It seems like everyone has an opinion when it comes to investing in property. Unfortunately, first-time investors can be led down the wrong path by incorrect advice, or scared off by discouraging rumours. Let’s look at 5 common misconceptions about investing in property.
Number 1 – Investing in Property is Quick and Easy
Property investing shouldn’t be considered a get-rich-quick scheme because for most people, it’s a sustainable long-term game. After all, watching your property assets increase in value over time is a great feeling. But investing in property requires real work and plenty of thought. You may not get rich quick, but you’ll be working toward building a portfolio of lasting value into the future.
Number 2 – You’ll Have to Fix Toilets
Some first-time investors are turned off by the idea of having to do physical maintenance on their properties. While you certainly can take care of maintenance yourself, you don’t have to. A property management company will take care of the dirty work while you plan your next investment.
Number 3 – Only the Rich Can Get Into Property Investing
Some properties require a lot of capital to get started, but that’s not true of every investment opportunity. In fact, most successful investors started small. The great thing about real estate is that you can leverage your assets to invest in larger and larger purchases, expanding your portfolio as you learn more and become a better investor.
Number 4 – Real Estate Investing is for Older People
You don’t have to be a certain age to invest in property. As long as you have the right financial means, you’re not too young to get started, so don’t let the opinions of others hold you back. Some young Australians are finding that investing in property is the best way to build their wealth for the future.
Number 5 – Investing in Property is a Passive Pursuit
Daydreamers might think that once they purchase a property, they can sit back and watch the money roll in. This isn’t always the case. Real estate investing is a business, and you have to treat it like one, with planning, meaningful goals, research and great advice.
If you’d like more information about getting started with property investing, get in touch with us today.