Despite what some ‘experts’ tell you, investing in property carries some risks. The good news is, with some preparation you could easily surmount these threats. Helen Collier-Kogtevs explains
If there is one thing that always rings true about investing in real estate, it’s this: regardless of where you invest, what type of property you buy, and what kind of market you’re buying in, property investing comes with inherent risks attached. Period! There is no way to eliminate these risks completely – just as there is no way to be 100% certain you won’t have a car accident when you drive your car.
My proverbial blood is boiling and after reading this article, yours very well could be too! Recently, information has come to light concerning the way Queensland councils blatantly rip off investors – and I have to tell you, the details are not pretty.
A legal stoush has developed between landlords and the Council in Mackay, over the council’s decision to charge investors’ higher rates, simply for being landlords.
I often meet property investors who self-manage their own investment properties. There’s nothing wrong with this at face value – although in my view, good property managers are worth their weight in gold, but that’s another story!
However, it is amazing to me that I meet so many investors who literally give their money away, by not increasing the rent on their properties on a regular basis.
You don’t need to spend a fortune, either. Sometimes, it’s the simplest cosmetic renovations – like a coat of paint, some fresh carpet or new lighting fixtures – that can have the biggest impact.
When you’re shopping for renovation real estate, it’s important to have a vision for what the property could be, rather than what it is. This is where you can lean on your team of experts, such as building and pest inspectors, architects and real estate agents, to work out the most appropriate renovations that will get you “bang for your buck” and suit the demographics of the area.