Let us also consider understanding the power of demographics for which it may affect economic standing of your property.
The more you knowledgeable you are about the most common mistakes that investors make, the better your likelihood of building lasting wealth on your treasured property.
Today let us discover why it’s not a good idea to only invest in your backyard.
It’s important to get out of your comfort zone when choosing an investment area. Let us remember that we should not put all our eggs in one basket.
In taking a leap of faith, we must also take and evaluate some risks.
Let's learn some more tips!
Over population or crowded area may also mean that businesses are more productive when they interact with larger numbers of customers, suppliers and competitors – and when they are forced to do so with more frequency.
Most people are employed in the service industry; and whilst a lot of these are becoming more knowledge-intensive, or at least involving greater use of technology, seven out of ten jobs still remain outside of our inner city area.
It’s true that a large number of knowledge-based workers believe that the benefits of living close to the city outweigh the higher cost of housing; less dwelling space and generally greater expenditure needed to be an inner city resident.
So, either more infill housing needs to be built across our middle and outer city suburbs; or we need better transport systems between home and major places of work; or more knowledge-based work needs to be moved to where people currently can afford to live.
Also, realizing the importance of location of your property investment when it comes to buying, it might be best to buy as close to one of the city’s economic “pulse points” as you (and your tenant profile) can afford.