There’s a reason why dogs are known as ‘man’s best friend.’ Ask anyone who has owned a beloved animal, and they will tell you that pets are family. A proposed change to the Residential Tenancies Act would recognize this by banning unreasonable ‘no pets’ clauses in tenancy agreements.
There are two sides to every story, and the new provisions of the Residential Tenancy Act Overhaul have consequences—good and bad—for both tenants and landlords. In a perfect world, real estate law would strike a balance that protects all parties involved. Today, Toni looks at the proposed changes through both lenses, exploring which provisions seem to favor landlords and which ones champion tenants.
Though it is tempting to start your hunt for an investment property with the search itself, finding property is actually the last step of the process. Examine your financial position and figure out how much you can borrow first, then look at real estate.
Welcome to part three of Toni’s three-part series around building wealth through investment property. Today she reviews the three ways you generate income through a real estate investment, explaining how land breeds an increase in capital growth while the property itself has a greater impact on rental returns.
Once you understand your financial position, the next step in buying property is getting ahold of the money. The vast majority of us don’t have the purchase price lying around, so it becomes necessary to seek out a mortgage from a lender. Incidentally, the word mortgage means ‘death pledge,’ but the process doesn’t have to be that formidable—as long as you have the right information and professional advice.
Perhaps the most accessible way for the ‘average person’ to build wealth is through investment property. But before you can purchase an investment property, it is important to fully understand both your financial position and the true income potential of the property itself.
Today, Toni speaks to the concept of investment property as a means of accumulating wealth, both historically and in the current financial climate. She explains the considerations behind compulsory superannuation and the taxation benefits available to people who own multiple properties.