Knowledge, time and managing risk are key factors when investing in property. It is impossible to do everything effectively on your own, especially if you’re going through the process whilst working full-time.
To save time and minimise risk, consider partnering with qualified and experienced professionals to do some of the tasks for you and offer qualified advice when needed.
Your property investment team might include the following 8 professionals who could help you at different points along the journey.
1. Qualified Property Investment Advisor
Unlike other agents or advisors, property investment advisors specialise in investment, and should only have your best interests in mind, providing unbiased and tailored recommendations, negotiating the best deal for you and sourcing the right property or location that is likely to maximise returns over time.
Qualified Property Investment Advisers (QPIAs) who have completed the QPIA accreditation course through PIPA (Property Investment Professionals Australia), have the highest form of industry-recognised, specialist training and can be trusted to provide tailored and unbiased advice to consumers.
Your finances will determine your readiness to invest, build and maintain a property portfolio. An accountant can help you manage money and assist with tax returns to maximise your tax benefits and deductions.
3. Financial Advisor/Planner
Looking at your finances holistically, a financial planner or advisor will take time to understand your goals and help you structure your finances and budget so you can buy your first investment and build a portfolio.
4. Mortgage Broker
After assessing your financial situation and capacity to borrow and maintain a loan, a mortgage broker can compare investment loans and negotiate with lenders on your behalf and assist in the loan application process right through to settlement.
5. Conveyancer or Solicitor
It is recommended that you engage a conveyancer whenever you buy or sell your investment property, as it is a legal process of transferring property ownership. The process involves a lot of paperwork, so they help you to ensure all the contracts and necessary documents are in order. Some solicitors offer conveyancing, but you won’t need to use a solicitor unless it is a more complex and riskier transaction. You can benefit from solicitors’ broader knowledge of the law and tax implications, but be mindful that they charge hourly and tend to cost more.
6. Building and Pest inspector
When buying your investment property, it is crucial to organise inspections through building and pest inspectors as they offer invaluable insight into the property's condition pre-purchase. The reports outline possible structural, drainage, plumbing, termite, roof damage, and more. It could save you thousands on unforeseen repairs and maintenance in the future.
7. Property Manager
When holding and maintaining a property investment or a property portfolio, having a good property manager can minimise the time you have to invest in properties’ upkeep, managing tenants and reducing vacancy periods as much as possible. They can help you find and vet tenants, liaise between yourself and the tenant, coordinate repairs, and recommend reputable builders or tradespeople to upgrade or fix maintenance issues.
8. Quantity Surveyor
Quantity surveyors can prepare a comprehensive tax depreciation schedule for a property investor which is a report that outlines the impact of wear and tear on your property’s value and how much you can claim as a deduction when preparing your tax return. Once you purchase your investment property, it is best to order a tax depreciation schedule as soon as possible. Quantity surveyors can also assist during various stages of when building your investment property, such as estimating costs and budget during the feasibility stage.
Selecting the right team
If you're not sure where to start when it comes to selecting the best team of professionals, you can find both PIPA and QPIA accredited professionals and connect with them via https://www.getqualifiedpropertyinvestmentadvice.com.au/ Or, if you find the list of contacts a bit overwhelming, that is where we can step in to assist.
We have an A grade team of professionals that we can put you in touch with and a network of property developers and builders nationally. We align ourselves with only the best providers who have been tried and tested to ensure your investment journey is memorable and hassle-free.