You’ve read the book, the articles, and religiously checked the property listings websites. However, you’ve still yet to get away from the research stage and take the step to physically buying your investment property.
We’ve heard so many people say ‘I’m going to buy an investment property’, but the reality is, it just doesn’t happen.
Indeed, The Sydney Morning Herald recently quoted just one-in-12 Australians own an investment property, with almost 30 per cent of those owning two or more.
Armchair investors know the reasons people are investing in property; interest rates remain low, there are many tax-deductible benefits, and property investment can be used to help reach financial goals.
The armchair investor can always give advice about locations and the type of properties that make a good investment.
However, they seem unable to take the step from sitting in the armchair and saying they’re going to invest in property, to actually doing it.
So, here are a few tips to give those armchair investors a bit of a lift up out of it so they too can work towards their financial dreams:
Take financial advice
Many people assume they can’t afford to invest. However, if you are in a stable and reasonably good paying job and have a solid employment history, you may be surprised with what you can borrow.
Interest only loans are still around, and there are some very reputable mortgage providers offering good rates to people who don’t fit the criteria for mainstream financial institutions. These include people who are self-employed or on a casual contract or who may have other different circumstances.
Keep thinking of those long-term goals you want from your property investment – be it the additional income to put towards a holiday or the capital growth to be used in your retirement strategies.
The sooner you buy your property, the sooner you’ll be working towards these goals and the sooner you’ll be reaching them.
Be open to change
While it’s good to have a buying strategy and have some idea of what type of property you want and in which area, don’t be blinkered; there could be other properties in other areas within your budget, and you should consider alternatives on their own merit.
We’ve known investors keen to buy a particular type of property in a particular area end up buying something completely different. These investors were open to change. They still did their homework on the property, crunched the numbers, considered the risks and after that, decided the property was for them.
They are now sitting with tenanted properties and are well on the way to reaching their financial goals.
Don’t give up just because you were pipped to the post on the property you thought was ‘the one’; there will be more. Believe us – we’ve had over 40 years in the business! Think of not getting one property, as you’re getting one step closer to purchasing the property perfect for your situation.
If you want some extra encouragement to keep you motivated, come in and talk to us!
Our knowledgeable and talented team is keen to help you reach your financial dreams through property investment, and will help make your property journey as stress-free as possible.
Give us a call on 02 4954 8833, send us an email to firstname.lastname@example.org or pop into our Cardiff office for a chat.
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