7 top tips for investing in property

1. Don't rush into a property purchase

When you enter the market as a property investor, be patient. Don't feel pressured to buy the first property you come across in fear of missing out. To secure a top quality investment property, one that will bring in good rental income and long-term capital growth, you must do your home work first. There are many 'boxes to tick' before you jump into the market.

2. Don't just invest in land

Many investors think that they need to invest in land to make a return. The truth is, a block of land 40kms from the city won't provide nearly the same return in capital growth or rental income as an inner-city apartment. Land closer to the city is generally more expensive to buy and harder to fund. It maybe smarter to buy and hold a more affordable inner city apartment and use the capital growth to leverage for a future, more desirable, house or land purchase.

3. Don't follow the crowd

Your situation is completely different to your neighbours' or friends'. What worked for them when they invested won't necessarily work for you. Seek individualised advice, and get a property investment solution tailored to your needs and personal situation.

4. Get updated advice

The property market is constantly changing. What was good advice six months ago, or even three months ago, may not necessarily be the case anymore. Seek updated advice from property experts you trust.

5. Build a property investment team

Instead of going to separate firms for different advice, find one that will give you all the key advice you need under the one roof. Grow Consulting for example can offer help in three key areas: property financing, property investment and property management. You get to deal with one person who will develop an understanding of your needs and your personal situation - and, importantly, can ensure all the advice you get is aligned to the one integrated strategy rather than piecemeal.

6. Look for a wide range of choices

The greater your choices, the better your chances of finding a property that matches your needs and can offer good returns. Don't restrict your search to a narrow market by using a real estate agency with limited range of properties available. Further, don't restrict your property investment to just the one suburb or one state. Suburbs, areas, and states have their own unique characteristics and as such are influenced by their own prevailing market forces. By building a portfolio with properties located in different areas you will benefit from diversification, which helps to lower your portfolio risk. In other words, you are not putting all your eggs in the one basket.

At Grow Consulting Group, we have relationships with a range of property developers and real estate agents so you can choose from a comprehensive range of properties.

7. Seek the help of a property specialist

When it comes to money and investments, it always pays to get professional guidance. A property consultancy like Grow Consulting Group can help you every step of the way - from helping you choose a suitable property to doing all the paperwork to ensure your investment runs smoothly. And remember, your initial consultation is completely free.