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Have you considered all of the financial aspects in purchasing a property?
Any real estate investor will agree that purchasing property is exhilarating. The process of evaluating properties and brokering a deal an make you look ahead to potential income. However, it's important to consider all financial aspects of the sale because neglecting to do so could negatively impact your bottom line.
The blog post will outline some of the important things you should consider before purchasing an investment property.
The Property Value
This may seem like an obvious consideration when purchasing an investment property but its value doesn't always equal its market value. I've heard many stories of investors overpaying for a property as a result of sellers asking for a price much higher than its actual market value.
1. Do your research. Head to online real estate listing sites to see what similar properties in the neighbourhood are selling for, and what they've sold for in the past. Some sites require a subscription that provides more information, while many free sites will give you a general idea of what's on the market now.
Keep in mind that recent sales will provide a more up-to-date picture of you property's market value. Evaluating a handful of nearby sales should give ... more
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