Is there a knack for choosing a rental with a promised return or is it simply down to bare brass facts? One example may have the answer – Mr A Wan.
Given that the average age of first time buyer (FTB) is now 32 years of age, this first time investor (FTI) Mr A Wan is quite a rarity at youthful age of just 25. While most people his age might be scouting around for their first property to live in, the bachelor bought an investment property just last year.
Mr Wan, who believes that knowledge is key, took around a year to research the market and gage how it was moving. Visiting showflats and different investment opportunities, made gruelling and tedious work, however you must smell the pudding in order for your senses to kick in properly for that all important tasting session when you do decide to tuck in.
Working as a tax associate at PwC Singapore, dedication was a must in searching for the ultimate money maker. Not just a short return but a consciousness purchase, a purchase of thorough thought, eventually zooming in on a shoebox apartment near Serangoon MRT station.
His choice was made, based on a number or points – it was freehold ( meaning no cost for the lease), close to the mall of shops, local amenities and public travel. All of these key assets mean that for whoever were to live in the property would be catered for whatever their situation.
Following keys factors such as these when looking for property, will mean it will be more desirable when looking to rent or sell regardless of the property market value.
The youthfully wise Mr Wan is insistent that to be good property investor you mustn’t let your emotions cloud your investment decision. The truth is, bigger is not always better, do not think about whether you may want to live in it at a later date, think of the here and now, the potential decisions that your buyer or tenant will want answered. Get inside their head and out of yours – emotionally detach yourself and you are halfway there.
Be a saver and you will go far, saving a large amount from your monthly salary will get you to your investment quicker. Be strict with your will to save and the rewards will reap.
A credit card is a good idea, just be smart about it. Only spend what you can pay off monthly. You need to show a bank you are trustworthy and able to make repayments as a matter of certainty. Never miss a payment, this will keep your credit rating strong, give you perks of credit and allow you freedom in your mortgage choice. A credit card trail will make you or break you, use one correctly and you’ll be in a strong position to invest.
Your position and stage of life is important. To invest when you are young is a great thought, marriage is not yet on the cards and rent is low enough to save. Having the opportunity to work and live with parents is a luxury that the older investor may not have. Mr wan made a conscious decision not to wait till his 30’s-40’s to buy his first property investment for this very reason.
Purchasing a property may not be a science but it can be an art – is it knowledge or is it knack? quite simply follow the advice of Mr Wan and make the future of the investor start that little bit earlier – a new generation of ‘Wan’ing it’ has started and to be honest it’s a refreshing change to a brighter and younger prospective property market.
I guess the question is , are you a landlord or prospective investor looking to make the next lucrative move and improve your current property profile? follow the tips above and perhaps you could also ‘Wan it’ in the property game.
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