Thorough research makes property investment less daunting
Investing in property can be daunting, but with thorough research it can prove extremely beneficial to your long-term financial security.
Why invest in property?
Despite the increasing range of alternatives available, property remains one of the most sought after and widely accepted investment options because it offers long-term returns with the security of direct ownership.
It also excels in the three key targets associated with successful investing:
- Consistent long term growth.
- Reliable rental income.
- Significant tax deductions.
Another key attraction is its familiarity. Most people have at least some knowledge of the home buying process and local property values, particularly in comparison to other forms of investment that rely on expert advice and information.
Do your research before buying
The key objective for most investors is long-term financial security, so a business-like approach and sound judgement are essential.
Before you decide on a property to invest in, do extensive research and obtain competent financial advice. If your financial advice is positive and you have approval from your bank or lender, you can then start to explore the market.
Tips to consider
- Choose an affordable property in an area where there is quantifiable rental demand.
- Keep up-to-date with the main influences on property values and choose one you think will benefit from this trend in the future.
- Be aware of taxation laws and any recent changes associated with investing.
- Research property market trends in the area you’re interested in.
- Develop a network of contacts in the property sector such as local real estate agents, valuers, financiers and tradespeople.
- Consider hiring a REIWA buyers agent to help you find and secure a property.
Develop a long term property investment strategy and stick to it.