If you are confused by the abundance of advice out there on how to get into the property game, perhaps it is better to start with the hazards to avoid.
Having guided investors for many years now I’m privy to the mistakes that many beginning property investors make – and interestingly, they can generally be avoided by following six pieces of advice.
1. Heart over head – it’s not your home, it’s your income
In property, it is so easy to become enamoured by the lure of a cute cottage with a white picket fence and all the trimmings.
If it is going to be your home, the heart of your family, go for it.
But, if you are in this to make money, you need to look past the picket fence to the cold, hard facts.
Who will your tenants be? Will they care about, and for, the manicured lawn?
Will they pay extra for the pool (enough to cover the maintenance)?
Will they have two kids and a dog?
Or would they prefer a low maintenance property they can lock up and leave without it deteriorating and costing you money in the long-term?
2. There is always another investment property
Do not let missing out on a property factor in your investment decisions.
There will always be another property – you need to concentrate on buying the right one, not the first one you see.
3. You need to start somewhere
A common term to describe initial investment hesitation is ‘analysis paralysis’.
There are many aspiring investors who have been ready to invest for many years but have shied away from committing to their first property.
Their research is extensive and they are on a constant cycle of trying to figure out the best time to buy or the perfect property in which to invest.
Remember there is help out there and you don’t have to do it all on your own.
That’s exactly what the team at Metropole specialise in.
Once you have an idea of your requirements, enlist the help of an independent property professional to help you with your due diligence and give you the confidence to take the first step and start making money, rather than just thinking about it.
4. A reduced price does not guarantee a better investment
Your due diligence should ascertain the value of a property and its potential.
It is very easy to try to negotiate with a seller to purchase below their original asking price – but this does not mean that the property is a good investment.
You make your money when you buy your property, not because you buy it chealpy, but becuase you buy the right property.
5. Know who the professionals really are
Jump on Google and you will find countless organisations and individuals who claim to be dedicated to your success.
There is a lot of money to be made in property and with that comes a lot of imposters.
A golden rule for any industry is that there is no such thing as a ‘free lunch’.
Everyone is out to make a dollar.
It is sensible to use your hard-earned dollars to pay for professional, qualified advice from a property investment advisor; it will cost you initially but is almost guaranteed to save you money and heartache on your investment journey.
If you’re looking at buying your next home or investment property here’s 3 ways we can help you:
Sure our property markets are improving, but correct property selection is even more important than ever, as only selected sectors of the market are likely to outperform.
Why not get the independent team of property strategists and buyers’ agents at Metropole to help level the playing field for you?
We help our clients grow, protect and pass on their wealth through a range of services including:
Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family. Planning is bringing the future into the present so you can do something about it now! Click here to learn more
Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property. Click here to learn how we can help you.
Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
Read more: propertyupdate.com.au