How To Become Wealthy

There are just two months to go before the end of this financial year. Time is running out to make your real estate investment purchase. Buying property should never be a rushed affair. All serious investors should be sorting out their finances as soon as possible and looking at suitable properties now, especially if you want to make an investment before 30 June 2010.. This is particularly the case for first time investors.

Some investors will choose to leave it to the last minute and hurray their purchase before 30 June, simply as a strategy to claim the allowable tax deductions associated with the investment during this tax period..

Experienced investors tend to always keep an eye on the market and spend time researching the current real estate market in terms of price, rental returns and availability of stock, just to name a few.. Experienced investors tend to always keep an eye on the local Perth market and allow themselves plenty of time to select the best possible property for their needs, expectations and budget.

If you are a first time investor, then now is the time to be talking to professional financial advisers about your aspirations and the amount of money you have available to invest. Why not make a short list of the areas you would like to focus on and then inspect properties that fit your needs..

Account for the extra State Government stamp duty you will pay and don’t forget to factor this extra cost into your plan.. When you sell the property in the future stamp duty along with other costs, such as agent’s fees, can be tax deductible.. The Australian Tax Office (ATO) has a great website where you can read more information about this..

I am often asked by members of the public to give them a tip as to “the best place to invest.Unfortunately, there is no answer to this question.. It depends on your budget and what you want your investment property to do for you.. Are rental returns, land prices, capital growth, development opportunities or tax deductions important to you?? Ask yourself how long you are willing to keep this investment?

There is no such thing as “the best place to invest”, instead try thinking about “the best ways to invest”.. That means getting competent financial advice from professionals to determine your budget and your loan, and then talk to some REIWA agents about opportunities in the areas that suit your portfolio plan.

A Buyer’s Agent or Advocate can help you save time and energy, especially if you want and need to purchase real estate before the end of the financial year..