Investing in property can be a great way to bolster your wealth and leave a little something extra behind for your family. If you have some money saved up already, a great way to build upon it is to buy real estate, rent it out and collect payments over the years that should only increase as the property appreciates in value.
Property investment can pay off in a big way. But if anyone tells you it’s a “get rich quick” scheme, they’re probably not telling you the whole truth. In reality, the process is not quick at all – it takes many years to watch your property become more valuable and get you your money’s worth. It’s best to avoid investments that look overly ambitious and instead take smart, measured steps toward building up your wealth.
Staying away from property spruikers
Real estate can be profitable, but it’s best to stay away from anyone who sounds a bit too optimistic. According to Consumer Affairs Victoria, there’s a major problem in Australia today with property spruikers – investment promoters who run seminars and dole out promotional materials promising sky-high returns and no risks.
There’s no getting around the reality that buying investment property requires big upfront costs and long-term mortgage repayments. If you come across a scheme that ignores the downsides of investment and seems too good to be true, that’s probably because it is.
Getting approved for reasonable investment loans
There are no shortcuts in real estate investment. You need to know how to get a home loan, pay it off over time and allow your investment to slowly generate returns. One way to accelerate this process a little bit is to get pre-approval for a property investment loan through a lender.
This is where we can help. As a mortgage specialist, we deal with lenders everyday to find you the right financial solution for your situation.