Real-Estate Business for Beginners
So you have decided to dip your toes into the wonderful world of real-estate. To that, we say: Welcome! You are about to enter a world that is filled with stress, hard work, and risk. But all of these things are minor in comparison to the benefits that come from real-estate.
Financial security from your property investments. Wonderfully designed living spaces and buildings. Fantastic communities and a diverse mix of people are all on offer in this field of business. It’s no wonder so many people are constantly trying to get their foot on the property ladder. So today we are going to go through some of the basics to get you started in the wonderful world of Real-Estate.
Finding the Right Property
The first step to getting into the world of real-estate is, of course, to find some. But this isn’t as easy as it might sound. Not every property you see is fit for purpose. Especially since we are approaching this from the business side rather than the homeowner area. If you are looking for property for living purposes, we recommend this in-depth guide for the first home owner grant in Victoria to help you get your journey started.
When searching for a property to invest in you need to know what your goals are for the property. Are you looking to rent it out? If so you will need to find a property that is based in an area that appeals to renters rather than buyers. Anywhere near a major city or popular areas of work such as factories, hospitals, and offices.
If you are planning to sell a home outright, you want to look in areas that are designed for long-stay living. Residential areas far out from the main city or beachfront properties are always good investments for this.
The next step is to make sure you carry out a full and in-depth assessment of any property before you buy it. The reason for this is that renovating property costs a fair amount of money. And chances are, if you don’t go in-depth during this stage, you are going to be hit with surprise costs down the line. The biggest killer of anyone’s real-estate aspirations is these hidden costs.
To successfully do this you will need to pay out for a professional assessor to come to examine the property. Do not skimp on this part. Payout more now for good quality assessments so you don’t have to pay out later. If a building is too far gone, we suggest you avoid it. No matter how good a location is, some buildings just aren’t worth your time or money. Leave it for a bigger fish.
This is one of the biggest bits of red-tape you are likely to encounter. If you have a new property and intend to make any alterations or changes to the building or the garden, you may need to secure a building permit first. The rules surrounding what you can and can’t do without a permit differ from state to state, and sometimes city to city as well. So make sure you are keeping on top of all your permits at all times.
We recommend hiring a lawyer to make sure all your legal paperwork is done and above board. If you start construction without a permit and get found out you face possible fines, along with the cost of all the work you already did which has now gone to waste.