How to get ahead in the property market
Looking to purchase a new investment property and keen to have one foot ahead of the competition? There are a number of ways you can get ahead in the property market now, to be of benefit to not only yourself, but your finances and future investments.
Research the market
The backbone of any successful strategy is research, therefore in order to get ahead in the property market it’s important to conduct thorough research and analysis. In its current state, the property market is the equivalent of a rollercoaster, with plenty of ups and downs off the back of economic conditions and markets operating within markets, all at differing speeds. With this being the case, studying local property markets, analysing and interpreting recent trends, having basic knowledge of economic conditions and determining the needs of local tenants can help put your best foot forward.
Network
Networking is an essential aspect of getting ahead in the property market. Building relationships with real estate agents, property managers, lenders, and other industry professionals can provide valuable insights and opportunities. Attend industry events, join professional associations, and connect with people online to build a robust network. Most importantly, don’t be afraid to ask questions because at the end of the day, the more knowledge you have at your disposal, the greater your chance of success.
Location
Location is one of the most important factors to get ahead in the property market, given it influences everything from desirability to perceived and actual value of a property. While all the factors to get ahead in the property market go hand-in-hand, location and research are two of the most significant. Choosing a location for your investment can allow you to stick to goals, budgets, yet most significantly make your investment work for you.
To get ahead in the property market, understanding location is more than just choosing somewhere to invest in. There are a number of sub-factors to consider, including:
- Access to amenities - this includes schools, shopping centres, parks, public transport, medical facilities.
- Potential - particular areas are more tailored to growth than others, therefore in order to generate maximum equity on your investment it’s important to consider upcoming projects and developments in an area.
- Neighbourhood - the quality of a neighbourhood can impact the desirability and value of a property. This can ultimately influence the location you choose for your next investment. Properties located in new or established neighbourhoods that are safe, clean, and well-maintained tend to be more attractive to buyers and renters. This can translate into higher property values.
Typically those investors who are able to identify and invest in properties in desirable locations by performing due diligence through research may be better positioned to get ahead in the property market.
Manage your finances
Managing your finances is essential to not only getting ahead, but succeeding in the property market. This includes budgeting, managing expenses, and finding financing options tailored to your individual financial position. Remember everyone has a different set of financial circumstances, therefore what works for someone else may not necessarily work for you. It is also essential to understand the tax implications of investing in the property market and work with a financial advisor or accountant to manage your finances effectively.
Before investing in property, it's essential to evaluate your financial situation and determine how much you can afford to spend on a property. This includes considering upfront costs such as the deposit, stamp duty, and legal fees, as well as ongoing costs such as mortgage repayments, maintenance, and repairs.
Home loan repayment calculators can be a handy tool to have at your disposal to ensure you can adequately meet all investment home loan repayments and budget for interest rate changes, should they occur.
If you are in the market for a low rate investment home loan to help get you ahead in the property market, consider the investment options available from loans.com.au to help achieve your investment goals.
Chat to one of our lending specialists today to help get you ahead of the property market and set up your investment journey for the future.
Find out in under 2 minutes if you qualify for one of our low rate home loans.
About the article
As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.
