Some properties speak to us. They seem to fit – we can see our SUV in the spacious garage, our sectional couches blending with the white carpet and our towel set matching the imported bathroom tiles.
Your renter or future buyer might see things differently: they may see the garage as being able to hold their oily motorcycle repair clinic, the living room carpet as a track for their dirt bikes and the bathroom as suiting their chemical photo lab.
At Condoideas, we like to remind our clients that purchasing an investment property differs from buying a home for yourself. You must set aside your personal dreams and expectations and replace them with sound, objective business decisions.
Remember, an investment property must be flexible in its use, repairable when things get worn or broken, and ready for resale when the time comes to reap your profit.
Prepare for Tough Situations
We can help you prepare for unforeseen circumstances by helping you plan ahead.
After all, being prepared for some tough choices ahead of time will make them easier when the time comes.
For example, think ahead about how you might deal with a late rental check or a purchaser’s plea for an allowance of time to make a payment. And think ahead about whether or not you would bend in a negotiation to buy or sell a property if the other party brings up extenuating financial difficulties or family tragedies.
Having a good sense of your own financial situation – your minimum needs and investment hopes – will ease your decision-making. It will help you maintain your business mind in trying times.