The actual act of buying – set yourself for success.
The actual act of buying property as an investment is straight forward but arriving at that decision can be a struggle.
Industry commentators say that the last hurdle many property investors face is perhaps their biggest – getting into the right mindset to make the decision.
Having good access to the right information and experts to guide you through the process – including the financial, legal, taxation or accounting requirements – is crucial. However, a lot of people, even with all this knowledge, still find they are unable to make the decision when the right moment arrives.
The only way to view property investment as an opportunity is to begin small with something firmly within your means. Make sure you quantify your risk with numbers and work out your cash flow. If you can manage that cash flow for about 7-10 years – the average holding time in Australia, then risk does not need to be a concern. The fact is there are investment opportunities to suit any budget – you just have to work with your local real estate specialist to unearth them.
Most of us have been taught the ‘Four Steps’: Step 1 – Get a good job; Step 2 – Save a deposit; Step 3 – Buy a home; Step 4 – Save for retirement through super. Financial experts say that investment properties should be given starring roles in our journey to build a good nest egg – the global financial crisis certainly showed the resilience of ‘bricks and mortar’ investments in Australia.
Please contact the Property Investment Manager at LJ Hooker Byron Bay to help you build your property portfolio or, to arrange an appointment with an LJ Hooker Financial Services Consultant.