Real estate investments have proven to be one of the most profitable investments. The appreciation benefits of owning a property are undisputed. The sector has, over the years, been a real thriving force in the economy.
If real estate investments are an option you’re looking to invest in, you’re investing right, and we’re here to guide you through some significant steps you shouldn’t overlook.
Financial stability
To buy real estate, you mostly need money
Firstly, ensure you have stacked up some cash. The real estate investing journey starts with having money or something worth of great value as barter. If this is sorted out, your options are more comprehensive and thus can help you make the best investment decision and acquire the best property. Be it residential, commercial, raw land or third party, i.e. crowdfunding deals, investment trusts etc., it’s best to start your investment journey when you have some little cash you are ready to set aside for this or these purposes.
Understanding the numbers( cost equals profit)
Before you get into any investment at all, you need to understand the numbers. How much will you need to make that investment, and what are the returns? Are there interests? What is the risk rate and the like? You must have delved deep into the numbers before you invest. Every sector has specific cost, sale, and risk rates an investor must be abreast with.
NB: Do your research
If you’re looking to invest in real estate, you must consider the cost vs the most probable profits. How much will it cost for you to attain that property? How much will it take to maintain that property? Can it be easily re-sold? Is it an investment property? What’s the return on invesTrent? Does the location tally with the property price etc.?
Understand trends
The world has become very fast-paced due to globalisation, and the introduction of the internet and social media has quicker enhanced the pace. You must know the architectural designs that are selling, designs that can stay in vogue regardless of the trends in years to come, neighbourhoods that have a high resale rate or rental revenue and the like
Investing in real estate includes understanding trends from neighbourhoods, to architectural designs, to the interior, to tech trends, buyer taste trends, to resale rates etc.
Set goals
Even before investing in real estate, you have to have goals. What are you looking to achieve out of this investment?
Is it :
● To have a home of your own
● To resell
● To rent out
● To start your own real estate business of chain homes
● To keep for your children
● To lease
● To build
Etc
When you set realistic goals, you’d know exactly which part or type of real estate you should be investing in
When you set goals, it saves you from disappointment, and it allows you to get value for your money
Set goals before you start your journey.
PS: Remember your goals should always be SMART
● S – Specific
● M – Measurable
● A – Attainable
● R – Realistic
● T – Time Bound
Build your network
Don’t be the homebuyer that buys a home, moves in or rents it out. Build a strong network starting from the real estate agent you worked with or the developer, building solid relationships amongst these groups of people. These people can periodically update you on investment opportunities or opportunities for you to lease or sell your home for more. Developers and agents are always looking for home seekers if they get an offer good enough, and your home seems to be the perfect fit. If you’re interested, you’ve found yourself a deal just from a minute group of your network, to begin with.
Are you looking for property to buy? Let us be your guide! Plus, we have houses and lands for sale in the best and prime locations in Ghana!