By Meighan Hetherington www.propertypursuit.com.au
I was invited to speak at a property investment seminar last week.
During the presentation I discussed some of the research that we undertake on behalf of an investor to ensure they don't risk wasting their hard earned dollars making the wrong decision.
I thought I would share some of the questions I received from the audience with you.
What should I buy - a house or a unit?
There is no set answer to this question. Sometimes the decision is driven by your individual budget constraints; sometimes it is driven by the need for a highest rental income or capital growth potential. In setting your investment strategy you must talk to your accountant about your overall financial goals and why you are actually buying a property. With this information you can then launch into your suburb profiling.
What suburb should I be looking in?
This is again largely dependent on your budget and investment strategy. You budget will drive your ability to buy in different suburbs. For example if you have a budget of $600,000 then your choice of suburb would be vastly different than if your budget is $450,000. You should aim to purchase around the median price so firstly identify the suburbs where the median is around the same level as your budget then explore those suburbs for their growth potential, find the best pockets and the right opportunity within those pockets.
I will continue with some more questions next month.