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Planning For Your Financial Future
Everyone with a basic knowledge of finance knows how important it is to invest their savings for a comfortable retirement. Nowadays, more and more people are choosing to do their investing by building a real estate portfolio with investment property in Queensland and beyond. Qld investment properties are a great way for the average person to enter the property investment market with rental units and appreciation homes. Getting started is as simple as knowing where to look and when to buy.
Signs of a good investment property in Qld
At Ironfish, we recommend that our investors start their search in urban areas that are due for growth soon. You want to find a location that will be in demand, ideally one near the city’s financial district or along the waterfront. Going too far out into the country or into the suburbs lowers the number of people living and working in the immediate area. Less competition for rental space will mean a slower appreciation in your property’s value. You should also avoid current hot or trendy neighborhoods. These areas are most likely saturated with demand and the cost of entering the market here has already been inflated.
Instead, look for the next up and coming suburbs. Consider future infrastructure plans, such as new light rail or highway projects, or improvements to downtown areas and new shopping centers. With added amenities or newly easy commutes, these areas are likely to rise in popularity.
Once you’ve found your target area, look for turnkey apartments and homes. It may be tempting to consider a bargain price on a Qld investment property in the hopes of flipping it quickly after a few renovations, but these deals are very risky unless you are already an experienced handyman or contractor. It’s all too easy for a home like this to become a money pit, requiring more and more investment from you before you can get it into a liveable condition. Instead, concentrate on Qld investment properties that don’t require renovations. You may pay more up front, but the sooner you have renters in the property, the faster you can pay down your loan and own the property outright.
When to buy and when to sell
In general, property markets continually trend upwards, but they tend to move in seven to ten year cycles of growth and stagnation, growth and stagnation. Obviously, you want to time your entry into the market during the lowest part of this cycle so you can get the best deal on your investment property in Qld, and in other parts of Australia.
At Ironfish, we encourage our investors to build a portfolio of properties that will not only bring in rental income but will appreciate in value over the many years to come. Once your properties are paid off, you’ll have a strong portfolio of assets that will continue to generate income for many years to come.
Learn more about investment property in Qld by visiting us at one of our free informational seminars or by calling our local Queensland office.