In this article we are going to cover the five tips that apply to any property investment strategy will include the things like how to get the best investment loan, why proper research is important, how to create a checklist of essential needs and why property is such a successful wealth creation vehicle.
* At the beginning, it’s important to recognise that generalist media opinions about investment strategies aren’t necessarily the best source of information for a savvy investor. While journalists are happy to rely upon general statements, every successful investor knows that specifically tailored plans are the only reliable technique upon which an investment plan will be based. Investors also need to take a broader view of the market than local journalist articles would otherwise have you ever believe. Reading limited information about local area or general advice about a state is insufficient once it comes to research which is why independent advice and research are imperative.
* The aim of investment property research is to spot growth and rising suburbs within cities that are affordable and target properties with a bigger land component. as an example, buying a house and land package in brisbane in a growth suburb based on specific research is best than buying any unit in Sydney even though a journalist may prefer to state that Sydney can outdo brisbane. the reality isn’t any person will be buying an entire city, so suburb comparison is much a lot of precise. If you’re only able to afford $450,000 then a comparison of what you’ll buy in Sydney, most likely an older unit further out from the city, compared to a house and land package in Brisbane’s middle ring suburbs is the value decision you need to think about. the decision to be based on a commercial basis and not on a emotional whim, or plan of where you’ll want to measure yourself. As an investment property, you need to be return driven. If it’s a home, that’s a different story.
* every part of buying an investment property portfolio must be hand in glove with every other aspect of the strategy. once you have chosen a suitable property as an example, it’s important to seem at the taxation position that applies to your income and family circumstances and then select the acceptable financing vehicle which will suit your purposes.
* you must always confirm that your finance is flexible enough to cater for not just your current purchase but also any planned future purchases as your strategy unfolds. Lines of credit might have a lot of benefits over term loans and interest only packages. while getting the cheapest finance is one important aspect, you still got to look at all options to confirm your strategy isn’t compromised further down the track.
* using a property specialist is a prudent way to set up your strategy. in the same way that you simply leave your tax problems in the hand of an experienced accountant, your property accumulation strategy must be planned in overall context and having all professional resources under one roof will be a big advantage.
Finally, these five simple tips can really set you up on the path to acquiring a fruitful property investment portfolio.