Recent Buying Selling Lifestyle
Recent Buying Selling Lifestyle
Buying

Do you want to grow your property portfolio?

20-Mar-2018
Written by Ashley Blake
If you have already taken the big leap and purchased an investment property, firstly well done! If all seems to be going well and you are getting a good return on investment, you may be considering the next step in growing your property portfolio and purchasing your second investment. But what things should you know before you dive in...

Do your homework
Buying an investment property requires lots of research and fortunately these days everything you need to know is right at your finger tips..online! Set aside some time and look up rental returns and vacancy rates in the area you are considering purchasing in.

Become familiar with property investing
Don't dive in head first, make sure you learn as much as you can about property investing before you start! Ask questions, read books, research online and really make sure you understand the process.

Are you financially fit to invest?
The financial outlay of buying an investment property is much more than juts the cost of the property. Make sure you take into account, bank fees, stamp duty, renovations, insurances and find out what needs to be paid up front. It's a good idea to out aside money each month for ongoing costs such as repairs and maintenance as well as property management fees.

Plan and make sure you have a strategy
Property investment is not a short term proposition, it takes time, many years to build a successful property portfolio and you need to make sure you have the right strategy in place to get to where you want to be. Your plan isn't set in stone so be prepared to change your plan regularly. Property values rise and fall and your own circumstances may change as well so it's important you are adaptable and leave room in your plan for changing circumstances.

Buying your first investment property is a learning experience. If you have gotten over the hurdle of buying a second property, it may be time to access your financial situation and invest in other properties.

Our team are always available to chat to regarding any of your property needs!

SOURCE - Article is based on a blog from Leasi.com.au

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