How To Get Started In Property Investment
As an Australian, if you want to invest in property but are too fuddled by the workings of this market, then obviously you need some professional help. Perhaps, the problem of how to get started in property investment is eating you up and you want a quick and informed solution.
If you want to know how to get started in property investment, read on to find out how to scout opportunities in Australia’s realty market.
Meet those who know: You need to meet those people who have been in the business for long and who can advise you correctly. Those experienced can give you good advice and can invest some of their time and expertise to evaluate your portfolio and save you from making any costly mistakes in the property market.
Make small investments: Start small and if you don’t make enough in your first investment, don’t increase your stake the next time round. Besides, if you make a small investment, you will learn whether the real estate market is really the right one for you to invest in or not.
Don’t go it alone—invest with a partner: If you invest along with a partner, you can start by making a small investment and if you succeed, you can increase your stake in the next investment so that you can finance a larger property together.
Mistakes are natural, so persist: If you make a mistake by buying the wrong property, don’t take it too much to heart, because this is part and parcel of life. So, continue spotting good investment opportunities and work on acquiring them.
How to choose your home: There are several criteria used to buy a property solely as an investment which are different from buying your own home. When you buy a home, you make an emotional decision but when you make an investment in a home, it is based on financial parameters. Despite this, if you’re still stuck for good advice, wondering how to get started in property investment, speak to a financial advisor who can evaluate your prospective property and use the advice you get.
Your investment in property should be made in an area that has sound capital growth and one that needs just the minimal cosmetic changes that tenants will like and the amenities useful to them, so that not only is the rent good but also, later, its resale value. This property could be a flat in a good location where tenants would want to live, due to its many locational advantages.
WA Luxury market most discounted
Australian investment property advisor, SQM’s Louis Christopher reports that WA’s luxury housing market is one of the most discounted in Australia. Anything above the $2m mark is getting hammered at present. SQM believes the market is in turnaround and on the increase but the market for $2m plus properties is so limited that any contraction in the number of buyers means things will be discounted.
This is one of the main reasons when I am giving any Australian property investment advice to someone not knowing how to get started in property investment, I advise that people buy around the median house price of the city. Buy to high and you will have a greatly reduced market.