Property investment is a great way to increase your financial freedom if you are willing to study and do the work. It is not something that just happens by pure chance; to be a successful property investor you need to take the time to do your homework and get the right information.
One of the first steps to being a successful property investor in Sydney is getting a good team of experts from whom you can gain invaluable information and advice. This team will include a mortgage broker and a reputable real estate agent like us, that is, Prudential Real Estate.
Our team of professionals have been in the business in Sydney long enough to know the best advice to give each individual client. What might work for one investor may not be the shoe that fits another. It’s important for us and for you that we keep you up to date on what’s happening with the current market. We draw our information from a range of resources that are up to date and relevant.
There are plenty of sites on the net offering information on investing; however, these are not personal analyses of your situation and cover a broad range of the population. There is sometimes advice given out there that is not necessarily the best advice for you.
To start you off with some great advice, here are some of the tips on property investment that you might like to steer clear of:
Serviced apartments and hotels
Sometimes you might hear the advice that it’s a good idea to buy in a hotel block or serviced apartment. There is the potential for good yields in this kind of investment but the growth potential is not there.
Stick to one area
Don’t follow the advice to buy in one area only. Many suburbs can experience different market rises and falls. Diversifying can create a more stable portfolio; don’t be afraid to buy in different areas.
Invest because you found property that looks good
Never invest on a whim; buying a property to invest because you found one that looks good is not how you go about investing. Careful planning and the right information will get you there. Buying a property because it looks good or ‘feels right’ is an emotional decision, not an informed or factual one.
For more great advice on property investment in Sydney and achieving your goals with knowledge and planning, talk to our team at Prudential Real Estate, today.