What all parameters to consider while buying the first Property?

Investing in real estate is considered to be the best investment policy. Many of the people consider this as the best policy and this is very much true however there is no shortcut to accumulate the wealth. Investing in property is always a long term prospect and one must consider the fact that whatever returns comes out will come out after certain number of years. We should never expect the sudden profits out of it.

The first thing which is indeed a very basic to check upon your funds and analyze your availability of the same and expense management. As it is a long term responsibility then one must see the planning of at least 5-10 years to afford the mortgage payments. Also it is very important to read and educate yourself on good realtors as well as successful property investors. It is very important for the investor to understand that it is not at all easy; however it needs time, dedication knowledge as well as proper guidelines.

Next step should be to have a clear vision in your mind rather than wavy and scattered ideas which has no base. A vague idea can really gives you a bad experience in terms of finances. Investor should always have a elaborated plan and guidance. Not having a detailed plan can arise the risk anytime. Next to it which is a very important aspect that the investor should have a exit plan also, it is not necessary that the investments turns out to be the best and returns can be the double. It is always better to have a plan in mind to exit as well the payment plans as well for debtors if any.

Next Important factor that investor should look upon is the neighborhood which can easily give an idea about the property, location, appreciation and future prospects, future growth including the construction values and plans. Analyzing this parameter one can get the idea of rental value as well as the vacancy rates. One should have the idea of Vacancy rates as well.

Most important which an investor should never forget the tax rates. What can be the maintenance costs of the property as it tends to come very high than we think and generally the planning which we do never includes such expenses however they come out to be very high and increase the budget.

Last but not the least every investor be it from anywhere should have expert advice on how to start with, step by step is always better rather than skipping the steps on the same. Having a solid plan, good strategy, and expert advice, right planning of finance and analyzing the expenses should be the main parameters where an investor should look upon and think deep to make it a great success. This is the Mantra that property investment should be now rather than prolonging the decision on thinking and not taking the decisions.  

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