Broaden your investing horizons
Investors who persist with a preference for buying in their own backyard are likely to miss out on opportunities elsewhere, and possibly make investment decisions based on emotional reasons rather than on the numbers. If you are buying in an area that you are not familiar with, it can be an advantage as you need to rely more heavily on the numbers and will not be influenced by perceptions that would keep locals from buying in that area. I wouldn’t want to live in most of the investment properties that I own, and I would not choose to live in some of the suburbs that I have invested in. That does not mean that there is anything wrong with the properties or the suburbs; they are investments not lifestyle choices and as such they have more than proved their worth.
By buying in different areas I have ended up with a geographically diverse portfolio that acts as a stabilising influence as the various property markets go through their cycles, and I have also gained a useful saving on land tax.
Ian Hosking Richards is a successful property investor with a portfolio of over 30 properties. He is the CEO and founder of Rocket Property Group, a leading independent real estate agency that helps hundreds of people each year enter the property market or grow their existing portfolios.
READ MORE ARTICLES BY IAN
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out