Becoming a Property Investor
Property investment is still an attractive way to secure a financial future and for those that want to get started, here’s some great tips.
Establish your financial safety net
One of the key things about investing in property is having a financial safety net for the unexpected expenses that sometimes can occur. Most investment properties are rented out and this brings with it a range of possible issues that could require an injection of cash. Money will be needed if the hot water system goes or roof tiles need replacement. If the property is untenanted for a month or so, extra money will be needed to cover repayments. Having established your financial safety net beforehand will alleviate issues with this and help make the investment process less stressful.
Know the risks
Knowledge is power, so they say, and this certainly is the case with property investment. It is also important to know that there are risks involved. These can be mitigated by ensuring you have done due diligence on the areas in which you are looking to invest but no one has a crystal ball, especially when it comes to the property market.
Get your timing right
Is there ever a perfect time for anything? Perhaps not, but you can make sure that everything is in place before you invest. If you are already paying off other high interest loans or have high credit card debt, perhaps working to lessen these first would be a better idea financially.
Know that there’s help
Accrue Real Estate have helped hundreds of Melburnians take their first step of the property market. They have the data on which are the best suburbs for investment and they have access to financial advisors who look at your personal situation to help you realise your investment goals and dreams.