Despite the global economic recession real estate investment has remained one of the most sought after investment opportunities. Although house prices tumbled during the economic slowdown they have gradually improved; providing you chose to invest for the long term and use the following advice you should be in an excellent position to make a good return on your investment.
After the recession there was an increase in the number of people who needed to rent somewhere to live; this was predominantly due to the amount of repossessions which occurred at the height of the recession. Combine this increase in prospective tenants with the incredibly low interest rates which have been available for several years and you have the perfect opportunity to invest.
It is essential to decide whether you are entering the investment market for income returns (such as rent) or for capital returns (on the sale of the house). Capital returns are a long term goal and will be affected by the value of the real estate market. Income returns are generally more stable and can be predicted in advance. They will provide a steady return on investment and any capital gain in the future. Whichever method you choose you should know what your goal is and how you intend to get there.
In order to establish a viable budget and ensure you have a viable return on your investment it is essential to obtain professional advice. Your plan must be realistic, affordable and achievable. Only someone who has experience in the market can assist you with preparing the right approach. Marketing your properties is also a critical part of this plan which should be considered thoroughly.
As you first venture into the world of real estate investment it is vital that you set yourself small, manageable steps. The first thing this will do is ensure you are making progress every day. The second is to ensure you do not become too disheartened when things do not go completely to plan. There will be many ups and downs during your investment career but you should not give up. A small scale set back or failure is much easier to deal with than a large one; you can minimize your risk and exposure by breaking every task into a small, manageable one.
As with many market sectors a good reputation is essential. The best way to build this is to make you known in local real estate circles and to be polite and professional at all times. It is all important to stick to your word. If you say you are going to do something then you must do it; failing to do so will quickly damage your reputation. Other investors will quickly stop working with you and it will become far more challenging to achieve your goals. It is particularly important to be on time for any meeting; being late shows as a lack of respect and that you do not appreciate the importance of their time. You are far more likely to build a network of associates who will help you out if you show them some common courtesy!
There are many properties on the market at an attractive price but they are not necessarily good investment properties. The key to being a successful real estate investor is location. A house which is near all amenities and in a good neighborhood will rent easily. One in an expensive area where professionals often rent can also do well; but the one in an up and coming or run down area will be harder to keep occupied and will be a far riskier investment. Houses which can be used for multiple occupancies can also be good investments; the rate of return on these is usually higher than an equivalent family home.
As much as you may wish to succeed as a real estate investor and buy investment property in Turkey it is essential to be sure you have sufficient funds to cover the purchase, associated costs, repairs, maintenance and possibly a period without tenants. Overstretching yourself will place you under a considerably amount of stress and may destroy all that you have worked for.
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