How to know if you’re ready to invest in property
A lot of first time investors are unsure if they are ready to buy an investment property. So how do you know if it is the right time for you? In the end it comes down to your level of long term commitment and not the current market conditions.
There is no right or wrong time to buy an investment property. An investment property should be a long term commitment with a long term goal to match. The external market conditions should not be your main consideration when entering the investment property market, as historically over time the Western Australian market has had excellent capital growth.
The question that new investors should ask themselves is –
- Am I prepared to hold the property if it goes down in value?
- If the rent reduces, am I prepared to contribute additional funds until it goes up
Should you wait?
Waiting can be the enemy to new property investors who are constantly weighing up the advantages and disadvantages of investing, rather than taking action. These property investors are waiting for the ‘perfect’ time to take the plunge into property investment but are also unsure about what this ‘perfect’ time is.
Procrastination and being ‘too busy’ to go out and get the right advice can make it impossible for first time investors to get into the property investment and keep them on the sidelines as a spectator to the benefits their friends and associates may start seeing long term with their investments.
Partnering with an expert in investment is one way to help break the cycle of procrastination and assist with finding the answers you need when you have a busy lifestyle.
VIDEO – Who to speak to about property investment?
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