What are your New Year’s resolutions? According to a Time article, the most popular New Year’s resolution for 2016 was to “live life to the fullest”. Will this make it onto your 2017 resolutions list? What does your idea of happiness look like?
When ParkTrent meets with a new client we ask what they hope to achieve by investing in property. What we are often hearing are long-term New Year’s resolutions. Here are the top three goals:
1. Support my children financially
Many of our client’s dream of sending their children to university to provide them with the opportunities they never had. Some are concerned that with rising property prices their children will not be able to afford their own home in the future. Others are in the stages of planning a family and want to be able to afford for one parent to stay at home with the children while they are young. Whatever the reason, most individuals invest in property with their children in mind. They start when their children are young and often sell the property in the future to support them financially.
2. Break into the property market
Increasing property prices are making it difficult for some individuals to break into the market. As a result ‘rentvesting’ is becoming an increasingly popular trend. ‘Rentvesting’ is where buyers – often young Gen Y – purchase their first property for investment purposes while they rent. Many of our clients cannot presently afford to buy in their dream location. Instead, they purchase an investment property in a well-researched area and watch the value of their investment grow. Later they either sell the investment property, or use the equity as leverage, to purchase in their preferred suburb.
3. Prepare for retirement
Will you have enough money to continue to “live life to the fullest” once you hit retirement age? It’s important to start preparing as early as possible. Many of our clients feel secure in the knowledge of having access to an investment property later in life. Whether it’s the income from weekly rent or the option of selling the property should they need the funds, an investment property can empower you to make lifestyle choices in the future.
Ready to make your New Year’s resolutions a reality?
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