Ever wondered how successful property investors first got their start? How did they buy a property one day and build it into a property portfolio over the years? If you ask most property investors they’d tell you that getting a good strategy as they were starting out made a world of difference. Doing research and learning the property market, as well paying attention to tips along the way can help you develop a sensible long term strategy for sustainable investment. Let’s look at some of the tips to get first investors up and running in today’s fast moving market.
Plan, Plan, Plan
Investing in property isn’t simply a matter of choosing an apartment and putting down a deposit. All good property portfolios start out as plans – either in someone’s head or written out – and the planning stage is critical if you want to start off on the right foot. Planning can involve thinking about your current situation and future goals, as well as your financial position. Once you have worked out your end goals, creating and following a strategic plan can help keep you on track over the course of your investing time frame. A good property investment tip is to get an expert eye to look over your strategic plan – for example, getting the assistance from a company such as Ironfish – to make sure it accurately reflects your ambitions and the realities of the market.
Choosing The Right Property
Another good property investment tip is to choose the right property when you’re just starting out, but what does that mean? Contrary to popular belief, there are no “magic suburbs” where investors can guarantee amazing returns. There are, however, certain locations you should keep an eye out for properties. These include:
- Inner city areas, close to the CBD in major capital cities
- Areas close to facilities such as shopping centres, schools and transport hubs
- Locations which feature brand new developments. These can often be highly attractive to potential renters.
Consider Brand New Or Off The Plan Properties
Property experts are often asked what type of property is better to buy – brand new, off the plan or older established properties. The answer can often depend upon your goals, but the advantages of off the plan and brand new apartments should be considered by all first time investors. Not only do investors receive generous discounts of stamp or transfer duties for buying off the plan and have the potential for capital growth while the development is under construction, the ongoing repair and general maintenance costs for new properties can be a lot lower than older established buildings.