Are you ready to invest in property?

Posted by Andrew Nicol on 11/10/17

You’re done with the daily grind. You want to break free of the shackles of your day job and embrace a new life.

Wanting is great, and making the decision to start is definitely the first step, but are you really ready to start investing in property? This is an important question, because there are a lot of unscrupulous people out there who will push you into high-risk investments without a thought to your family or personal situation.

Here at OPES, we believe in being responsible with your money; we don’t want to put our clients in a position where they’re investing before they’re ready. We want to help you build a better future for your family, not put that future at risk.

With that in mind, we’ve compiled this list of questions you can ask yourself to figure out if you’re ready to invest in property:

1. What are your goals for the future?

Everyone has a unique vision for what their future will be. Do you want to retire early and spend your days on the beach with your wife? Do you see your family travelling the world? Do you want a huge mansion and a fancy car and a massive property empire to pay for it all? Are you just desperate to get out of the cubicle and try a different career?

A good property plan will focus around bringing you closer to these goals. Until you know what you want to achieve, there’s no way to start moving toward it.

2. What’s your current financial situation?

Now’s the time to break out the calculator and get real about exactly where you’re currently at. Make a list of your current assets, including the equity in your family home. Your latest valuation will help give you an idea of its worth, but a new valuation may need to be done once you’re ready to begin to see if its value has risen.

Do you have any other income sources apart from your job? What do they bring in each month?

Then, list out your liabilities. Are you currently servicing debt such as credit cards or hire purchase? How much is still owing on your mortgage?

It helps if you also have an idea of your monthly budget – the minimum amount your family needs to bring in each month to survive.

3. Do you have a strategy in mind?

There are so many ways to approach property investing, it’s difficult to know where to begin. Think about your goals, and what types of investing will suit you best. If you want to be hands on, you may enjoy buying and renovating houses. However, if you want to travel the world and need something more hands-off, new developments might be a better option.

Of course, if you’re not clear on strategy from the get-go, that’s perfectly fine. That’s where the OPES team can help. We create strategies for our clients that take into account their personal circumstances and wealth plans, to help you get to where you want to be faster.

4. Have you educated yourself about property?

So many people come to us looking for that one “hot tip” that will make them a millionaire overnight. Unfortunately, that’s just not the way it works.

You wouldn’t jump into a big purchase like buying a car without educating yourself about what you wanted and what are available. So why would you not learn about property investing before you dive in? After all, it’s your own money you’re playing with.

Hunt out investment books and other resources, attend seminars, and learn to sort the wheat from the chaff. Talk to the team at OPES – we can recommend some trusted resources to help you get started.

5. Have you found the right advisor?

Sure, you could dive in on your own, but when your family’s future is on the line, it pays to have all the experts in your corner, rooting for you to succeed. If you start investing in property on your own, you may have some early wins – but you’re just as likely to make several rookie mistakes.

Why not avoid the mistakes from the start, and secure a trusted advisor. Talk to the team at OPES Partners today. We’ll book you in for a free consultation to help you figure out if you’re ready to invest, and what your strategy should be to help you meet your goals.