If you are considering becoming a Property Investor, you will find that there are many people with many opinions about what it takes to succeed.
The main thing however for you to understand is that 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 following key points as part of building an investment plan:
Do I need to be rich? If you think that 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 broker about your property investment goals and 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 a lot of time? Property investing can take as much or as little time as you like, and can depend on if you may be keen to manage the property and the maintenance yourself or use a professional. At Harcourts South Coast, we have a dedicated Business Development Manager who can talk to you about the level of service we 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 learn 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 good relationship with a reputable real estate sales consultant who will guide you to properties and assist you with the process.
When is the right time? If the time is right for you personally to invest in real estate and build your future wealth, then 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 it is ‘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.