Avoid the pitfalls of DIY Property Investment
Posted by Peter Scarfo on Mon, Apr 18, 2011 @ 07:12 PM
We all have stories to tell about how trying to save time and money through a DIY approach can have very expensive (and unexpected) consequences! The same applies to investment property and property management. Our message? "Enlist the support of professionals."
Have you ever resorted to a ‘Do it Yourself’ approach to projects which are better left to professionals, and paid a hefty penalty as a result? I certainly have! We are all tempted at some point or other to try to save time, money or both by rolling up our sleeves and trying to get it sorted.
“Hey, I can do that!” is what we tell ourselves as we blunder our way into a project like lopping a big tree (that crashes down onto the neighbour’s fence), doing a plumbing job (and damaging the pipes and fittings) or trying to service the family car (and calling a tow truck as we make a costly mistake!)
As they say, though, “when life gives you lemons, make lemonade,” which is the best approach as we write it off to experience, and squirm as the stories get told in more and more detail at family gatherings!
What about investment property? Isn’t that something you can do yourself? After all, you probably bought your family home by yourself – maybe even at an auction. Why should an investment property be any different? After all, it’s just another home, with the only difference being it’s to rent to someone else, rather than live in it yourself. Isn’t it?
Nothing could be further from the truth. With the right property and the right support, an investment property can become a source of inspiration and achievement as it develops into the goose that lays golden eggs for all your tomorrows.
However, getting it all wrong through trying to go it alone can be an expensive mistake, not least of all because the property will be a major capital commitment, with a price tag upwards of $300,000.
What value does a specialist company like McCarthy Group bring to the table? Why are you well advised using us rather than going it alone?
Firstly, while this might be your first investment property, we have helped hundreds and hundreds of families achieve this goal. The experience we have gained over the past 11 years and the value we provide includes:
- Choosing the right location
- Choosing the right property concept with ‘tenant appeal’
- Ensuring affordability for the owner and tenants
- Securing the right funding and structure
- Registering the property in the right ownership vehicle (e.g. a trust)
- Managing the construction process for you
- Managing all the paperwork and removing the ‘hassle’
- Finding tenants for you
- Managing the property for you
- Completing your tax return to maximise all allowances and benefits
- Supporting you to grow your property investment portfolio.
Yes, you can certainly try to do all this by yourself, and unravel the complexity (and the great opportunity) of investment property by yourself. However, if professional support is available to you, with a tried and tested approach proven hundreds of times over, then why would you run the risk of DIY?
If you see the benefits of enlisting the help of the McCarthy Group and would like to discuss how they can help you, please contact us.