This weeks contributor talks about how to further your future through wise investments and in particular in South Australia where a vast community of Isrealites are now living:
The reason there are so many people out there who are interested in purchasing investment property is because they can make a lot of money with it. So if this is the first time you plan on investing in this type of property and have many hope and dreams of making it big in the industry, then you may want to take a closer look at some of the tips below. They’re certainly going to help you avoid certain mistakes that can turn out to be very time-consuming, not to mention costly.
Fast Aprreciating Growth Areas
If you plan on investing in Adelaide property, then the first thing you need to do is to invest in an area where property is appreciating fast or may be appreciating very soon. By doing so, you can be sure of the fact that when you’re going to rent eventually it, you will be able to charge a good price. Also, make sure that when looking for a property in a good area, to get the ugliest looking one. After all, you want to be able to increase its value by improving it.
The cost of selling the property
Now when it comes to selling a Adelaide property, it can take some time, not to mention the fact that it also involves some extra costs. Because of that, you need to calculate how much you’re going to spend to sell the property and then add this amount to your initial investment, including the tax amount on any depreciation or recapture.
Improve the property’s curb appeal
There are many people who believe that to improve a property, they need to spend a lot of money, but that is not true. In fact, there are very inexpensive improvements you can make that are going to drastically change the way a property looks. Some of them include inexpensive landscaping, but also repainting the walls and purchasing new, but very cheap furniture.
Save on taxes
If you’d like to save on taxes, then it’s very much recommended that you try and live in the property for a minimum of two years. The sale of a property can exclude up to two hundred and fifty thousand dollars of profit in an individual’s lifetime. If you’re married, then that amount will double. As you can see, this is a great way to save on taxes and, therefore, increase your profit.