5 tips for young investors
Travelling overseas or indulging in a hectic social life are common barriers for young investors, but thinking outside the square and focussing on your goals can go a long way. Create a budget and cut down on luxuries for a while.
Subscribe to blogs and online publications. Do regular online searches for properties currently on the market. Attend auctions. Seek out information on how much properties are selling for. The more information you have, the better position you will be in to buy a wise investment property.
Seek advice. Don’t be afraid to ask questions.
Get in touch with a property manager to give rental appraisals on properties you are seriously interested in. Talk to a mortgage adviser. Speak to your local real estate agent about market trends. You will find the property management and sales team at Harcourts more than happy to help. Our mortgage advisory arm Mortgage Express will also give professional advice about your best borrowing options.
Manage your expectations.
Your first home or investment property may not be the house of your dreams. It is important to manage your expectations as a young investor, as it can be more difficult to distinguish between a property you could live in and a rental/investment property. Be open to properties that need a bit of extra TLC, or neighbourhoods that are more “up and coming” than others.
Plan for the unexpected.
Make sure your budget incorporates comprehensive insurance to cover the costly incidents that life will often throw your way. Mortgage Express can give sound insurance advise to investors starting out.