Are you looking to grow your investment portfolio?
Maybe you’re starting out – looking to make the jump from homeowner to investor.
No matter your situation, there’s nothing more important than being smart and savvy when it comes to investing.
Why?
Because it could be the difference between achieving your financial dreams, or staying in a financial stretch until retirement.
Ready to put yourself in the position to invest or grow your portfolio? Check out these 4 tips EVERY smart investor needs to know!
- Create a PLAN
Like most big decisions in life, when it comes to property investment, PLANNING is your best friend.
Not just because it helps you to stay on the straight and narrow when it comes to understanding and following your goals, but also from a psychological perspective.
Investing with a plan is what can take investment from a stressful situation full of worry and anxiety, to one of comfort, knowledge and complete understanding.
So, when it comes to creating a strategic plan, we think it’s pretty clear that one factor is more important than any other.
Do you know what it is?
It’s YOU.
What’s the good in using a cookie cutter plan that might have worked for one person, once upon a time?
Creating a strategic plan that is built around your unique goals and circumstances is what helps foster that long term outlook, whilst really building that notion of confidence.
Another key ingredient here is research. Understanding the property market and how it relates to your goals from all angles is what counts. Rather than buying the place down the street that your ‘expert’ uncle told you to buy, a well-researched plan scopes out the best options for you, Australia wide.
- Think LONG term
Across the board, whether it’s property, finance, or shares, the main piece of advice you’ll hear from any successful investor is that real equity is gained in the long term. It’s safe to say that as time passes and inflation occurs, money can be made by harnessing growth.
It’s also no secret – people who have held onto property for a LONG time, are doing pretty well.
These people have purchased high-quality, high-demand property, in locations with low supply. Over time, that’s a formula that just works.
No matter how great it is to find some short term equity, the aim is always to create that sustainable future through solid, long-term investment. It really is a long term game.
Flipping properties can seem like a fun and beneficial way to play the market, but the most important thing to remember here are those sneaky hidden costs. Factors including renovations, maintenance, stamp duty and capital gains tax can certainly add up!
- Build a strong TEAM
Regardless of the situation, team sport, business, or investment, a strong performance hinges on having a strong team.
You can’t have a winning sports team without a good coach, or a successful business without an effective leader, so why would property investment be any different?
When it comes to property investment, having a strong team by your side is what makes the difference. Your team will help you through each and every stage of the property journey, from breaking down your financial position, to making sure any damage in your property is repaired.
Here are some key people you may want to speak to throughout your property investment journey:
– Property Advisor
– Solicitor
– Accountant
– Financial Planner
As they say – many hands make for light work – especially when they’re experts in their field!
- Location is key.
We’ve all heard this one – Location, Location, Location…
Three of the most important words when it comes to property investment.
Well actually, it’s just one word, but three times – that’s how important it is!
Locations in high demand, with a low supply of new houses, paired with strong macroeconomic factors, such as unemployment rates and migration patterns are key to making property investment work for you.
For many Australians, 2023 presents an incredible opportunity to invest. With a less saturated market poised for growth due to huge rental demand, now could be your time. So, keep these 4 tips in the front of your mind as you move forward – as they’ll help you out on your journey, no matter the stage.
At the end of the day, at Propell, we’re here to provide you with the support and expertise you need to take that next step into the market.
Want to chat more about setting up your tailored property investment plan? We’re here to help – give us a call on on 1300 776 735!
