I was asked recently when was the right time to dive into property investment. My property investment advice was that it’s not just about the state of the property market – it has to be the right time for YOU.
Property investment advisors say knowing what amount of money you have to spend is the first question you need to ask, even before searching for investment properties.
After you have determined how much you have to spend, it is important to evaluate all of the different investment scenarios available to you to see how each will affect your investment outcomes. I refer to this as the ‘what if’ exercise in my property investment advice.
For example, what would happen if you:
- used a 10% deposit compared to 5% or 15%?
- took out an interest only loan instead of principal + interest?
- purchased an apartment rather than a house or villa?
- purchased or built a brand new house compared to buying an older property?
- sub-divided and developed compared to buying an investment property at retail prices?
- purchased in a metropolitan location compared to inner city, regional or rural?
The best way to compare these options is to consult Property Investment Specialists who can complete a detailed Property Investment Analysis (PIA) specific to your individual circumstances, then giving you investment property advice.
At Investor Assist, the PIA is complimentary and you will then be provided with a report and verbal feedback outlining a recommended investment strategy from property investment specialists.
Once you have developed an investment strategy with your property investment specialists, you should surround yourself with a trusted group of property investment advisors such as a real estate agent, mortgage broker and builder, or a friend who has experience with investment or developing. Even though every decision ultimately rests with you, having expert investment property advice from trusted colleagues throughout the process is worth its weight in gold.
If you don’t have a group of advisors to guide you through the process, Investor Assist has a team of property investment advisors who will happily provide any property investment advice you need to help you on your way. You can also have a look through our website for loads of free resources and information.
If you have a question, I'd love to hear from you at AskPeter@investorassist.com.au