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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
MORE RESOURCES: Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion Who are real estate lobbyists talking to in New York? City & State New York Public records: Coshocton County, Ohio, real estate transfers Coshocton Tribune Brockton-area real estate sales for Dec. 26 to Dec. 29, 2023. Enterprise News The End of the Super Broker Era in Commercial Real Estate Commercial Observer Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com Real estate shake-up: Possible commission changes ahead 11Alive.com WXIA Real Estate Commissions Are About to Get Much Cheaper. Here's How Zillow, Redfin, and Opendoor Could Be Affected. The Motley Fool On Real Estate: The confusing and contradictory state of post-pandemic retail Crain's New York Business Miami Beach real estate investor under investigation for firing shotgun from waterfront home WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale REAL ESTATE | New signage for Auto Safety Center on S. Main Street, West Bend, Wi washingtoncountyinsider.com A luxury agent on how the NAR settlement will change his business The Washington Post Knoxville School Board to Hold Several Public Hearings Regarding Real Estate Parcels KNIA KRLS Radio Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times The Realtors' Big Defeat The New York Times Realtor group will pay $418M to settle commission lawsuits The Associated Press Israeli real estate event: Legal complaints escalate NorthJersey.com How new real estate rules may impact home prices in Connecticut Eyewitness News 3 Will March bring more madness to Craven County's real estate market? New Bern Sun Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane Rules that helped set real estate agent commissions are changing. Here's what you need to know Lufkin Daily News China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter What the death of the 6% real estate commission means in D-FW The Dallas Morning News Hocking County real estate transfers | News | logandaily.com Logan Daily News What Seattle-area homebuyers should expect after national settlement The Seattle Times National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal Realtors settlement brings confusion, relief to Southern California’s real estate industry OCRegister Settlement will affect Iowa homebuyers KCCI Des Moines Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal A commission settlement may affect housing market 9News.com KUSA End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Yoon to scrap 'reckless' plan to raise declared real estate value The Korea JoongAng Daily Bridgemarq Real Estate Services (TSE:BRE) Share Price Passes Above Two Hundred Day Moving Average of $12.93 Defense World Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Wilmington realtor weighs in on proposed changes to real estate industry following major settlement WECT Revolutionizing Real Estate Lead Generation: Stephen Zochowski's Groundbreaking New Book 24-7 Press Release 4 Ways a Settlement Could Change the Housing Industry The New York Times Real Estate Credit Investments (LON:RECI) Shares Pass Below 200 Day Moving Average of $126.75 Defense World Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider Colony Ridge violated deceptive trade practices, Texas says The Texas Tribune What will the Realtors settlement mean for Arizona homebuyers? The Arizona Republic |
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