A Guide to Property Investment for Beginners by Denis Mackenzie
Author: Denis Mackenzie
Property investment is the act of purchasing a home with the intention of either reselling it after converting and upgrading it, or letting it out to tenants to receive income in the form of rent. Every year in Australia, thousands of home buyers do so with one of the aforementioned ambitions in mind – but for beginner investors, the entire endeavour can be quite tricky to get right.
What are the risks involved?
The initial expense of the property can be one of the riskiest things to consider – mainly due to the fact that if the property is purchased under a lending agreement, the purchaser may find themselves struggling to repay what is owed if their investment doesn’t pay off. This is why many investors choose to rely on specialists for assistance and these experts include:
- Mortgage brokers to help with securing the fairest deal on a loan
- Financial assistants to ensure that the investment is properly managed
- Contractors to evaluate the condition of a home before it is purchased
As appealing as it can be to put a bid in on an investment property; it’s never a good idea to do so without the right amount of research. Many experts will recommend hiring property inspectors ahead of time – and if the seller of the home hasn’t done so themselves, then it’s certainly worth doing, simply to identify any potential issues that may arise after the purchase.
It’s not unheard of for homes to be suffer with damage over time and although it’s not likely that a seller will be able to mask any defects, it can still happen. This is why an inspection can be such a vital asset during a purchase. In the worst case scenario it may come to light that the property being purchased isn’t fit for purpose – and in these cases, an investor may find themselves getting away lightly with their cash, as opposed to wasting their money and losing out in the near future.
Who can invest in property?
Anyone with the financial backing and capabilities to purchase a home for investment purposes can find themselves in a position to do so.
For instance, if an individual already owns a home and decides to invest in another one (which could be an apartment, a flat, or any type of property in general), then they may choose to go ahead with a bid. Not everyone will be in the financial position to do so however, but there are other options to secure enough cash to purchase an investment property.
Other options include:
- Becoming a single investor with a group of other individuals
- Applying to a lender, such as a bank, for cash support in exchange for an investment mortgage
- Saving up over time and re-evaluating financial potential in the future
Doaktown Real estate
The Village office does not keep records, backgrounds of families, old newspapers or other such information for research purposes. If you would like more information on Doaktown or maybe a family name, the staff at the Atlantic Salmon Museum (summer months only – 506-365-7787) can be quite helpful. They have a wide selection of photos and artifacts and written history on the Doaktown area. They can also refer you to local researchers who have done a tremendous amount of work on the local history and its people. Staff at the Doak Historic Site (summer months only – (506-365-2026) can offer suggestions also. You can also check at the New Brunswick Provincial Archives.
In the fall of 2018, our community celebrated its 52nd anniversary. Here are a few photos of residents reviewing memorabilia from the many events that have taken place over the years.
Come visit Doaktown and the beautiful Miramichi area. Doaktown is situated in the central part of the province of New Brunswick, Canada. We are very proud of our village and welcome visitors yearly from around the world.
You’ll find fishing, hunting, canoeing, kayaking, hiking, biking, golfing, weekend retreats, cross country skiing, snowmobiling, snowshoeing, sleigh rides, guided tours, museums and the list goes on and on. So come explore our hospitality, the river’s beauty and the heart and soul of the Miramichi River.
Stedman’s V & S Variety
Betts’ Home Hardware
The Trillium (Flower Shop)- Sears
Grant’s Snowmobile & Cycle Shop
Doaktown Auto Supplies (365-2223)
This and That Gifts
W.W. Doak’s Fishing Tackle
B&L Liquor Store
Tangles Hair Salon
Natalie’s Hair Shop
Becky’s Hair Salon
Beatrice’s Beauty Lounge
Mae Louise’s Hair Styling
Courtney’s Dream Styles
B & L Convenience Store & Car Wash
Irving Convenience Store
Green’s Summer Market
Kyle’s Cafe (formerly Betts Canteen & Cafe)
Village Family Restaurant
Burkes 2 Restaurant
B & L Restaurant
Online Water & Sewer Payment
Bank of Nova Scotia
Irving WPVA & Sawmill
J.D.I. Ltd. Woodlands
Cowie’s Automotive Services
Stewart’s Service Station
C & K McDonald Electric Services Ltd
Davidson’s Funeral Serv. Ltd.
Miramichi Valley Funeral Home
Virtual Agent Services
Kenneth Robinson Fuel Ltd.
Irving Oil Fuel
Winston Price Burner Service
MacRae Insurance Services
R. Jardine Insurance Agency
Kevin Munn Insurance
Stanley Mutual Insurance Co.
Doaktown Animal Clinic
Porter’s Bottle Exchange
Northumberland Recycling Depot Program
Treasured Moments Photography
River Rock Spa (365-1995)
IG Investors Group
Invest New Brunswick
Doaktown Post Office
Doaktown Revenue Office
Dept. of Natural Resources
Doaktown Fire Dept. (911)