What Every First Time Property Investor Needs To Know

Finding the perfect property can be daunting for a first-time property investor. A good way to begin this journey would be to acknowledge that all investments entail risks. While factors like market volatility are beyond the control of the investor, smart choices can help mitigate some risks. Ultimately, all property investors seek to maximise returns and secure long-term financial gains. Here are the six most important tips to help a first-time property investor navigate through the property market and find the right investment.

1. Set A Goal And Establish A Timeline

Investing in property is a big commitment. Fickle investor sentiment can keep you from achieving greater returns while costing you your time. To avoid this, the first thing you should ask yourself is what are you hoping to achieve and by when. Setting a time frame for yourself can help you be on track and pursue your goal methodically.

property investor

2. Professional Over Personal

Many investors often overlook the professional aspect of buying a house and are swayed by personal likes and dislikes. Impulsive buying decisions will not help you maximise the value of the property and you may even end up overpaying for the house. From the outset, think about the practical gains and know that the purpose of the investment is to increase your wealth.

3. Research

There is plenty of information out there that will build your knowledge. However, that can also feel a bit overwhelming. A great way to streamline your research from endless information would be to start with the location. Examine the past sale prices of neighbourhood houses and local amenities such as hospitals, schools, and transport. Find out whether there are any proposed developments in the area which will affect the prices. This will enable you to determine what to expect from your investment and help you to make an informed decision.

property investor

4. Plan Your Finances

Your research will provide you with a fairly certain idea of what you can afford and what your options are. However, there is more to finance than that! Consider the properties you have shortlisted and determine if they need any repairs or a renovation as they will incur costs. In certain cases, a renovation may even add value to your property. Before making any purchases, you need to ask yourself which of these options are financially feasible and profitable.

5. Manage Your Time

If your chosen property is a long commute and being a property investor isn’t your full-time profession, consider appointing an agent or a property manager. A property manager will look after the property, advertise it, and be a mediator between you and your tenants. While a percentage of your income will be shared by the property manager, you will be saving up on a significant amount of time.

property investor

6. Plan For The Future

As a first-time property investor, you will want to ensure you reap the long-term benefits of your investment. Connecting with local investors and networking will help you formulate your expectations early on. Many property investors have found it useful to stick to one strategy in the long run, while others keep adapting to changing markets. Different investors have different strategies but networking early-on will keep you updated about the changes in the market and evaluate future opportunities.

Need help getting started? iBuyNew will point you in the right direction! Whether you are looking for apartments, townhouses or house and land packages, working closely with an iBuyNew property consultant, who understands the market, will help you find something suitable that’s tailored to your needs and requirements. Get in touch with them on 1300 123 463.

Preity Bhandary

Preity is currently pursuing a Master of Global Media Communication at the University of Melbourne. She is passionate about sustainable housing and loves exploring the historic architecture of cities.

About

iBuildNew is the market leading aggregator dedicated to residential home construction and land development. As an independent platform, iBuildNew helps Australians identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

You may also like

Oct 18, 2019

Tips & Advice For Maximising Your Rental Return

Whether you have just bought your first investment property or are ready to move on to ...
Read More
Mar 05, 2019

How to Set up a Self Managed Super Fund

A self-managed superannuation fund (SMSF) can be a useful vehicle to invest in property...
Read More

Checklist For Your Investment Property Plan

Property investment is not a simple task, and getting financially ready for an investme...
Read More
Sep 05, 2019

Pros and Cons of Investing in a Granny Flat

Traditionally viewed as the territory of teenagers or grandparents, granny flats can al...
Read More
May 30, 2017

Successful Real Estate Property Investment Strategies

Are you looking into investment ventures that promise excellent returns, fast or otherw...
Read More
Feb 26, 2019

Finding Positive Cash Flow Investment Properties Pos...

While some markets across Australia have actually shown price growth over the last year...
Read More
Jun 15, 2017

Investing in Real Estate like the Wealthiest in Aust...

It can be pretty overwhelming to put your hard-earned money into something uncertain. N...
Read More
May 14, 2018

Make Sure You Talk To These 3 Property Investment Ex...

Starting your investment journey can be an incredibly exciting and stressful process, b...
Read More
Jul 16, 2019

8 Essential Skills of a Strong Property Management T...

Sourcing a good property manager can be a daunting task for even the most experienced l...
Read More
Feb 24, 2017

Understanding the Secret Language of the Lawyer

When you build a house, the entire process can seem somewhat overwhelming. However, at ...
Read More
Nov 03, 2017

How to Prepare For Property Investment Like a Profes...

If you’re thinking about home and land investment, there are many facets you’ll need to...
Read More
Oct 05, 2018

What does Capital Gains Tax mean for you?

  Capital gains tax can be a complex thing to wrap your head around, especially wh...
Read More
Feb 27, 2018

7 questions you have about your residential contract...

We understand that when you are going through the process of purchasing real estate, wh...
Read More
Dec 12, 2018

WA announce $421 million expansion programme for Key...

Premier Mark McGowan has announced a predicted budget surplus in the forthcoming mid-ye...
Read More
May 10, 2018

Invest With Your Head Not Your Heart With These Prop...

There are a number of things appealing about property investments. Not only can they se...
Read More
Jul 20, 2018

How Real Estate Investment Can Help You In Retirement

Real estate investment has long been viewed as an enormous support financially for self...
Read More
Jul 21, 2017

Enjoy Maximum Capital Growth When You Choose Investm...

There are a lot of misconceptions about an investment property, which is why it’s cruci...
Read More
Jul 04, 2019

Capital Gains vs. Rental Yield: Which is Better? 

It’s the age-old question when it comes to property investing: should I opt for capital...
Read More
Jun 06, 2019

6 Tips to Getting A Great Property Valuation

Property valuation is something that we often overlook. The flyer in your letterbox or ...
Read More
Apr 04, 2018

6 Reasons You Should Use A Property Management Compa...

If you have invested in property, leasing it out is one of the most financially rewardi...
Read More
May 13, 2017

What Is Negative Gearing And What Does It Mean For You?

Negative gearing is an investment practice in Australia that involves investing borrowe...
Read More
Oct 09, 2018

What happens to property investment under a Labor go...

With the recent turmoil witnessed within the federal Liberal party that led to the very...
Read More
Jan 21, 2020

What Every First Time Property Investor Needs To Know

Finding the perfect property can be daunting for a first-time property investor. A good...
Read More

5 Interesting Ways to Customise When Buying Off-The-...

One of the biggest differences between a custom home and buying off-the-plan home is th...
Read More

Get more from

Browse Investment Properties