Now the Melbourne Cup is over, it’s really not too far from Christmas and New Year. It’s never too early to think about resolutions for a New Year, and if real estate investment might be on your list for 2019, then these questions might help you sort your thoughts.
Why do I want to invest?
Any investment you choose needs a clear motivation, none more so than property which will be a major investment. So it’s important to know why you want to invest. If making a quick buck is your reason for investing, then property probably isn’t the way to go, especially now. An investment property does require some work, even it is just selecting a property manager. A property might be the ‘nest egg’ for your retirement or a method for assisting children in their future. Whatever your reason, having this clear before you start can help you persist if things ever get tougher.
What are my strengths here?
This is not a financial question. There are more aspects to property investment than simply having the money to do it. Do you have well hone negotiation skills? Do you have extra time on your hands? These, and other considerations around your situation and personality can come to the fore as you look for, and begin the process of, buying a property. Negotiation skills can mean you reach a quicker settlement or buy at a better price. Having time may be a consideration as to how many properties you are able to view.
What are my weaknesses here?
Just as you will have strengths to bring to the table, there will also be your weaknesses to consider. Lack of time might be one. Not wanting to have the hassle of dealing with tenants might also be a consideration. Identifying your weaknesses can also help you to identify the people who can help you.
Accrue Real Estate is a property short listing service, with staff experienced in the Melbourne property market. They can assist you at every stage of your investment property purchase.