Owning an investment property is a great financial goal to work towards. If you invest correctly, property investment can yield big returns and the risks can be managed.
So how does one go about preparing to be a first time property investor? Here are six tips for starting out:
1. Go back to school
There is a huge variety of seminars and courses that range from one day to a few weeks that teach the basics of property investment. Ensure you go through credible institutions to avoid being given incorrect advice. Do a background check on any seminars and seek recommendations from family and friends. TAFE and university courses are a good place to start.
2. Read up
Books and magazines are also a good way to educate and familiarise yourself with property investment. They contain articles and features on investment basics, tips and advice from industry professionals and property investors and they often contain recommendations for further reading.
3. Hit the web
Realestate.com.au’s blog provides insight into other people’s experiences and their tips for what to do and, more importantly, what not to do. The Neighbourhoods section provides information on demographics, suburb highlights and median prices for different dwelling types in areas all over Australia.
4. Talk to people…and listen
Speak to experienced property investors about their experiences. They may be able to provide some useful advice or recommend professional people or organisations they found helpful.
Remember that research is key – the more you know going into property investment, the better placed you’ll be to make it work for you.
5. Get amongst it
It’s surprising how many people are willing to purchase property they have not inspected. Regardless of where the property is, make the effort to inspect thoroughly. And don’t stop at the bricks and mortar. Drive around the suburb to get a feel for it and take note of the local amenities.
6. Seek professional advice
When purchasing something like property, it pays to be patient. Make informed decisions and enlist the help of a professional. Property investment advisors and financial advisors can offer qualified advice for your specific situation and talk you through the pros and cons.
Source: Realestate.com.au Blog