguish which ones are needs and which are wants. On top of that, you’ve got the negotiables and non-negotiables clearly established. There’s no more confusion at this point because the list has been settled and the property you seek pinpointed. You know where to look and which assets to consider.
- You’ve prepared adequate financing. Either you’ve saved enough and/or your credit financing has been approved. By this time, you can grab the opportunity without fear of inadequate resources. Down payment? Security deposit? No problem. You’ve got this covered.
- You’ve set your limits. Apart from getting your needs and financing settled, you’ve also assessed your capacity. By now, you are very well aware of how much you are willing to and can spend on the acquisition. In simpler terms, you have managed to write and create your investment budget.
- You’ve done your research. From the requirements to the location to the property and even to the sellers, you’ve done your fair share of background checks. In other words, you have completed your homework and are ready for the next phase which is the actual purchase.
- You had the property surveyed. A wise investor knows that hiring a chartered property surveyor prior to a purchase is a must. You need them to examine the asset. First of all, they will validate seller provided information for you. Moreover, they shall uncover other pertinent data that will be needed in your assessment and decision making such as ongoing cost estimates, current market valuation, structural survey and the like.
- You have the legalities in check. You’ve validated the title and have confirmed that the person selling the property investment is indeed someone who has the rights thereto or was given the power by someone who does. At the same time, you have checked if there are any liens or encumbrances on the asset.