Getting you to your goals faster
Owning a home has long been the great Australian dream. It’s a simple way to ensure future wealth: invest money in the bricks and mortar you live in now so that you can rely on it if and when you need it.
One element people overlook in this process is that to access this money, you have to give up the investment. Selling the family home isn’t just emotionally tough; it’s financially tough too. It can leave you in a difficult situation: without a home. Investing in other properties is a way to create ongoing income without the risk of your own home.
Surprisingly, the one element most people overlook about their retirement financial options is their superannuation. It sits there, quietly ticking over in the background, but is it really being put to the best use?
Super can be used as the platform for building a bigger, more secure retirement fund. Laws about self-managed super funds allow you to invest in property to ensure your financial future as long as you buy on the open market. Approaching your superannuation this way means not just taking greater control of your future, but putting it on a more sound basis than before.
Because this type of investment involves your super, it is extremely important to research the rules that apply. Read through the guidelines for self-managed super funds, and consider whether this type of investment is in line with your financial goals.
It’s not just the rules of property ownership that are a concern when you’re investing in property. For the best outcome, it’s important that you factor in things like property maintenance, tenancy complications, insurance and fees. Do your research to have the best start before pursuing this kind of retirement plan.
Talk to a professional
When it comes to wealth building, you want to choose options that suit your tolerance to risk. Not everyone is suited to having a property portfolio as their nest egg.
Talk to a property investment professional about your thoughts – and don’t worry, there really are no dumb questions.