Buying a property is a process that’s brimming with excitement. Because of this, it’s easy to fall hopelessly in love with the first property you see. You start to believe that it’s perfect for your home, business, or for investment, causing you to rush your decisions.
Having a high-performing portfolio is a great way to achieve success as a property investor. Carefully choosing and managing properties can provide steady income in the form of rent, or they can be sold off later when you need to pay for a larger purchase such as sending a child to university or buying another property to expand your portfolio.
If you want to be a successful, full-time property investor, or you simply want to secure your retirement income for the future, you need a solid property investment portfolio that aligns with your financial strategy and goals.
More and more Australians are choosing to invest in one or more properties. As reported in the Property Observer, according to the ATO, the number of individuals with an ownership interest in one rental property in Australia increased by nearly 24,000 between 2013 and 2015. For two properties, the number increased by nearly 12,500.
When purchasing property, there’s more than just the purchase price to consider. It’s easy to underestimate how much a new property is going to cost you. As such, it’s crucial to ensure you’re financially prepared. From legal fees to stamp duty, these are the most common expenses, aside from the total property purchase price, you’ll come across when purchasing property.