Buying Investment Property
Secure Your Future by Buying Investment Property the Smart Way
If you have considered venturing into the investment world, then you’re probably aware that buying investment property can provide significant benefits. Buying property to rent out can provide you with a passive income source, greater security, and the flexibility to sell at the optimal time. You also unlock the option to move into the home yourself if you need to plus a greater diversification of your investments. It’s critical to know what you’re doing when you’re investing in property, and that’s where Propellor Property Investments can help.
Common Mistakes People Make When Buying Rental Property
At Propellor, we offer informative seminars for people thinking about property investment. We understand that the building is just a vehicle for the investment and that it’s essential to have a strong understanding of your financial picture and the nature of the business before getting started. For starters, recognise and avoid these common mistakes when buying an investment property to rent.
- Not doing your due diligence. It’s vital that you investigate the property thoroughly before making an offer work with a company such as Propellor that does all the research for you.
- Making decisions based on emotion. An investment property is a way to make money. Don’t buy or keep a property because it reminds you of your childhood home or because you have happy memories in the neighbourhood where it’s located.
- Overextending yourself financially. If you are buying an investment property, you likely have an existing mortgage. Be sure that you aren’t committing to more than you can afford, which will make your financial situation worse, not better.
We can help you learn what you need to know to place yourself in the best possible position to invest when you’re ready.
Tips Regarding Buying Your First Investment Property
Investment properties have produced some of the wealthiest people in the world, so there are plenty of reasons to get involved. If you’re making your first investment, here are a few tips that you should keep in mind:
- Pay down debt. Savvy investors often carry debt, but if you’re new to investing, you should try to avoid it. Medical bills, student loans, and similar debts are best paid off before investing heavily in property.
- Save for a down payment. An investment property may require a larger down payment than an owner-occupied dwelling.
- Beware the fixer-upper. Unless you are extremely handy or have an affordable contractor, if this is your first property investment, steer clear of houses that need a lot of work.
- Consider the location. Some things to look for include low property taxes, low crime rates, good schools, and amenities such as parks and restaurants.
These are just a few of the things to keep in mind when buying an investment property to rent. At Propellor, we can teach you everything you need to know to make the best possible investment decisions.
Why You Should Use Propellor
At Propellor, we are well-known for our highly recognisable leader Nikki Connors, the Queen of Property in New Zealand. Her book, A Fabulous Failure, I was on the Top 5 Best Sellers list when it was published, and it has been called inspirational by industry influencers. Receive your own copy when you book one of our seminars . If you are ready to learn more about investing in property, contact Propellor today.