Real estate is one of the safest investments you can make: as long as you make the right decisions along the way! The Perth property market can be unpredictable and tough to navigate, but there are a few simple rules and tips to follow that will ensure an improved return on your investment – and assist you in making sound choices.
Here are our top tips for investing in Perth real estate:
Before you start hunting for your new investment property, it’s vital that you determine your cash flow status: how much can you afford, and how much are you able to borrow? Make sure you take into account ongoing costs like insurance, rates and potential repairs or renovations – initial house costs aren’t the only drain on your finances! As soon as you establish what your budget is, the house hunt can start with a clear number value in mind.
The location of your home or investment property is an incredibly important aspect to consider when you first start researching properties. Make sure you read up on growth areas and upcoming suburbs, and consider choosing a property in a location that has a high demand for rental accommodation. Properties that are close to schools, public transport, shops and cafes and social infrastructure are excellent investments.
Pros and cons
Make sure you are being realistic about your goals and plans for a potential property. If you are considering renovating or adding on to a property, ensure you take all the costs into account and consider how easy it will be to work on the block: invest in a building inspection to ensure you’re avoiding expensive repairs down the track.
Hire a professional Property Manager
Taking the time to hire a real estate expert is a crucial step after you have signed the dotted line on a property purchase. A professional property manager will have the knowledge and expertise to look after your property and to ensure that you are getting long term, quality tenants to guarantee your rental income. They are qualified to adhere to legal regulations and understand the tricky bits of owning a property.
The team at ACTON Real Estate are experts in home investment and can provide advice and insider knowledge on the Perth property market. Their property managers are experienced and approachable, and always ready to assist. Get in touch today to start your investment journey!