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Property Investment and buying bricks and mortar is as solid an investment as ever. Despite the sensational property stories you might read in the news, property investment remains one the safest investments for most Australians.
When it comes to any type of investment, it always pays to do your own research. There are risks with buying property just as there is with something like shares, but property investment tends to be less volatile and is much easier for the average Australian to benefit from.
It’s always worth keeping in mind that not every property is created equal and some Australian markets will perform much stronger than others in the coming years, however even properties in slow moving areas can be financially rewarding.
Here are some of the reasons why you should be investing in real estate:
It can provide you with shelter or an income – One of the biggest advantages of property over other investments is that it provides you with a roof over your head while you’re waiting for your asset to grow. You can either live in it yourself and look forward to the day you don’t need to worry about rent or mortgage repayments, or you can rent the property out and have tenants help pay your mortgage off for you.
Opportunity to add value – Property gives you a lot of opportunity for value adding, particularly if you have some building or DIY skills. Some people can make money in very short time frames simply from seeing the potential in a property and renovating it to make it more appealing to buyers. Take a look at the difference between renovated and non-renovated homes in your area to get an idea of the kind of value that transforming a property can add.
Tax benefits – Property investors can offset a lot of their costs through tax deductions. If you plan on investing in property it’s well worth finding a good accountant to help you make the most of your investment.
The property market is fairly predictable – If you do your research and learn about common market influencers, such as major developments and job growth, then it can be quite easy to figure out the areas that are likely to see growth in the not too distant future (or are likely to see price corrections).
Property will always hold value – Even if you miscalculate and buy in a slowing market, there is always some kind of value in property. People will always need homes and while property values might not always hold, property can earn a rental income or you can live there yourself to save on rent.
Also keep in mind that property is generally best seen as a long term investment, so don’t panic if the market goes down in the short term because the property might still be worth a lot more in the years to come.