Property makes a pretty attractive investment option – it’s tangible (so you can tinker with it if you want), it can give you tax advantages and banks will often let you borrow money against it. Added to that, most of us know a little bit about it, which makes it a relatively easy type of investment to understand.
Before you buy a property you’ll need to decide on a few things. For starters, why are you buying it – as a home to live in or as an investment property to rent out? Do you want to buy a new property or are you interested in buying something old and renovating? Do you want to buy a property locally or are you after something in another State or Territory?
Where to start your research
Research as widely as you can – buying property is a big commitment and you can’t be too prepared.
Buy My Place has a great section that explains the ins and outs of buying property, step by step.
Making Money by Paul Clitheroe (2009, Penguin)
A general book about investing with three good, basic chapters on how to go about buying property – Owning a Home, Mortgages and Investing in Property.
Don’t Sign Anything! How to protect yourself from the tricks and traps of real estate by Neil Jenman (2002, Rowley Publications)
An excellent book to read if you’re thinking about buying or selling property – it’ll open your eyes!
How to Create an Income for Life by Margaret Lomas (2007, Wrightbooks)
Great if you’re interested in investing in property – very thorough. Margaret Lomas has also written a number of other books about investing in property but this is a good one to start with.
Property is a girl’s best friend by Propertywomen.com (2009, Wrightbooks)
With lots of information on investing in property, from techniques to uncover great deals to reducing tax and increasing your cash flow. An excellent read.
Streets Ahead – How to Make Money from Residential Property by Monique Wakelin & Richard Wakelin (2007, Wilkinson Publishing)
Monique Wakelin and Richard Wakelin have a different take on investing in residential property to Margaret Lomas – probably a good idea to read both.
Where to look for property to buy
There are a number of websites dedicated to helping you search for property and this is probably the easiest way to start your search and get a feel for what’s out there, at around what price.
A new website for people buying or selling property but who want to do so without the help of an agent.
Run by Fairfax Digital. You can set up alerts on this site to receive an email whenever a new property in the areas in which you’re searching comes onto the market (you can also specify price range, etc.).
Run by Property Page Pty Ltd (a company owned by the real estate industry’s major franchise groups including L.J. Hooker, Ray White and Raine and Horne) and the Independent Print Media Group.
Run by the REA Group, a global online real estate advertising company. You can set up alerts on this site to receive an email whenever a new property in a particular area comes onto the market (you can also specify price range, etc.).
Have a look at the Real Estate Institute of Australia website for interesting information about the latest goings on in the property market.
Find a financial adviser
Check out the Australian Securities and Investments Commission’s website MoneySmart – it has loads of great information about obtaining personal financial advice and finding a qualified financial adviser. Experts often suggest you find an adviser who charges by the hour instead of receiving a commission.
>> Next in Property – Buying a Home
<< Previously in Property – Property overviewYou can leave a response, or trackback from your own site.