At Ray White, we understand how important it is to achieve your property goals. From first home buyers to seasoned property investors, Ray White is here to not only assist in your property transaction but also to support and guide you along the way. Here are our Top 5 Tips for those looking to get their property investment off on the right foot.
It seems obvious, but the success and failure of your investment could hinge entirely on the selection strategy that goes into finding your property. This is your chance to do research into a variety of different factors, some of these are listed below:
On top of budget it’s important to understand the variety of factors that could impact your investment revenue. Rental potential, rates, body corporate, general repairs and maintenance costs are just a few of the ongoing charges you need to keep front of mind when hunting for an investment property. Always ensure your budget doesn’t just account for your deposit and repayments, these ongoing costs have a tendency to sneak up on unsuspecting investors.
Property is a long-term investment, and if you are looking to make fast money, property investment is probably not for you. Generally speaking the longer you can afford to hold on to your property the greater your chances become of turning a profit. But what does all that mean? Essentially you can’t simply rely and plan around your current situation. It’s important to consider career changes, growth within your family and changes in your financial situation before you commit to a long- term investment like property.
There are more loan varieties today than ever before and finding the right one for you is key. Different loans offer different features like interest rates, discounts, payment options, interest-only and redraw facilities. Choose your lender carefully and make your objectives clear when choosing a loan.
A property manager is your saving grace in the hustle and bustle world of property investment. At Ray White, our property managers are your number one source of support and guidance through your investment journey. Your property manager can provide any advice you need, assist you with finding and keeping the right tenants, take care of maintenance issues and the day- to-day management of your investment. But perhaps more than anything else, your property manager can help you get the most from your investment, which at the end of the day is key.
Investing in property, especially for a beginner, can be a daunting process. It’s important to have the support around you to ensure you get the most return from your investment. Chat to a Ray White property specialist today about how you can start making your property dreams a reality.