Investment properties in Perth is a great way to grow your wealth without relying purely on superannuation to fund your future retirement but this is something that should be approached in a smart and informed way. Below are our top tips to keep in mind when investing in property:
Location, location, location: It’s a Perth real estate cliché for a reason and is just as valid for investors as for the people who buy a property to live in. The location of your rental property in Perth will have a huge impact on its success, so consider buying in an area that is close to good schools, is close to amenities and has access to major roads. These are all important factors to tenants.
Ongoing maintenance and expenses: The purchase price is important however you should also consider the ongoing expenses associated with your investment. Items such as land tax, maintenance costs, insurances and any fees associated with property management.
Consider the right type of property: A stand-alone house with a garden may suit a family however this type of home may need more maintenance whereas an apartment or townhouse may suit a renter who wants a lock-up and leave type of property with no garden. That said, apartments will usually involve strata fees.
Know the Perth rental market and do your research before making a purchase so you know the amount of rent in Perth you can expect to achieve. Consider hiring a Perth property management company to manage your asset. Managing a rental property in Perth is a big commitment of time which is why many landlords use a trusted agency to take care of the day-to-day tasks.
Remember, investing in property can be a great way to grow your wealth and generate passive income. By doing your research, selecting the right property and working with a team of professionals, you can set yourself up for success as a landlord in Perth.
