Close
GPSpeak editorial

GPSpeak editorial

Should you be including residential property in your investment portfolio?

Many medical professionals look to include residential property in their investment portfolio.

Therese Pearce, Medfin Finance’s Port Macquarie relationship manager, helps medical professionals manage their business and personal finances and can also help structure residential home loans to suit their unique needs.

Therese believes that while each investor requires their own individual strategy, property investment does not have to be complicated. Here, she shares her top tips for investing in property.

Choose a property tenants will find attractive

Look for property which suits the majority of tenants in your area to ensure your investment is always attractive to local renters. For example, in a region popular with young families, you may want to focus on a home with a backyard as opposed to a one bedroom apartment.

Talk to your financial advisers regularly

This is vital to ensure you have the correct structure in place for your investment and know what fees and charges you are outlaying. A good adviser will understand your financial goals and partner with you to help you meet them.

Look for growth opportunities

Properties which are close to the CBD, leisure facilities, schools, public transport and beaches are often more likely to gain value over time. However, it’s really important that you understand the local conditions.

Take a long term view

Taking a long term view to your investment is critical. Selling a property incurs sales costs and taxes, so if you can afford to buy and hold on to your asset for longer, the greater potential rewards you can reap.

Create instant equity through simple renovations

Making simple but high impact renovations can be a good way to maximise the value of your investment property. A good rule of thumb is to aim to get back at least $1.00- $2.00 in value for every dollar you spend on renovations.

 

About Medfin:

Medfin focuses exclusively on the financial needs of medical, dental and healthcare practitioners. With more than 20 years of market experience, Medfin is an Australian leader in finance for healthcare professionals.

Before making any financial decisions you should make sure you receive appropriate financial, legal and tax advice.