For potential property investors who are thinking of making their first purchase, the signs are looking good. Very good. Interest rates are at their lowest levels in decades, capital growth and rental yields are increasing and the demand for housing in Perth is expected to rise through continued strong population growth.
All this optimism is enough to make anyone think that now is a good time to buy. But the reality is, unless you actually do something about it, and sooner rather than later, it could cost you dearly.
Whether through missing out on purchase opportunities or simply the capital growth and equity you could have gained had you acted sooner, the idea of waiting for the ‘right’ time has its flaws. Just ask anyone with a successful property portfolio and they’ll probably tell you the same thing: ‘I wish I started earlier.’
It takes courage to do things differently. It’s much easier to keep to our routine busyness without adding anything new to the mix. But surely the dream of becoming financially secure and creating wealth through property, like so many other ordinary people have done, is worth acting on.
Starting is the hardest part
You may wonder how to get started on the road to building your own portfolio. The basic formula for success has some merit: start with a dream and shape it into one or more meaningful goals. Work out a thorough plan to achieve those goals and then take action to make it all happen.
For many potential investors however, this is easier said than done.
Experts agree there are many pitfalls to avoid and say research is key. You complete due diligence. You get excellent advice. But this can sound daunting to the first time investor.
Barriers to investing in Perth property
Perhaps you don’t have the time to look at working smarter not harder. Maybe you think the glossy success stories could never happen to you. Or maybe you fear getting it all wrong.
Waiting until you have saved a bigger deposit or waiting for the ‘right’ time to enter the market can also be counterproductive.
Overcoming the fear of property investing
One of the biggest things that holds people back in any endeavour is fear.
Making a mistake by picking the wrong property in the wrong area, paying too much, getting a nightmare tenant or none at all- fear of the unknown can lead to ongoing procrastination.
Seek professional advice
Many of us lack the knowledge and skills to make informed investment decisions. Property professionals can use their networks and expertise to provide sound research and investment advice- taking away much of the stress.
To begin with, they can help you clarify your investment goals, understand your risk profile and determine which strategies will work with your personal strategy and finances.
Step out of your comfort zone
History shows that anyone can become wealthy through property investment, regardless of background, education or income.
Dreaming of success on its own doesn’t get you very far. If you’re feeling stuck and you want to get the ball rolling, have a chat with some independent professionals. There is no perfect time to step out of your comfort zone. You just need to try it and see what happens.
If you have an interest in building your wealth through property, then call us on (08) 9381-7450, or request a FREE Starter Pack.