4 signs you’re ready to invest in a rental property
Making a real estate investment is becoming a very popular option for Australians, especially as the financial requirement for a comfortable retirement continues to rise.
As investor presence is becoming stronger throughout Australia, you might ask yourself if you're ready to branch out into the world of property investment.
Whether you're looking for a way to build wealth or generate more income, property investment is a less volatile avenue to take in comparison to other types of investments such as shares, stocks and bonds.
If any of the following four signs sound like you, it's likely you're ready to invest in a Queensland rental property.
1. You already own a home
If you already own a property then investing in another home is simple. By refinancing your loan, you can use equity to pay for the deposit of another home, giving you a simple and easy way to get on the road to wealth. Instead of leaving your loan equity sitting unused in a bank, you can put it to work for you by investing it.
2. You have extra cash
Whether you've increased your regular household income or come into some money through another way, you could invest this in a rental property. Instead of placing it into a savings account, term deposit or other type of investment, property could provide you with a much more lucrative return. Even if it's just a few thousand dollars, it could all easily go towards paying the deposit of an investment property, helping you start your own portfolio.
3. You have goals to reach
Want to retire and travel the world? Perhaps you'd like to quit your job early and start up your own business? If you have specific goals in mind, then it's likely you're going to need a way to fund them. By finding the right investment property strategy to suit your financial circumstances, you'll be able to stay motivated and reach your goals.
4. You find the right property
Not every person in Australia is a property expert and some may be put off by investing in real estate because they don't have the right property education. Fortunately, with a property expert by your side, you'll be able to find the right home to suit your budget and your portfolio. Coupled with finding the right home is finding the right finance to pay for your home. Interest rates are low and are likely to stay low for some time, giving you ample time to take out a loan and put it towards a rental property.