Tips Before Moving Into a Residential Property Investment

residential investment propertyMoving into your new residential property investment is surely exciting and we can’t blame you. A new space means a blank canvass and a new house means opening a brand new chapter.

But even with such a thrilling transition, we can’t deny that it also requires a lot of work. Think about packing all your stuff, disassembling furniture and then taking them out of their boxes and putting them together again. Whew, even saying it is a mouthful on its own. But don’t worry because no job is impossible and with the following tips and tricks before a move, you’re bound to a smooth sailing experience.

So, what exactly should you do prior to moving into a residential property investment?

Update your address and have. Get your postal address updated and your mail re-directed. You would not want anything lost. Plus, you risk having strangers open them up and expose important and/or confidential information like bank accounts and credit card information.

Update your contact details with your bank, office and school as well. Apart from preventing any lost mail, this will ensure that they get to contact you when need be. This should be easy to do with a call or an email.

Consume all your perishables and grocery items. Do not stuff your pantry and fill your refrigerators prior to moving. As much as possible, only purchase and keep food that will last until the day of the move itself. This is so that you avoid having to pack them too which will not only take space but are also prone to spills. You can do more grocery shopping once you’re in the new place. Any supplies bought should only be minimal that’ll last for a day or two while in actual transition.

Cancel old utilities and get new ones for the new place. Are your electricity, water, phone, internet, cable and other utilities running at the new place the moment you step into it? Have you cancelled the ones in your old residential property investment? If your answer to both questions is a no then you better start working on this immediately. You do not want to move in and have no light at night or water to help you clean up. Likewise you do not want to keep paying for the utilities at your previous place when you are no longer using them. Both situations call for inconvenience.
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Factors to Consider in Choosing an Investment Property

Choices are very tricky. In a world where that presents so many alternatives, isn’t it a lot of pressure to choose the best? Especially when so much is at stake, it becomes extra crucial to weigh the pros and cons of every given option to truly assess which one fits the bill. The same is true when choosing an investment property.

Real estate comes in all forms and sizes. It’s not surprising that many people deem it overwhelming. But to win the game, the secret lies in the manner by which one examines the choices at hand. That said here are the factors to consider when choosing an investment property.

#1: FINANCES

Determine how much you can afford. Find out which funding options are available given your current financial standing and credit score. Because these acquisitions will demand considerable money, it is crucial to determine what you can and can’t afford to buy.

#2: NEEDS

There’s a reason behind every investment. What’s yours? The purpose determines the needs. Is it for personal use or for business? What type of property do you seek: residential, commercial or industrial? Because these needs will have to be met, you will find that not all available assets fit your interest.

#3: LOCATION

A major feature of any property that plays a huge role especially in terms of value and convenience is location. Growth areas, those with high foot traffic and are near transportation hubs make for worthwhile purchases especially if we think commercial and retail. Which location suits best will still depend on your need.

#4: LAND

There’s more to land that simply its area or size. It’s important to also assess its quality. For instance, agricultural lands should be rich in nutrients to be able to grow crops while lands for residential, commercial and industrial purposes should be strong enough to stand as foundation for a building construction. Not all lands are the same. Keep that in mind.

#5: ONGOING COSTS

This is a common factor that many people forget when choosing an investment property. Because ongoing costs occur after the purchase, they are often overlooked. Comprised of repair and maintenance expenses, these are regular disbursements spent on equal intervals, often monthly and yearly, that must be met to keep the functionality and value of the asset. Some assets may appear affordable upfront but with staggering ongoing costs, they’re very expensive in the long run.

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Investment Property Tips by Robert Kiyosaki