With so many properties available for sale in Australia how do you know which property to buy and which is going to be the best investment for you?
So you decided you want to invest in property. But how do you know which property to buy? There are so many different properties out there on the Australian market and it could be very difficult to know which property would be best for you and which property is going to be good or bad investment.
Hey! I’m Ryan from onproperty.com.au, your daily dose of property education and inspiration. And I’ve got some things for you to think about and some things that you can do to make sure that the next property you buy is the right property for you.
The first thing that you need to do is actually have financial goals that you’re striving towards and most people don’t actually do this. Most people don’t have set financial goals that they’re moving towards because the fact of the matter is you don’t want to buy property just for the sake of owning property so you can be happy to own a property and be a landlord. You’re likely buying property to eventually achieve some sort of financial goal in the future. Now if you know exactly what your financial goal is, “Okay my financial goal is ,000 per year in passive income,” or “My financial goal is million in equity.” If you know your financial goal, well then you can assess the properties on the market and you can work out, “Okay, which property is likely to move me towards my financial goal faster?” And then you can obviously go ahead and try and choose the property that’s most likely move you towards your financial goals faster.
Because the fact of the matter is there are some properties in the market that are good investments for some people but not good investments for other people. So depending on your situation and your financial goals, that’s going to change which property is going to be right for you and will help you to know exactly which property to buy.
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