Is one of your 2020 New Year’s resolutions or goals to purchase an investment property? Or to grow your current investment property portfolio? Here is some advice that applies to investors of all ages.
Education is paramount
Knowledge is power, and empowering yourself will enable you to achieve your 2020 property goals. Regularly research properties on the market in your ideal region, attend auctions and find out what properties are selling for. This will equip you with some beneficial information that will help you make more educated decisions. Talk to others about their property investment experiences, it could provide valuable insights into what your investment journey could look like.
Start saving early
Purchasing property requires a budget and can mean you need to give up some luxuries for a while in order to achieve your goal. Particularly for young investors, the temptation of an overseas holiday or indulging in a busy social life can affect your property goals. Being crafty and always having your goal in focus will ensure you never lose sight of it.
Don’t be afraid to ask the professionals any overarching questions you may have. Any Harcourts local agents or property managers would be very happy to help you understand the market and assist you in your purchase, contact us here https://harcourtsotago.co.nz/contact/ for more advise for 2020 property investors. You may also want to check in with a mortgage advisor to see what borrowing options suit you best.
Manage your expectations
Remember, you are not living in your investment property, so it doesn’t need to be a luxurious property in a high class location if that’s not what your budget allows. Talk to an agent about up and coming neighbourhoods and consider properties that might need a little bit of TLC. It’s important to manage your expectations and distinguish the standards between a home and an investment property.
Expect the unexpected
Ensure your budget incorporates insurance costs as you can never be sure what will happen in the future. Tenants may not pay their rent on time or hot water cylinder could break. Whatever the issue is you will need to be certain you have access to enough funds to cover unexpected costs.