Learn from experience
If you’re looking to crack the investment property market and build a healthy portfolio you’ve got to get it right from the outset, but don’t get too hung up about it, according to experts – only practice makes perfect.
When it comes to purchasing a property that’s going to deliver strong returns there are a lot of things to consider. Is the property in a growing market? Should you choose a house or apartment? Should you purchase new or old? The list of considerations is endless.
But while it’s important to make an educated, well-researched purchase, investors should consider their first investment property purchase a learning experience, albeit a good one.
Seasoned investor and investment adviser Phillipe Brach explains how a first investment purchase will always be a learning curve.
“While diligent planning will minimise the margin for error, there’s always going to be room for improvement in the future,” he says.
“While you need to be thorough in your approach, the first property should in some ways be viewed as a test.”
For a complete guide on successfully building a property portfolio from scratch, grab a copy of Smart Property Investment, in all leading newsagents.