Property experts know that choosing the right location is the best path forward for any property investor. However, there is more to it than location. Whether letting your property or selling it – or eventually both – it’s best to begin with the end in mind before purchasing an investment property. First, create a realistic scenario that will inform the best investment strategy. Once the top-level strategy is in place during the planning phase, proceed to the tactical level of exploring various finance resources such as the mortgage rates and tenant vacancy rates. Most importantly, you must consider the ideal tenant and/or your ideal buyer.
Consider the big investment picture for the best return
The size of the land, home, outbuildings and improvements and the many other property components will also add up to the best strategy, depending on the type of the desired investment bracket. Starting from a birds-eye view, here is an overall look at how to maximise gains from property investments. Beginning with the end in mind means that investors decide what their exit strategy (and we are not talking about Brexit) is as each property has a time limit or legacy play to pass on to their business or family. This is unique for their given situation. These important elements take time and care to discern the right investment opportunity, therefore small but imperative micro-strategies must be evaluated as well.
Small properties can equal big investments
One of the most important micro-strategies is to understand the growing trends of the end user of the investment property itself. One example is minimalism, and it is firmly here to stay. Clutter is out and the new trend is to maximise the space in smaller homes and rooms. Adding to the core strategy for the highest gains, consider the user point of view of this lifestyle change. The renter or buyer will desire to live in less space, whilst at the same time wanting a spacious open-air feeling with a few luxury features. Factoring this information into the overall property investment strategy can be explored as to develop a more customer-user framework for decision making
Bathroom small spaces can mean big profit
Along with being creatively designed, small living rooms with built-ins is a great choice, savvy investors know that the tenant or buyer will mostly focus on kitchens and bathrooms. From the investor point of view, consider that clever storage ideas and beautifully designed solutions for bathroom fixtures and accessories can be transformed into a luxurious spa-like experience. GROHE offers amazing space-saving solutions and water conservation for small bathrooms that could influence the property purchase, refurbish plan or end-user enjoyment, hence adding to the value of the property.
Being a well-informed property investor takes time, patience and a great deal of understanding of how local laws and systems support the purchase and sale of all kinds of properties. Both novice investors and seasoned investors must stay current with the financial aspects, buying and selling trends, and most of all the importance of knowing and taking to heart the meaning of “begin with the end in mind.” To make a healthy profit, each investor is always learning and remains curious as to how to grow one’s portfolio of properties with the greatest of ease.