Are you a property investor?

So you own your home and are now wondering about investing…

TMP220 36 Property Investor Lg

Things to think about before you start:

Being a landlord 

  • How are you likely to cope with difficult tenants?
  • Do you have the mental toughness to deal with tenants who are rough on your property or are constant late payers?
  • Would you rather leave landlord duties to a rental agency?

Buying doer-uppers?

  • If you’re planning to make your fortune by buying doer-uppers and boosting their value before renting out and eventually selling, how skilled are you to do most of this yourself?
  • Or will you factor in the cost of tradespeople to do the work for you?

Finances

  • Will you need to top up the mortgage?
  • Can you keep your finances under control when interest rates go up or you don’t have any income?
  • How secure is your work – is there a risk your income could drop in the near future?

5 year plan

  • Create a five year plan of property investment.
  • Work out the maximum you would need to purchase a property for and how much rent you would need to make it viable.

Investment property can be a great way of growing wealth, but don’t go buying yourself a super-yacht just yet… making money from property takes time, effort and calculated risk.

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