01
Sep
2010
Creating prosperity through repossessed property on auction

Everybody knows that buying a repossessed property on auction is a good and stable long term investment. Ever wondered how to create prosperity through property? Here are a few basic tips.

Begin by setting goals for yourself. You need to decide what you want to achieve, how you want to achieve it and by when you want to achieve it.

Have a concrete foundation to start from. Do you have funds available immediately? If not, how long will it take to access it? Make sure you have financing in place if you want to borrow money.

When you are making decisions, use your head and not your heart. Be well-prepared to make an investment decision rather than an emotional decision.

You also need to decide what route you will follow with the property. Are you going to keep on to it forever or are you going to sell it in a few years’ time? Another aspect to consider is adding value to the property to make it more profitable.

Understand the power of borrowing an institution’s money. This can improve and build your portfolio greatly. Be wise when planning and make room for interest rate increases.

The last and best tip is to buy a repossessed property on an online auction. There are many repossessed properties listed on www.myroof.co.za which suit different needs. So make the smart choice and invest in property.

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