There are plenty of different ways to build wealth through property. Unfortunately, choosing the right strategy to suit you can be overwhelming, especially if you’ve been receiving conflicting advice or spoken to different experts about your options.
For example, a property developer may suggest an off-the-plan property is your best option, while accountants may suggest building a new property to maximize depreciation options. Well-meaning friends and family may also suggest other strategies that worked well for them in the past.
The key to choosing the right property investment strategy to suit your financial goals is to remember that your personal financial situation is different to anyone else’s. What worked for them may not be suitable for your financial goals.
To determine which bricks and mortar option suits you an analysis is needed to match the property to your needs. Then you’re in a stronger position to make your decision based on how each one fits within your overall strategy.
Here are our top 10 property investment strategies:
It seems almost too simplistic, but buying and owning your own family home is the most basic form of property investment there is. In fact, the majority of property owners buy a family home and then spend all their time and effort paying down the mortgage.
Many people don’t consider their family home as a property investment, but the reality is that you’re still buying an asset that has the potential to increase in value over time.