How to think like a property investor

 

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People who invest in property do so for many reasons, but probably the main reason is they want to make their money work for them in the best way so they achieve their long-term financial goals.

It may be to give up the day job, planning for retirement or just having some extra cash for holidays or the kids, investing in property can help you achieve your dreams.

But how do you take the step from thinking about it to actually doing it?

First and foremost, you need to start thinking like an investor.

Take trusted expert advice

Almost everyone you know probably has a view on property, and while it’s always good to hear different viewpoints, it’s also wise to listen more to those who are experts in the field. You’ll feel a lot more confident about stepping in once you’ve got some background knowledge and tips about investing in property.

Leave your emotions in your own home

Just because you couldn’t live in a 2-bedroom unit doesn’t mean someone else can’t. Your investment property is not an extension of your own home, it is a business. We’re all different and people like living in different properties and different areas for different reasons. Tenant’s often forego space to be close to trendy cafes. Property investment is a business and you need to think with your head not with your heart.

Don’t let your doubts hold you back

Property investors act. The biggest step to property investment is acting on your research and advice. Go and see the properties you’ve found which are within your budget, weigh up the pros and cons to the property, and put that offer in. And don’t be disappointed and dissuaded if you don’t get the first property you think will make a good investment – there are always more on the market to look at.

Keep it functional

If your investment property does need work done to it, keep it functional and neutral. Remember tenants may be more interested in a four-bedroom house with an air conditioner rather than a state-of-the-art kitchen.

Stay focused and positive

There will be setbacks, that’s part of life. Property investors don’t let delays and obstacles hold them back. They stay focused and positive. If you’ve done your homework, know the risks and made informed decisions, the setbacks will be minor and temporary, before you know it, you’ll be on the way to realising your long-term goals.

We’ve been in the business for over 40 years and have helped hundreds of people realise their property dreams. If you’re interested in property investment, we’d love you to join them! Give us a call on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au or pop into our Cardiff office for a chat.

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