When it comes to buying a rental,
everyone's
needs, preferences, goals and strategies will be different. When making
the decision, consider the following:
You'll need to be versatile - you might need to
take on the roles of business manager, marketing specialist, accountant,
repairs and maintenance person, inspector and people manager with conflict
resolution skills.
The gains and losses can be large - A relatively small
percentage change in rent, interest rates or house prices can add up to
quite a lot of money gained or lost.
It's a long-term commitment -
As with any investment there's a chance you could lose money, but
when done well rental property ownership has helped countless people
to achieve their financial goals.
We strongly recommend you consult with an accountant, lawyer and investment
adviser before investing in anything.
For more
helpful information on whether residential property investment is for you,
download
this section(PDF 54KB) from our How to buy a rental property guide.