It may seem daunting to think about buying an investment property, but it is not as complicated as it may sound. A little planning, patience, and smart decisions will get you there. Many Australians are looking forward to buying an investment property in 2020 to create financial freedom for themselves, but as compared to an average Australian’s wage, the property prices in Australia are quite higher. This makes people think that they can’t afford an investment property, but don’t lose hope yet. The property investment specialists Melbourne have some simple tips for you, which you can follow to start your investment journey today.
Let’s dive into these smart tips:
Lower Your Standards
It all starts with lowering your standards. You have to come out of your comfort zone and have to make some compromises on your living standards to achieve your goal. If you are living in a 3-Bedroom apartment in an expensive area, try to move somewhere in a lower price range to lower the deposits and the repayments you will have to make. A cheaper area may not have all the “bling” but this is the catch you need to make to buy an investment property.
Assess Your Cash Flow and Figure Out A Way to Start Saving
Learn about your cash flow and find out how you can save money. Learn your spending and plan accordingly where you can cut costs. Don’t wait until the end of the month to but put aside a certain amount into your saving accounts, or the money will likely disappear on something else.
Start Making A Bit of Extra Cash to Use It for Investing
If you are really serious about investing in property, it would be a great benefit for you if you start earning more cash and use it only for investing purpose. It will ease the burden from your monthly salary and gives you a safe bracket in case of emergency.
Start Small (Not Necessarily in Property
Just understand that you have to start slow, steady, and small. To become a property investor, you need to learn a skill of investing and initially if you don’t have enough money, start investing in something small. It can either be shares for under $1,000, invest in gold or silver for even less, or sell goods on eBay with a markup. It will help in polishing your investment skills and you will discover your potential to grow your savings.
Read Books on Creative Investing
If you’re not yet financially ready to purchase an investment property or are still in the process of saving, use this time wisely by reading every book you can on creative investing. Gaining a solid understanding of how the market works will give you a valuable edge when you eventually enter the property arena. It will also help you grow more confident and skilled as an investor. As any experienced Property Strategist will tell you: the more knowledge you have, the less risk you take — and the better your decisions will be.
Since you are planning to invest in property, the expert investment advisor in Melbourne can help you through your journey to build a strong property portfolio. Reach out to the 10 Properties in 10 Years where our professionals will guide you step-by-step. To know more about our services, give us a call at 1300 617 677 or send us an E-mail at [email protected].