How To Build Wealth Through Property Investment

Have you ever realized that no matter how good your salary is, it doesn’t seem to be enough for you to achieve financial security? Achieving financial security and growing wealth through an average salary can be a big challenge, especially if you have many bills to pay. However, you don’t have to limit yourself with your salary alone because you can build wealth by having a property investment.

Having property investments is one of the most secure and safest ways to build wealth especially if you have long-term goals. Here are some reasons why you should consider investing in properties:

Why Invest in Properties

Property investment is safer and more stable than investing in a business or in any share. Real estate is bound to rise long-term because the supply of land is limited and will always be lower than the demand for it. Property investment is safe enough that governments and banks have created programs for people to be able to buy properties of their own. Everyone needs to live in a house either by buying or renting.

You might think that the only way to earn from your property is by selling it after several years, however, you can actually start earning once you buy a property. 

Ways to Build Wealth Through Property Investment

To give you an idea, here are some ways on how to build wealth through property:

Capital Growth

Once you’ve purchased a property, you wouldn’t immediately gain profit from it. You might actually spend money at first to pay off your mortgage, depending on your approved loan. On a positive note, you can eventually gain profit from your property because of its increasing value. Over time, real estate value increases; hence, your property wealth increases as well. This is similar to the idea of buying at a low price and selling for a higher price.

Aside from the increase of real estate value over time, another way to create capital growth is by doing renovations and upgrades to increase the value of your property. By doing this, you wouldn’t need to wait for a longer time for your property value to grow as you get to do something to increase its value and don’t need to rely on property appreciation.

Buying Direct Property

One of the best ways to invest in property is by buying a direct property. A direct property means owning a residential property 100% under your name. When you have control over your property, you can do what you think can get you the best return on your investment.

You can choose to live on the property and let its value grow. You can choose to get tenants or furnish it to have it rented as an Airbnb. Getting a mortgage is another option if you need to get cash immediately. 

It’s also important that you buy a good property that can last for years. Buying then selling properties to upgrade constantly can be costly in terms of fees and taxes. Experienced buyer’s agents can help you get a good quality home that would fit your lifestyle and needs.

Invest in Properties to Achieve Financial Security

Having financial security is important because it lets you live your life freely. You become at peace by knowing that you are secured and you have enough finances for your needs, emergencies, recreation, or for other purposes. 

With its fast recovery from the pandemic and its developing economy, Perth is one of the best places to build property wealth. To learn more about building wealth through Perth real estate, the buyer’s agents of Buying Perth Real Estate are more than willing to discuss with you. Call us at 08 6215 0200 or send an email to clive@buyingperthrealestate.com 

What Type Of Residential Property Is Right For Me?

Have you finally decided to purchase a residential property? The decision-making doesn’t just end on whether or not you should purchase a property. This is actually the starting point of many more decisions that you need to make on your Perth real estate buying journey.

Before you even start reaching out to your buyer’s agent, you need to decide on what type of residential property you want to buy. There are various factors that you can consider when choosing from the different types of residential property. Aside from budget, you need to consider your lifestyle, family size, needs, and wants in a home. Set your non-negotiables. This can help you decide what type of residential property is best for you.

To help you get started, here are 5 types of residential properties in Perth that you can choose from:

Single-Family Home

single-family home, one of the types of residential properties in australia

Single-family homes are one of the most popular types of residential houses in Western Australia. These are usually stand-alone houses or detached residences that have their own free-standing building. Buyers of this type of property own the land and can demolish, renovate, or choose to extend their dwelling as long as it complies with their local regulations. They can also choose to build either a single-story or two-story home.

This type of home is perfect for growing families with young children as it usually comes with more space and more privacy as well. However, it can be more expensive because of land rates and full maintenance costs.

Strata Residence

strata home, one of the types of residential properties in australia

A strata home is a type of residence that often shares a common wall with the house next door. Unlike detached houses, strata houses are often cheaper to build and maintain. However, they are usually smaller in land size than stand-alone or detached houses.

This type of property is perfect for a small family who wants more privacy than what apartments or flats can offer.

Duplex

duplex, one of the types of residential properties in australia

Duplex is a residential property that is composed of two homes in a single building. In Australia, the style of both homes is usually a mirror image of each other. Each home has its own door/entrance; hence, it can be occupied by different families. 

A duplex can be a great investment as it can either be on a single title or two separate titles. Therefore, it can be individually owned or sold. Most investors who plan to rent out properties also choose duplex due to the opportunity of having two rental incomes while having a lower land cost. This is because it requires less land than stand-alone homes. Some investors also use one side of the dwelling and rent out the other.

Apartment

apartment in australia

Apartments or flats are commonly found in more urban and commercialized areas where land is scarce and expensive such as real estate prices in Perth. They can range from studio flats to flats with several bedrooms. Some mid-range and high-rise apartments also offer excellent amenities and facilities.

Apartments are perfect for single individuals and small families don’t need that much space. It’s great for people who want to live in the city but can’t afford to buy stand-alone houses.

Townhouse

townhouse in australia

In Australia, townhouses are often found in the suburbs of major cities. They are more affordable and are considered a better choice compared to apartments. More townhouses are being developed in prime suburbs where the land is scarce and the houses are becoming more expensive. 

This type of housing is a great choice for small families who plan to upgrade from apartments and would like to relocate to prime areas or cities of Perth.

Buy a House that Suits your Needs

Whether it is your first time buying a house in Perth or not, make sure to research which type of dwelling fits your lifestyle. Think about your long-term goals and plans. Do you think an apartment will be ideal for your plans in five to ten years or are you thinking about growing your family? Proper planning and foresight are needed when purchasing real estate.

Once you have already decided on which type of residential property is right for you, reach out to an experienced buyer’s agent to help you find the perfect home based on your criteria. Buying Perth Real Estate has experts that have a vast knowledge on Perth real estate. With their constant monitoring of Perth prices, rentals, and sales, their expertise will make your buying journey hassle-free.

Before you start your search for your dream home or your investment property make sure you contact the most experienced Buyer’s Agent in Perth at www.buyingperthrealestate.com.