First Time Investors
There are nearly two million landlords in Australia today, if not more. Australians are surprisingly enthusiastic about property investment not only because of the tax benefits it offers but also because of the lucrative wealth creation opportunities that come from property investment.
For all the people that strike gold in property investment, there’s an even greater number that crash and burn.
Property investment is one area in which can’t afford to go in blind. Anyone can succeed in the property investment business, however, if you are completely new to this,, the following Property Investment tips might be exactly what you need to get you started:
How Much Can You Afford
A huge number of successful property investors in Australia today were relatively low-income earners before they made their first investment.
So it is important to understand that you don’t need to be wealthy to make your first property investment. You just need to get your finances in order. Figure out how much money you can raise on your own. Then determine how much money you can secure through loans and mortgages. After that, you can start considering potential properties.
It is necessary to emphasize the budget issue because so many Australians underestimate the costs involved with purchasing property for investment purposes. They fail to take into account factors like insurance, general repairs and other costs.
So, it’s important to have your finances all sorted out before you invest.
Once your finances are sorted out, then it becomes a simple matter of selecting a lucrative location to invest in. Most professionals will encourage you to identify property in prime areas.
However, property in these areas often can be too expensive for the average Australian to purchase, especially if they are new to the property investment arena. Central locations are definitely attractive but you can still make significant gains by identifying property in areas with strong growth potential.
That means locations that have all the necessary infrastructure and where the demand for rental accommodations has started to rise. Not only is property in such areas more affordable but you are guaranteed a greater return on your investment.
How do you intend to manage your investment? Some people think that property investment in Australia is a simple matter of buying an apartment and then sitting back and waiting for the money roll in.
However that couldn’t be further from the truth. Most property investment requires active involvement. So you need to determine just how much time and effort you are ready to sink into your investment once you acquire it.
It is possible to add value to your property by undertaking basic renovations. You should aim for functionality instead of luxury. Most people when looking for a rental property don’t need a fancy outdoor kitchen or a hot tub. As long as your property is clean and safe in the right area, then you will find it much easier to rent out.
A few cosmetic renovations, a new coat of paint and a general tidy up, can do wonders for your property’s value and in some cases, you could save money by doing some of these renovations yourself, if you are so inclined.
Lucrative Australian Property Investment opportunities are everywhere. You just need to know where to look. That’s where one of our property strategists can go through and work on your own personal property investment strategy in a one on one session with you, help you especially if you are new to this field.
Property investment in Australia is one arena in which you don’t want to gamble. To book your own on free strategy session, click here
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