With the arrival of the New Year comes the time for New Year resolutions and if you’re an aspiring property investor it might be well worth including education in your list of resolutions for the year ahead.
When it comes to property investment some of the most crucial elements underpinning successful investments is knowledge of property markets and an understanding of just how the property market works.
Indeed, ask any investor or property mogul and they’ll tell you the same thing: research is fundamental to property investment success.
So whether you’re looking to make your move into the property market in 2011, wanting to add to your existing portfolio or simply saving your pennies in hope of cracking the market one day, along with your savings or financial targets include knowledge building in your list of property investment essentials.
The first place to start is by ensuring you’re on top of all property market news and trends. Be sure to read the daily papers to keep abreast of what’s going on, not only in your local market but across the country as well. Also be sure to subscribe to your favourite magazines and e-newsletters to ensure you’re on top of all things property and finance.
In addition to property market trends, investors should also keep an eye on the state of the economy to make your own observations and predictions on the outlook of the health of the country and different regions, and of course, the outlook on interest rates.
Besides these broader initiatives, make 2011 the time to monitor and get to know intimately the different suburbs which interest you.
Sign up to real estate alerts and get along to open inspections and auctions regularly. By getting out there and seeing what your dollar will buy you, and just how many people are buying and selling, you’ll be much better placed to buy well and there will be much less chance of anyone pulling the wool over your eyes.
Another great way to maximise your chances of successful property investment is to understand the financial side of investing. Get yourself along to as many investment seminars and courses as possible to learn about the best ways to structure your finances.
So what are you waiting for? Knowledge is power in the property game so make the New Year the time to build yours.