Over the last couple of decades, and especially the last ten or so years, it has become almost fashionable to invest in property. Not just a property to live in but to have at least one investment property that is rented out. There are constant ads on the radio telling you to start your property portfolio now and get great tax deductions. But there are things you need to be aware of when you decide to get into the property investment and property management market if you want to be successful.
Think Long Term
You need to go into the investment market with a long term attitude. It is rare that you make heaps of cash in a short space of time, so think at least 10 or even 20 years down the line, where do you want to be and what are you hoping to achieve.
Avoid Getting Emotional
It can be easy to become emotionally attached to your property, especially if you have put a lot of blood sweat and tears into renovating it and getting it ready to rent out. But you cannot become emotionally involved with your investment as if things do go awry or need repairing it can be draining. Think of your investment as a business and try to remain detached from it as much as possible. A great option to help achieve this is by finding a great property management company that can deal with your tenants and all the paperwork that comes along with renting out your property.
Don't Worry About Values
Nobody can predict what house prices will realistically do, but up or down, it doesn't really matter until you want to sell. So if you are thinking of it as a long term investment, chances are in 10 or 20 years time, prices would not have gone down, and you would have paid off some (or if you are lucky all!) of your mortgage as well.
Follow Your Instincts
When you start telling people your plans for investing in property, everyone will start offering you their opinions. But they are their opinions, not yours, so don't feel obligated to take their advice if you feel otherwise. As with values, nobody can really make any guaranteed predictions, it's all just opinions, albeit informed ones if you get advice from a local property manager. Listen to everyone's advice, take it on board and then do what you think is right for you.
For professional advice from a Perth property management company, speak to the experts at Time Conti Sheffield. They have been in the business of property management in Perth for over 60 years and are well-placed to help you on the path to becoming a successful property investor.