History Repeating Itself
Always, always, always ask for references before taking on any tenants. If
you are using an agent to locate your tenant, make sure that you see the
references that they have obtained. After you have asked for a reference,
make sure you take the references up and that you verify they are genuine.
Whilst this may be seen to be overkill and it may be tempting to speed the
process up by ignoring references, fail to do so at your own peril. Problem
tenants can often be found to have been troublesome in the past, so do your
research and save yourself falling into the same trap as those before you.
Planning for Perfection
Never underestimate the power of the local council to ruin a good property
development plan with planning permission and building regulations. Most
developers will be aware that a new property or substantial extension may
require planning permission, but remember that sometimes even the smallest
of changes can require permission, particularly in protected areas. Find
out about your potential investment BEFORE you put your money on the table
and find out that your plans are simply not viable.
Local Information
In order to purchase a property at a below market value insider, information
is essential. This information will, more often than not, mean local information
to which others do not have access. For example, a particular knowledge of
geographical regions that are set for local development will allow an investor
to purchase property in an up and coming area BEFORE others realise that
a price increase is imminent.
Popularity: 6% [?]
May 27th, 2007 at 4:24 pm
Also, one interesting note is that investing some time to find a geographical location for your property secluded from the swarm of tourists and given a excellent view (e.g. of the sea and mountains perhaps) can be key. Buying a plot where there is no road access but an exquisite view can lower your costs in the long run. However, make sure that the location for your property development is not hard to reach (for example having a plot on a rocky hill) for the purpose of bringing construction material. Sooner or later, the local community will build roads in the area and thus substantially increase the price of your plot and its real estate. If you want, look at our Greek Homes for Sale which own the most fantastic view of the Aegean Sea. http://www.greekhomes.info
July 29th, 2007 at 7:42 am
I can testify personally about the advisability of checking tenant references, one bad tenant can lose you months if not years of profits. The same goes for checking the history of letting agents, but you still take the chance that the firm will be bought out without your knowledge and idiots will be employed.
BB