The news is full of stories about investing in property at the moment, with brand new developments being sold off in record times and demand fro inner city properties at all time highs. Especially for the first time investor, it can be confusing trying to work out when the right time to invest is, and many professional investors often get asked if there is the “perfect” time to buy an investment property. Generally, the answer is that any time is a good time to invest, as long as you have a solid strategic plan, are finically stable, have access to the latest property data and research and can get professional assistance if you need it.
Never before has it been so easy to think about investing in property. The sheer amount of information and research at your fingertips is amazing, and the number of good quality property choices on the market is encouraging. Investment loans offer favourable conditions and generous discounts on stamp or transfer duties apply in most states across Australia. There are also considerable tax benefits through the negative gearing system in place. Combine these factors with the long-term average positive capital growth for property, and you can see why so many people are interested in the market at the moment.
The key is to determine whether it is the right time for you personally to invest, either buying your first property or building your property portfolio. Some of the factors that you should base your decision on include:
- Your financial stability, and your ability to take on an investment loan. When you are looking at getting your finances in order for investment purposes make sure you understand all the ongoing costs associated with owning a property. Many people talk to their financial advisor or accountant when they are thinking of investing in property.
- Whether you have created a 10 to 15 year plan that covers your future plans and goals. Having a strategic property plan can help you minimise any potential risks that may occur as well as keep you on track. A professional property investment company such as Ironfish can help you plan a successful and sustainable plan for building your future wealth.
- Finding property that will work for you now and in the future. For example, the trend of renters moving away from established suburban houses into brand new inner city apartments looks set to continue for the next few years. Buying a property that will have long term appeal to renters – as well as low ongoing maintenance costs – is the best idea if you’ll looking for a way to build a self-sustaining property portfolio.
Don’t leave it too late wondering whether you should be investing in property now or not. With the right assistance from professionals such as Ironfish and a sensible long-term plan you too can be reaping all the benefits of property investment today.