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Building Wealth with Property Investment in Perth
It’s conventional wisdom that real estate is a great way to build your personal wealth. But many Australians never look beyond owning their own home. Owning an investment property or an entire portfolio of real estate has never been easier, and with the right guidance the average Australian can build up their investments into a solid set of assets that will keep generating a stream of income for decades to come.
Working with an experienced Perth property investment consultant is one of the best ways to minimise your risk. An consultant who knows the strategies, knows the market, and knows you and your situation can help you position yourself for the best possible return on your investment.
Knowing Where to Start
Your first consideration when purchasing a rental property is minimising your risk and maximising your profit. This means finding a property that’s ready for a tenant right away – a ‘turnkey’ apartment or home. You may pay more up front but the money you’ll make in higher rents should make up for that higher investment. Your Perth property investment consultant can help you find new construction with modern open floor plans in low density buildings that meet the requirements for many different tenants – and they can make sure your purchase is right in line with the median for the area. You don’t want to own the most expensive home on the block, but a property that’s closer to the middle so the higher priced properties can pull the value of your home up.
Look for these properties in areas that will in constant demand. This almost always means urban areas. Suburban and rural properties offer less job opportunities and consequently draw fewer new residents. But city centres such as financial districts or waterfront areas will rarely lack for new arrivals – all of whom will need a place to live. With high rents you can pay down your loan and own your property outright even faster, after which you’ll be sitting on a pure stream of profit.
Building Your Portfolio
Once you’ve found your first Perth property, it’s time to look further afield to continue building your portfolio. At Ironfish we recommend spreading your portfolio out to encompass several different cities and property types, all to better insulate yourself from risk as well as continuing to add new streams of revenue.
There are two basic kinds of investment properties: the ones which will appreciate over time but may not be worth as much up front, and the ones that will bring in higher rents right from the start but may not offer as much value growth. When you have both types in your portfolio, you have the best of both worlds: the income stream now and a big pay-off down the road.
While a Perth property investment consultant can’t give you the inside scoop on other cities, he or she can connect you with other property investment consultants in Victoria and Sydney and Adelaide and beyond. Ironfish has office across Australia, and is happy to connect you with our experts from coast to coast. Contact us today to schedule a personal strategic session.