If you manage your property yourself, you will save on costs otherwise billed as “fee of property manager”. You will also be safe with the idea that your profits (and losses) depend upon your own diligence. Great!
However, the other side of the coin is that you will be personally attached to the property and in due course of time, the whole affair of management may become a stress-inducing exercise. Add to this any shortage of market or industry knowledge on your part- which is all too possible a case.
A high number of Australian citizens are not paying enough attention to their finances and worse still; most of them are ignorant about basic aspects of finance. Michael Yardney for the Property Update throws light on an interesting survey (conducted by finder.com.au) which yields that at least 66% of Australians do not track their financial goals.
Finder.com.au warns borrowers who have sought fixed rate home loans. In an article for the Property Update, Michael Yardney (guided by the findings) cautions how the low fixed rates can entice you towards them only to fleece you with the very high revert rate once the fixed rate period ends.
In an article for the Property Update, Michael Yardney talks about 7 tips (read investment strategies) by John McGrath, offered by him on the Property Millionaires Tour. Here are the pearls for you:
An article on the website Smart property Investment confirms that Australians have the highest median wealth in the world (A Credit Suisse report). This is due to the property holdings of Australian investors.
Property values behave depending upon the phase of the cycle they are in. One of the truly long-standing gospels of property investment is that you should seize a deal at the right stage of the property cycle. This way, you come out paying the best price for a property deal.
