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Buying a property is usually a huge investment and one needs to consider many factors before making such an investment. Here are a few tips given by Angus Reed for the investors who don’t live here but want to buy a property in New York. (Consult Angus Reed)
1.Determine term of investment: Your first step should be to decide if you want to invest for short-term or long-term. You should first make this clear and make your investment accordingly.
2.Low common charges: If you select a property that has low common charges and taxes, it will surely give you a better return. Beware of the tax abatements that could expire soon.
3.New construction: If it is a new construction, it might be comparatively more expensive. On the upside, you may not have to incur maintenance charges anytime soon.
4.Consider getting a loan: If you get a loan, you will be able to buy more/bigger property. Bigger investment will also give you good returns. You can expect more revenue from lease/rent.
5.Hire right professionals: If you do not belong here, it becomes imperative to hire the best property advisor available in the market. Read the online reviews or ask your friends and family to advise you if they know a good one. You should not try to save some bucks in hiring a good professional.
Property investment can give really good returns if you make investment in the hot market. Proper research is very important for any investment and same goes for property investments too.