First time property investors need to pay attention to the proven benefits of holding real estate. This is the only way to reduce the risk of costly mistakes. When you own rental property, you have a great opportunity to make some passive income as well as getting a capital gain. However, you don’t want it to be a stressful or money draining exercise.
Learn the Basics First
Before you dive right in, take some time to learn the basics. Read books, listen to videos, and go to seminars about rental property. This will offer you the pros and cons and help you to identify common problem areas you need to avoid. Research the areas where you want to invest in making sure that it fits your investment strategy. Read current magazine and newspaper articles so you know what you are getting yourself involved in.
Real Life Experiences
Spend some time reading about real life experiences other property investors have had. This can help you to decide if you really want to get involved or not. They can share with you details about how to deal with banks, mortgage brokers, what insurances you need, how to deal with troublesome tenants etc. Learn from their experiences.
Go to the experts before you buy any type of investment property. They can help you understand all risks and benefits involved and provide that support to protect your rights. Seeking expert advice from the very start can ensure a smoother process that will help you to have a successful outcome.
OUR APPROACH AS REAL ESTATE AGENTS
At Barnett Real Estate, we listen to your needs and focus on combining our extensive experience, innovative approaches and specialised knowledge of the Geelong real estate market to achieve the best results. If you’re interested in buying, renting or selling a property in the Geelong region, call us today on 03 5222 1488 or contact us online.