“The first one’s always the hardest,” John says. “Just entering the market can be hard. But after that, once you have equity built up in that first property, you might be able to pull it out to fund the next one. So, you save the deposit for the first, and then provided the market continues to grow, you may find there’s nothing stopping you.”
And it is a domino effect once you realise the potential already locked up in your home. “We’ve found that so many people don’t understand they’re probably sitting on $300,000-plus of equity because they bought their property a few years ago, and it’s in a growth area,” John says. “Once they realise there’s the opportunity to pull that equity out and buy one, maybe two investment properties, they’re like, ‘What? Why wasn’t I doing this years ago?’”
Don’t get stuck in the weeds
It’s too easy to get bogged down in mortgage repayments and bills, looking at debt as a negative instead of an opportunity to be grasped. Focus on the potential in your home’s equity and other assets. Interest rates are historically low. Depending on your circumstances, today may be the perfect time to invest, and chances are you may not need to sacrifice your lifestyle to get where you want to go.
It’s a good idea to talk to a trusted lender about your borrowing potential. They’ll take in multiple considerations – like income, age, living expenses and existing debts – and figure out if you can tap into that equity. If they determine that you can, then it’s well worth considering investing in property. Let Metricon take care of the build process, and we’ll help you along the way.
“If you speak to your lender and it’s possible to access your equity, then the best time to buy an investment property was yesterday,” John says. “The better time than yesterday was the day before. If it’s right for you, invest when you can. If you can afford it today, build today because, in a year, you will have wished you had done it today.”
Make sure you seek financial advice
While we’ve tried to be as helpful as possible, this article should not be considered professional financial advice. It contains general information only, and you should seek out independent, professional advice on your personal situation before making any financial decisions.
If your financial adviser thinks an investment property is a good idea, based on your current financial situation, then talk to one of Invest by Metricon’s friendly experts today. We’ll remove all the stress while guiding you towards your property portfolio goal.
Invest by Metricon offers an end-to-end process that allows you to obtain a rent-ready, premium home in one of Australia’s leading estates, simplifying your investment journey. With new build investment opportunities across Victoria and Queensland, you're sure to find something that suits your investment strategy, no matter where you live.