How you can increase your wealth
Most people don’t succeed in residential or commercial property investment for many reasons. The main reason is that they don’t seek the right advice or right help — Independent help (and specifically independent to the property provider, location and selection).
Other significant considerations, that the right advice can address and help you with, are:
- Help with your choice of conveyancing services
- Involving a quantity surveyor
- Help to locate a reliable property manager
- Discuss purchasing entities, i.e. a trust, or have it under your own name
- Suggestions on insurance providers
- Be connected with a good financial planner
- Help you locate a good accountant
- Locating a good broker. Loan structure is very important
- Modelling of holding costs — taking into account interest, rates, insurance, possible maintenance, agent’s fees, body corporate, and other holding costs versus income from the property.
You could go to a property marketing company engaged by a developerto sell their stock, but:
- They typically represent the seller, and unethically pretend to represent the buyer in the same transaction
- The client is limited to the properties the marketing firm is engaged to sell
- You will probably be told that any property the marketing company has to sell, in your price range, is suitable for you. This is wrong!
- The client’s needs should lead the choice of property. The property should not lead the client.
Most people understand they should invest toward their future, but unfortunately, they seem to think their superannuation will do it for them, or they just wait for things to happen. Waiting and procrastinating can be your downfall.
As an investor, have you ever faced the following challenges?
or have been overwhelmed by the number of choices in the property market?
Do you particularly know where to buy, what property type to buy? and at what time in your life you invest in a property, and also at what time in the property cycle in any given location the property is apt to have the greatest positive impact on your wealth creation?
Are you able to tell the genuine advisors from the ones who have hidden agendas, or who masquerade around as a so-called ‘advisor’?
You should only use a QPIA (qualified property investment advisor) through PIPA, (Property Investment Professionals of Australia). PIPA is the leading association that all good property advisors are members A list of QPIA advisors is on their website. http://www.pipa.asn.au/
Do you wonder who receives remuneration in your property transaction — and how much?
Is your advisor really acting in your best interests, or are they a real estate agent, or property marketing company, employed (and paid directly) by the vendor to move their property?
Is your advisor professionally accredited and qualified to provide you with good advice?
Do you know what style of property may, or may not, be allowable for your SMSF — your Self-Managed Super Fund? And the list goes on, and it all adds to the property puzzle!
Becoming wealthy is a process and it takes discipline. You need to follow proven strategies and take action, and it’s never too late to start. No matter what your age or current circumstances, consider talking to an advisor and good mortgage broker, to better understand your ability to borrow from a lender and to purchase an investment property, make a decision to investigate your options of Residential or commercial property investment today.