- Posted 11 Nov
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Owning property is a good financial goal to work towards, but if you’ve never owned an investment property, or had to deal with renters, it can be overwhelming.
If you want to yield big returns and manage the risks associated with property investing, you need to ensure your success, particularly if you’re a first time property investor.
#1: Get Educated
You need to learn the basics of property investing if you want to be successful. There are plenty of seminars, online courses and weekend workshops that you can attend that will provide the basics.
Make sure that you’re taking courses with a credible institution so that you know you’re being given the correct information. Start with your local TAFE or university, as they’ll have a list of courses available and may even be able to make further recommendations.
#2: Immerse Yourself
If you want to ensure that you’re up-to-date on the latest information, you need to be reading about Australian real estate trends. The Australian Property Investor magazine is a good place to start, along with books written by top property investing professionals.
You’ll find tips and advice from industry professionals that will point you towards further recommended reading as well. Absorb everything that you can before you buy that first property.
#3: Surf the Web
There are some great blog’s and websites available to help you understand more about the risks and returns associated with property investing. Our website has some great articles that will help you navigate you way through finding the right property finance as well as determining what is the right price to pay for an investment property.
Looking at a site like www.realestate.com.au will also allow you to compare housing prices in the neighbourhoods you’re looking at as well as figuring out if other parts of a suburb can yield a better return.
#4: Seek Further Advice
Talk to people in the industry. Chat to experienced property investors about what they’d recommend for your situation. Chat to local real estate agents and property managers about local rental markets to find out what sort of returns you can expect to receive as well.
The more qualified people you talk to, the more information you’ll have to be able to make an informed decision that will benefit you and your investment.
#5: Review Before You Buy
Just because you’re not going to live in your investment property, doesn’t mean that you shouldn’t inspect it in the same way that you would a house you were looking to buy and dwell in.
Always make the effort to view any property you’re looking to invest in. Check out the suburb as well and note local amenities, as these can become a selling point to renters.
#6: Get Professional Advice
Before you run out and buy your first investment property, make sure you educate yourself and complete your own due diligence so that you know where the market stands in the locations you’re looking to invest in.
Seek professional advice when you need it, particularly if you’re not sure about any aspect of property investing. Chatting with a property investment advisor about your specific situation will allow you to figure out the best steps forward.
If you’re ready to take the plunge and buy your first investment property, chat to our team here at Australian Credit and Finance about your home finance needs. We can provide you with mortgage options to suit any budget. Call us today.