Strategic selling: How to determine the best time to capitalise on resale gains
When it comes to selling property for capital gains, timing is crucial. Additionally, having the necessary resources to upgrade to a better area is equally important. Before buying a property, it’s essential to consider its resale potential, especially in adverse circumstances, to ensure a profitable outcome.
Stay focused and informed
First and foremost, location remains essential. To determine a neighbourhood’s potential for future growth, analysts consider various factors, such as the overall appearance, quality of schools, access, shopping, crime levels, and absence of negative factors like living near a rubbish tip or freeway.
By focusing on these factors, you can make informed decisions about purchasing properties that are likely to appreciate in value.
Be strategic and patient
Saving for a property purchase should be a priority for those looking to invest in real estate. Even small amounts saved each week can make a significant difference in the long term.
Paying fortnightly rather than monthly can result in more repayments per year, reducing the interest paid over time. Furthermore, any additional income, such as wage increases, tax refunds, or financial windfalls, should be put aside to accumulate savings for a future property purchase.
Be disciplined and prepared
Discipline and preparation are crucial for becoming proficient in planning your finances. By paying attention to various factors, you can make informed decisions about property purchases, ensuring you pay the right price for a property. Additionally, these practices can help you get ahead in life, making smart financial decisions that lead to long-term financial stability.
Various resources are available to help you with your personal finances, so check with your local finance bodies for online calculators and budgeting apps. By taking advantage of these resources and implementing the practices mentioned above, you will be able to get ahead in the property game.
