Juliet Risdon
Juliet Risdon is a Director of JML Property and a property investor.
Having established the company in 1994, JML Property offers Investment Property & Homes. It specializes in managing properties for owners and investors, and providing attractive and comfortable homes for tenants.
This is the second installment of an eight part series identifying the key factors in choosing the right investment property and putting your money to work.
Real estate factor no 4: Character – Age of the property:
The age of the property is an important factor in determining its value. Older properties have very different styles from modern properties, and this can be both a pro and a con.
Pro in the sense that if your property preserves some nice traditional architectural designs or features larger rooms than a modern property, it may be very attractive for the prospective client, you could take the opportunity to increase the selling price, hence making better profits.
Con in the sense that if the client prefers properties with more contemporary designs, this could have a dire impact on your older property given that it is harder to sell or rent, ending up in price wars which is lose-lose situation for you.
One thing to bear in mind when purchasing an older property in Macau is the length of time you can get the mortgage for.
Real estate factor no 5: Cash – Price of the property
Price is clearly a major consideration, hence it is essential to do market research in the neighbourhood for properties similar to those you are looking for before making a decision.
Additionally, if you intend to take on financing, you can check out the different bank interest rates, and any related bank charges so that the costs don’t catch you by surprise when making the final purchase.
Real estate factor no 6: Condition of the property
Arguably one of the most important attributes to look out for in a property.
You may have found the best location, the biggest size at the most affordable price, but if it is in poor condition and not inhabitable, you may end up spending an awful lot more.
Hence, it is crucial to observe the condition of every prospective property and take into account the potential repair fees required, then factor into the overall pricing of the property to see if it is still worthwhile buying that property.
To conclude, we have shared with you some valuable insights into real estate investment as a very feasible method to grow your money, create a steady passive income to achieve your long-term financial goal, and essential tips for choosing a property to fulfill that aim.
The next step is to take action and contact your property agent.
We wish you success in your real estate investments!
NEXT WEEK; Part 3 in the All you wanted to know about property investment – “What is the cost of buying property and what should I be aware of?
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