When it comes to investing in property, there is nothing more important than knowing, wholeheartedly and without exception, what your ultimate goal is. There are many, many different facets of real estate investment that you must have a strong handle on before you can commit to a property. Property investment is no joke and is, without a doubt, one of the largest and most imporatnat investments you will make in your life.
As such, it is important that you realise not only that you want to own your piece of real estate, but that you also have a vision in place for it. The best piece of advice anyone can give you as a real estate investor is to understand the three core aspects that form the foundations of real estate investment. But what are the three core aspects, and what makes them so important going forward?
Understanding the real estate market
More than anything else, you must have an adequate understanding of the real estate market itself. Despite what some people will try to tell you, there is likely never going to be a ‘perfect’ time to invest. There are opportune times, but there will always be bumps in the road and challenges to overcome along the journey. So, get in touch with a professional and well-reputed real estate agent (or even just reach out to someone you know who has a good handle on the real estate industry), to help you navigate the process.
Understanding the fundamentals
Like any decision, it is important to genuinely think through the choice to buy real estate before you jump the gun and go ahead and do it. Sure, being an active player in the real estate game is great fun, but at the end of the day, what is most important is that you take a step back and understand why investing in real estate is so important to you. What is the driving reason that you want to take this step? Do you want to live at the property yourself, or do you want to buy it and rent it out? Understand these fundamentals before you dive in to help you better determine what kind of property you should invest in.
Understanding your own vision
Sometimes, the dream home you envision in your mind turns out to be entirely different when it actually presents itself in reality. That is more than okay, but what is fundamentally important no matter what, is the understanding that knowing the type of property you ultimately want to invest in (think location, style, property size, and even – and especially- the finer details of it all). There is no use going into the process of property investment if you have no idea what it is you are looking for, otherwise how will you know when you actually find it? Knowing your vision inside-out is especially important. That vision will be the guiding light.