How do you get started as a property investor in Australia? Here’s our tips for beginners when buying your first investment property.
Millions of Australians are choosing property investment as a form of passive income, and a smart way to start building their retirement plan early. Buying your first investment property can be overwhelming, but you shouldn’t let that hold back. Here are out tips for beginners to become a property investor with ease.
Do your research
Home is where the heart is, but that doesn’t mean you can let your heart make all the decisions. Especially with investment property, it pays to lead with your head. Take the time to look at different properties to find out what you like, don’t like and what you can afford. Ask a financial advisor for help with your budgets or get pre-approval for a loan to see what you can realistically afford. At the end of the day, your property is designed for income and getting a great return on investment is all about thinking logically, not emotionally.
Attracting quality tenants
The best-case scenario is you find responsible tenants who love your investment property and stay for years. This means less changeover for you and long periods of guaranteed income. Attracting quality tenants should be part of your research as well. Think about who you’d like to rent to. A couple? A family? A young adult? This will help you decide between investing in an apartment, unit or a 3-bedroom home. New developments tend to have all the modern amenities that quality tenants are looking for which is a big selling point when it comes to rental applications.
Modern amenities & luxury inclusions
The standards of living have changed drastically since the 70s, 80s and even the early 2000s. Tenants expect a certain standard of living for their hard-earned rent and you’ll be able to charge a higher rate if you can provide these. Investing in an old property may mean renovations to get things up to scratch, but a new apartment building or housing community will have all these modern features already there. They may even feature luxury inclusions like a swimming pool, theatre or entertainment room.
Plan for the long term
You’re probably focused so hard on getting your first property that you can’t think about a second, third or more. The trouble is, one property won’t build the kind of passive income you need for retirement. If you don’t plan for the long term you could overcapitalise on your first investment and be unable to afford any more.
Affordable investment properties in Perth
Norm Carey has been developing modern, luxury properties for the residential and commercial sectors for many years. With over 100 projects completed at a value of over $2 billion, Norm knows exactly how to make the most of an investment. Enquire today for information on our upcoming projects.
Find out more about Gilbey Lane New Houses, click here.