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Most people know they want more flexibility in their future life. Career focused professionals actually enjoy their work and they also want to know that say in 15 years time, they have the choice to work less and live more.
So you are on the starting line. You believe rental property is a safe and affordable way to secure your future through long term capital growth over the next 10+ years. Yet, you are still hesitant to commit. Media noise with talk of property bubbles, crashes, interest rate rises, inflation which creates a constant deluge of fear factors that always give you an excuse to wait because now is never quite the right time. So you wait and the next thing you know, 5 years has past and you still haven’t purchased a property. Does this sound familiar? ”
I am constantly asked ‘Is now the right time to buy property?’
If you are focusing on long term capital growth, then the best time to buy a property is – every time you can.
Why? Because time in the market (rather than timing of the market) is going to have the greatest impact on your results. Here’s how that works:
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Based on the same property price and growth rates, if you don’t end up buying a property for 3 years, you have cost yourself between $53,000 to $203,000.
In rental property, procrastination has a big price – so what is really stopping you from starting now?
Generally, career professionals are time poor and it’s navigating the murky waters of assembling a trustworthy team of independent like-minded professionals who have the knowhow to make property investment an armchair ride that stops us in our tracks. The peace of mind factor plays an important part of the getting all the pieces of the jigsaw puzzle in place.
Here are the five steps to getting started to give you peace of mind:
- Identify a Finance Architect
Your finance broker will identify how much you can borrow, how much equity you have and your purchase price point
- Identify a Property Accountant
Ideally, your property accountant has his own property portfolio and understands your personal financial position and what type of property (build, near new, established) is going to work best for you
- Identify a Buyer’s Agent or Project Manager
Your Buyer’s Agent or Project Manager (for new builds or redevelopment sites) must have localised knowledge and data. They will have identified areas that are likely to experience strong sustainable capital growth caused by a combination of scarcity, demand and positive change created by infrastructure, planning and lifestyle factors.
- Identify a Property Management business
This is where the long term property hold tends to fall apart and be short lived. Given capital growth is a long term strategy, holding your investment property with the least amount of pain for the longest time possible is the end goal. An exceptional Property Manager will also have two key questions in mind when assessing every action they are making on your behalf:
a) How will this maximise the return for my investor?
b) How will this minimise the risk for my investor?
Hello? Where are you going to find them? We hear you. I speak from experience, that this is particularly difficult starting from the ground up. Having property in the United States, this has been our biggest challenge. If we can do it, so can you.
So for me the best time to secure your next investment property is every time you can.
Want the arm chair ride? Book a Start-egy Session with us and you will get peace of mind – at every turn we will keep you accountable to do your own due diligence on any of our independent partners.
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