How to Break Into the Hot Property Market
Everyone wants to get into the property market, but making that first purchase is often the most difficult. Here are a few tips for first-timers on how to get your foot in the door.
Skip the Hotspots
There is no shortage of public information around about the next boom suburb or town. Take most of this with a grain of salt: in some cases the advice may pan out, but surprisingly often it simply doesn’t.
What’s more, by the time an area has been publicly designated as a hotspot, it’s probably already too late to buy for substantial growth. Do your own research instead, or take the advice of a professional property investment firm.
An Investment or a Home?
Many people expect their first property purchase to be a home, but investment purchases are becoming increasingly popular amongst first-timers. If you can’t afford to buy where you want to live, or in the type of property you’d like to live in, investing in what you can afford while continuing to rent elsewhere can make good sense.
Just be clear on whether it’s an investment or a home. You’ll look for different things in each, so if you try to hedge your bets by looking for something that ticks both boxes you’ll likely end up with the worst of both worlds.
Set Realistic Goals
Remember that a first investment is exactly that: a first investment. Breaking into the market is more important than purchasing a palace first time. In coming years you can refinance and upgrade if you like, but only if you have that base, however modest, to begin with.
Property Investment in Sydney
For friendly professional advice on purchasing your first investment property, contact us today.