Precisely what are the essential steps to take into account when purchasing a property?

Everyone wants a home to live in that is comfortable, close to amenities and close to transport, but investing in property has questions to answer before taking the plunge:
. How could I profit from this investment?

. How could I lose from this investment?

. What is the worst case scenario? What form of protection can I put in place?

. How can I improve the profit potential?

. What is the probability of loss versus the probability of profit?

. How will I collect the profit from this investment? Does this investment fit into my plan?

. Compared to other opportunities, does this investment provide the best return for effort?
This is by no means a comprehensive check list but is designed to cover most of the issues which arise in property investing. For sure, each investment opportunity and each individual has their own unique circumstances but a check list offers first time investors an opportunity to consider issues which can make the difference between success and failure in property investing. Property investing will not always deliver the anticipated profits, particularly if you’re new to it.

Investing is a learning experience. Each investment experience, whether researching or actually buying and owning the property teaches us valuable lessons which we can use to further our skills as investors and to enrich our lives. There is much to learn in property investing and like many other investment activities such as share investing and business building, each experience is folded into the next to make us better at what we do.

Property investing can be a deeply satisfying experience. There is great security in wealth building around bricks and mortar. We intuitively trust property… we can see and touch it. This is very different to shares where we have little control over the underlying performance of the business. In property, we can influence our outcomes through careful research and buying well and adding value.

These are powerful lessons for us and each lesson can be even more powerfully applied to future actions. Profit can also be in the form of knowledge, experience, network contacts, and opportunity for further investments. One of my very favourite quotes is: ‘knowledge pays the best rate of interest’.

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