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Some people buy a second property for investment after buying a first property to live in. They do so because they believe that property prices will rise over time. Some property owners rent out their properties to earn rental income.
However, investment in properties is not a “sure win” thing as prices depend on the country’s economic performance and its housing and mortgage loan policies. Even professional investors find it hard to anticipate all the fluctuations in the property market. |
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Buying or investing in a property can have a significant impact on most people’s financial health (including their mental and physical health). A wrong decision can leave them seriously impaired financially, and affect their retirement nest-egg.
In addition to the cost of property, other costs associated with buying a property include legal fees, stamp duty, valuation fee, insurance premiums, property tax and maintenance expenses.
It is important that home buyers carefully work out their ability to pay the regular loan payments. Also, remember that it may not be easy to sell a property at your desired price when times are bad.
Some factors to consider when buying a property for investment
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