Recently we sent out a survey to hundreds of our clients asking them a range of questions about property investment. This was Question 2:
What is the most important thing you would like to learn about residential property investment?
Two of the most popular responses were ‘Can I afford to invest in property?’ and ‘How do I get started?’.
The answer to these questions will vary dramatically depending on your individual circumstances. You might have equity built up in your family home or perhaps you have been squirelling some money away for years and have saved up a deposit to go towards buying your first investment property.
Whatever your circumstances, before you even start looking at properties it is important to sit down and work your way through these important questions to decide if property investment is right for you:
- Why are you interested in buying an investment property?
- What are you hoping to achieve by buying an investment property?
- What are you willing to sacrifice if it means buying an investment property?
- How does buying an investment property fit into your long term financial strategy?
- What type of returns are you seeking from your investment – high rental yields or strong capital growth?
- When buying an investment property – do you want a house, unit or apartment?
- Will you still be able to afford it if your circumstances change?
From a financial perspective, most people can probably afford an invesment property but the real question to ask is – what sacrifice are you willing to make? There is no point stretching yourself to the limit and buying an investment property if it means you have no money left over for yourself each week. Where is the fun in that?
Buying an investment property is supposed to be a positive experience with the aim to grow your long term financial security. The prospect might be daunting, especially if you are buying your first investment property, but the key to gettting started is expert advice.
The best place to start is with a free Personal Property Investment Analysis (PIA) from Investor Assist with one of our highly qualified Property Investment Specialists. Our Investment Specialist can meet you at a time and place that is convenient for you and will help you work throught the questions outlined above, plus more.
The PIA can take less than 60 minutes (but obviously a lot longer if you have plenty of questions!) but most importantly it can provide a smart starting point if you are thinking about buying an investment property. The PIA will help you to identify:
- What investment strategy would be best suited to your individual objectives and circumstances;
- How much you can afford to borrow and what you should be spending when buying an investment property;
- Which suburbs to invest in based on long term return opportunities;
- Evaluate the benefits of buying a new investment property versus an established home;
- Compare buying a completed home versus off-the-plan;
- What type of property would be the best investment for you – a house, apartment or villa… plus more!
There are many important factors to consider and you might be surprised to learn the best investment strategy for you is very different to what you had in mind! Contact Investor Assist to book a Personal Investment Analysis today and we can show you how to get started in property investment all for less than a coffee per day.