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Australia is navigating a pandemic induced recession, property prices have fallen in many locations and interest rates are at record lows. Naturally, you may be asking yourself, ‘Should I be investing in the property market?’.
Everyone has different reasons for getting into the market, such as wanting to reduce your tax or because friends and family are doing the same. But, these shouldn’t be the primary reasons for investing in property.
Before you dive in, it’s important to take a step back and objectively consider your position.
As a mum of a three-year-old, I understand how it feels to have a growing family and the pressure to provide for them now and into the future. That’s why my primary goal is to collaborate with my clients to make a difference in their lives so they can live the life they want and achieve their life goals.
Having worked as a financial adviser for almost five years, a big part of my job is to help simplify the process as, more often than not, clients will come in a little mystified and unsure where to start.
So, if you are thinking about a property investment, here are my top five questions to ask before you dive in:
1. Can you take the emotion out of the decision and come back to investment objectives?
Investing is inherently an emotional discussion, bringing on feelings from fear to excitement, especially when it involves our friends or family. Nervousness around property affordability, as well as understanding all the potential financial implications can be overwhelming.
While friends and family are great to offer support during large financial decisions, you should look to professionals to give you solid and strategic investment advice, as they can objectively weigh up the pros and cons for your specific circumstance.
It’s important to find a financial adviser, who will take the time to get to know you and your unique needs.
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