Things to consider before investing in property
There’s a lot to consider, but we’ve simplified it to help you know what’s involved.
Investing in property is a popular way to build wealth over time. Whether it’s your first investment property or you’re wanting to expand your property portfolio, it’s important to assess your property goals before you embark on the rewarding journey of property investment.
To begin with, it’s good to ask why you want to invest in property. There are many reasons to invest in property including positive cash flow or capital growth, and depending on what you want to achieve will determine which investment strategy is right for you.
While property investment brings many long-term benefits, there are also some potential risks involved. It’s important to carefully evaluate these risks before you decide the investment is right for you. If you want to understand the risks of property investment, we’ve covered what you need to know.
With the ever-increasing popularity of property investment also comes the rising number of potential property investment scams. Be aware of and take note of early warning signs.
It can sometimes be easy to miss important details or forget a step, especially if it’s the first time you’re undertaking property investment. We’ve made a list of six common property investment mistakes you can avoid.
If you’re wondering when to invest in the property market, it’s good to understand how the property market works. As you do your research, you’ll learn the right time to invest is when you’re ready!
Before you plan to invest, it also important to understand the importance of budgeting and setting goals. This step will help you save for your property and ensure you’re being realistic with your finances.
Just like any investment, there are costs of buying an investment property that you might want to consider . These could include stamp duty, fees and building reports. We’ve made a list of them so you can budget these costs in as you plan your investment.
Research and planning also play an important role in the success of your investment. Speaking with an Aussie Broker is a great place to start – they can help you begin your property investment journey and find the right loan to suit your needs.
In this chapter
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