Whether you’re purchasing your first investment property or expanding your portfolio, having a clear plan and informed approach can make a meaningful difference. While we don’t offer investment advice at HomeGlow, we understand the property landscape and see what works for successful investors. Here are seven general tips to help guide your journey:
Helpful insights for a more confident investment journey
1. Know Your ‘Why’ Before You Buy
Before you commit to a property, take time to define your goal. Are you seeking long-term capital growth? Rental income? A combination of both? Being clear about your motivation will help you make decisions that align with your lifestyle, financial goals, and future plans.
2. Research with Strategy and Curiosity
Choosing the right location is about more than price. Research areas with good transport, schools, amenities, and signs of population or infrastructure growth. High rental demand and low vacancy rates are also important. Understanding the local area gives you a clearer picture of the long-term potential.
3. Know Your Numbers
Successful investing starts with financial clarity. Understand all upfront and ongoing costs:
- Deposit
- Stamp duty
- Legal and conveyancing fees
- Strata or body corporate fees (if applicable)
- Maintenance and insurance
And remember—budget for the unexpected. Having a financial buffer gives you peace of mind if market conditions change or urgent repairs arise.
4. Choose Based on Value, Not Just Looks
The best-performing investments aren’t always the most visually appealing. A property’s suitability depends on how it meets current market demand and rental appeal. Consider layout, number of bedrooms, condition, and functionality, not just styling.
5. Build a Trusted Support Team
Property investment can be complex, so surround yourself with trusted professionals. That might include:
- Wealth advisors and financial planners
- Trusted property buyers and sales agent
- A licensed property manager
- A mortgage broker
- A conveyancer
- An accountant with property experience
These professionals can help you avoid costly mistakes and support you at every stage of ownership.
6. Understand Tax Implications
Certain expenses, like interest on your loan or property management fees, may be tax deductible. Options like negative gearing and depreciation schedules can also impact your return. Always speak with a qualified tax professional or accountant to ensure you structure your investment appropriately.
7. Think Long-Term
Property is generally a long-term strategy. Markets may fluctuate, but well-located, well-maintained properties often perform steadily over time. Stay focused on your long-term goals, keep good records, and review your strategy regularly. If you are considering leasing out your property and want support you can trust, HomeGlow is here to help with the day-to-day. While we do not provide investment advice, we can support you with exceptional property management, tenant care, and compliance throughout your ownership journey and can connect you with trusted advisors.