If you are considering property investments there are many people with many opinions about what it takes to succeed. As long as you understand it’s not about luck, money or risky speculation, it’s about educating yourself on the options and making wise decisions for a long-term investment to suit your circumstances. Consider the follow key points as part of building an investment plan.
Do I need to be rich? Think you need to get a lot of extra money together before investing in property? Think again. A solid history of money management and good habits is a great start. Speak to a Mortgage Express broker about your property investment goals. They will also tell you different lending criteria and lending attitudes toward different property types so you know what to aim for.
Do I need lots of time? Property investing can take a much or as little time as you like. You may be keen to manage the maintenance yourself or use a professional. Talk to your local Harcourts Property Manager about the level of service they provide in finding tenants, managing the tenancy and ongoing maintenance.
How much money will I make? Like any investment, real estate does have risks, however the more you will earn about property investing, the wiser and lower-risk decisions you make. Build your knowledge and recognise that property is a long-term investment.
How do I beat others to the good properties? When the market is busy, and property investing is popular, it might feel like the competition to buy is so strong that you keep missing out. The key is to do your homework and know exactly what you are after and where. Build a relationship with a reputable real estate sales consultant who will guide you to properties and assist you with the process.
When’s the right time? If the time is right for you to invest in real estate to build your future wealth, don’t wait for a perfect market. There is no such thing. With the right knowledge and understanding of current property sales and your long-term goals, the right time is now. How often have you seen people delay buying property as ‘too expensive’ only to find a year or so later it has rocketed in value? Hindsight is a wonderful thing! The sooner you begin with a wise long-term plan, the sooner your wealth starts to build.
Tip At the end of the day you must build your own property investment goals based on your own circumstances and interests.