7 Principles in Building Your Property Portfolio in Up and Coming Brisbane
So, you’ve heard that Brisbane is the next ‘Global City’ and you want to get in while the getting’s good? The good news is, there’s still time to take advantage of the buyer friendly real estate market in the up and coming area of Brisbane. The bad news is you’re not the only one who’s noticed. You just need to be smart about how you go about this investment.
Here is a practical guide to building your property portfolio in the beautiful and rising city of Brisbane:
- What are you working with? In order to begin to invest your money, you need to know how much you have to invest, right? Do you know how much disposable income you have at the end of the month? Do you really know where your money is going? It’s important that you pay particular attention to what you spend your money on and how much you realistically have to invest.
- Where do you start? You’ve decided that now is the time to start building your property portfolio. But what do you do first? Planning is the most important part of investing. You need to talk to your financial planners to see how much you can afford to invest, and you need to decide where exactly you want to invest your money. Do you want to invest in downtown Brisbane, in condominiums and apartments? Or do you want to invest in a house or a larger property in the suburbs?
- How to organise your loans? It’s naïve to think that you can achieve successful and masterful property investments without taking out a loan or a few loans. Very few people have a surplus of cash to invest in the property market. If you are one of them, congratulations – you can skip this step and jump right to number 4. For the rest of us, it’s prudent that you shop around and research the types of loans available to you. What kind of repayment schedule do you want? Do you want to collateralise your loans? What is the best interest rate available to you?
- How much do you need to comfortably retire? Before you invest, it’s wise to set a retirement goal for yourself. How much return on your investment do you need (both short and long term) in order to afford your family a comfortable retirement?
- What types of properties do you want, and how many can you afford? Make sure you have an idea of the type of properties you plan to invest in before you start looking at properties in Brisbane. Do you want a few smaller properties? Do you want a renovation project? Do you want a larger property? The type, and number, of properties you invest in will have a major impact on your return strategy.
- Don’t procrastinate! Chances are you didn’t find success in your career by procrastinating. The same is true for building your property portfolio. The property market in Brisbane is booming and every day that you wait is another property you may miss out on. Set a timeline for yourself and stick to it!
- Who do you want to ask for help? Many people like to think they know everything about investing and make major mistakes along the way – mistakes that cost them money. Don’t be afraid to ask for help. Ask your attorney, accountant, and mortgage brokers as many questions as it takes for you to feel 100% comfortable in your decisions and property portfolio. Be prepared to go back and ask them more questions along the way. Knowledge is power, after all.
So now you have the tools to start planning your ideal property investment portfolio. At CPS Property, we can answer any questions you may have, and can help get your plan into action. Speak to us today.
