By Adam Schutz
Stockdale & Leggo EVR Property Group EVR Business Brokers
Koo Wee Rup, Hastings and Phillip Island
JUST like buying your first home, making the decision to purchase an investment property requires a lot of education and decision-making, and often the hardest question of all is, ‘Should I be doing this?’
Investing in property is a proven path to long-term wealth that brings additional costs that need to be considered as part of your decision-making.
While there are the obvious costs such as the mortgage, other expenses such as rates, maintenance costs and insurance also need to be included in the budget. Put simply, you need to speak to your lender/mortgage broker and accountant to understand if this is the best path for you to get ahead financially.
Once you have decided to invest and you know the figures all work out, you need to find your property, which is a little trickier than looking for your own home. If you are patient and do your research to understand the right time and the right place to purchase, it will pay off. Speak to your lender/mortgage broker and local agents to get data on the area you are thinking of purchasing in as they can also advise if the property you are considering fits the demographic of renters in the area.
Many people try to save money on managing their investment property themselves, which is often the equivalent of googling your illness for a diagnosis rather than visiting a doctor. Property managers are trained and educated to understand legislation, landlords’ and tenants’ rights, how to find the right tenant and how to keep your investment property in order. Finding the right property manager is imperative to a successful investment and will save you time, money, and stress in the long run.
At the end of the day, property is a long-term investment and one of the biggest you are committing to. You need to find the balance between investing in your future and being able to enjoy your life today.
If you are looking for the right property manager for your investment, contact the team at Stockdale & Leggo Phillip Island on 5922 9300.