There are a number of reasons why you might consider investing in property, but the underlying reason for most people is to build their wealth. It can be confusing and overwhelming knowing where to start.
We recommend the following:
1) Build your knowledge
It is very important to educate yourself on the basics of property investments. You can start with deciding on what your goals are. Then you can learn about the terms used, the different strategies, how much you can borrow, what suburbs provide the best growth, which suburbs have low rental vacancies, how much rent you can realistically expect to receive, what depreciation is available, will you use a real estate agent to rent or will you deal directly with tenants, what landlord insurance do you need?
2) Don’t do it alone
It can be very time consuming to learn enough about all the aspects of property investment to make a wise decision. We recommend that you speak to one of the Wealth Connection experts who will ask you a few questions about your goals and requirements. Based on your information, Wealth Connections will then refer you to an appropriate professional company to assist you to meet your goals. Wealth Connections works with several different property groups and depending on your goals and your needs, we will be able to refer you to the right expert for you.
3) Decide on your strategy
The professionals that Wealth Connections assess your current situation, including borrowing capacity, financial position, discuss the different strategies of positive cash flow or negative gearing and tax minimisation. They will provide information on the suburbs that would best suit your needs and the type of rental yield you can look for and the capital growth trends for the suburbs. They will also be able to provide you with a recommended conveyancer, where to go for a depreciation schedule for the property, landlord insurance recommendation and a property manager to organise renting out the property.
4) Get out there and buy a property
The professionals will have properties that they can show you that will fit in with your criteria and goals and have the best outlook for capital growth and rental yield to fit with your strategy. Once you select a property you want to purchase, you can then use the services provided or recommended by your professional to go through the loan application, conveyancing, final inspection and handover.
5) Reap the rewards of having a professional by your side
Once you own the property then use the assistance and guidance of the services that the professionals can provide. Use the depreciation schedule to get the best tax benefits, engage with the recommended property manager to lease your property, get your landlord insurance set up to cover your property. Sit back, relax and watch your wealth grow. Oh and don’t forget your yearly portfolio review with your property expert, they will provide you with updates on the values of properties in the suburb you have invested in and discuss what other actions you might want to take.
So don’t spend all of your time trying to learn what others have taken years to build their knowledge on, get in touch with us and we will help you to find the right professional organization for you.