Published on November 19th, 2008
Time to Build Your NestIt’s a buyer’s market, and interest rates have dropped for the third successive month, bringing them to their lowest level since December, 2003. The current market has seasoned investors active, and many first-time investors looking to make the most of current opportunities.
There are many good reasons for investing in property, including: capital growth, rental income, tax benefits, lower volatility than the share market, and high demand given everyone needs a place to live. While every investment has inbuilt risk, the ultimate aim is, of course, to minimise risk. In addition to having the most accurate assessment possible of where the market is at, it’s just as important to have a very clear idea of where you’re at!
Being clear about your goals for investing in the first place is paramount. Is the aim to retire richer? Or earlier? Is investment income designed to supplement current income or completely replace it? Personal goals inform both pre- and post-purchase decisions, such as: the type and location of the property; whether to renovate and develop or buy and hold; and how to grow and manage your investment portfolio.
Effective planning and mangament of your financial affairs is essential. Investment tax is complex and you will need a specialist accountant. Becoming as educated as you can about investing in the property market using trusted, reliable resources is crucial.
There are some things in life you can control – and others you can’t. The better you look after ‘your own back yard’, in terms of clear goal setting, financial management, becoming educated, and securing the right expert advice, the higher the likelihood of success.
Elders, established in 1839, have been successfully navigating fluctuations in the property market and economic ups and downs for almost 170 years. Elders agents are backed by an extensive, cohesive network spanning Australia and abroad. For more information on how to make the most of your investment, contact Trent Ryan at Elders Real Estate Redcliffe at 23 Redcliffe Parade 4020 or on either (07) 3883 2366 or 0421 217 574.