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Embarking on the journey of property investment not only broadens your financial horizons but also presents diverse avenues for potential wealth creation.
Despite recent Australian Taxation Office data indicating that a significant portion of property investments is concentrated among a select few, particularly those over 50, there's still ample opportunity for strategic property investment.
At Lendd Finance, we advocate following these five fundamental principles adhered to by successful property investors:
Strategic Planning: Prosperous property investors possess a clear comprehension of their investment strategy and long-term objectives. They assess their risk tolerance, aiding them in selecting the most suitable property investments. Understanding borrowing capacity, adhering to budgets, and planning for contingencies are crucial to avoid financial strain.
Volatility Understanding: As seasoned property investors, it's essential not to be alarmed by market fluctuations. The focus is on sustainable long-term growth rather than reacting hastily to short-term changes. Diversification across different states or territories mitigates risk, as seen in 2023's varying home value growth rates in different capital cities.
Timely Action: Procrastination can be detrimental to seizing investment opportunities. Savvy investors conduct thorough research, ensuring they are well-prepared with pre-approved finances when opportunities arise.
Emotion-Free Decision-Making: Successful property investment involves making decisions with a rational mindset, prioritizing data and long-term returns over personal preferences. Approaching investments with a business-oriented acumen, relying on factual information, and avoiding speculative media narratives are key to thriving in the property market.
Expert Guidance: Recognizing the limitations of self-education, successful investors rely on specialists for guidance. Mortgage brokers, real estate agents, financial planners, accountants, conveyancers, buyers' agents, and property managers play crucial roles in making well-informed decisions.
Looking to invest in 2024? Whether you're a newcomer to property investing or aiming to expand your portfolio, Lendd Finance is here to offer support. Initiate a conversation with us to secure pre-approved finance and kickstart your year with a promising investment property acquisition. Reach out to us today.
References: Yardney, Michael – 5 golden rules for property investment success, 28 September 2021.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
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