When It Comes to Long Term Property Investments, REIWA Urges Buyers To Think 5 Years Ahead

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Western Australia’s most prestigious body for the real estate profession publishes advice that recommends property buyers to think five years ahead as a way to secure long-term property investments.

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If you think it’s unlikely you’ll be moving again over the next five to 10 years, then few decisions you make about the home you're buying will be as important as where you buy.

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As part of its ongoing effort to guide buyers and investors, the Real Estate Institute of West Australia released its most recent recommendation to homebuyers on its website, asking them to "think ahead". Published on January 5, 2015 (http://reiwa.com.au/Information/Buyers/How-to-buy-for-the-future/), the non-profit organisation’s advice recommends that today’s buyers should be making their purchases with “an eye to the future”.

The published guide goes on to state: “If you’re on the hunt for a home, have a think about the kind of plans you have for the future. Do you have children? If not, do you plan to have them? Whether or not you decide to have children will have a big impact on the type of home you buy, the layout of the home you buy and the amount of space you require.”

REIWA’s recommendation is the kind of advice that solidifies and secures long-term property investments. Western Australia’s most prestigious body for the real estate profession adds that this is the kind of investment that will prove to be extremely beneficial to one’s long-term financial security. Real estate investments provide long-term returns coupled with the security of direct ownership.

Apart from considering future plans and relating these plans to the practicality of certain properties, REIWA also advises homebuyers to focus on location. In fact, the organisation says it is imperative when considering options for houses or units.

REIWA explains, “If you think it’s unlikely you’ll be moving again over the next five to 10 years, then few decisions you make about the home you're buying will be as important as where you buy.”

In considering the location, it is helpful to ask which suburbs meet lifestyle requirements,which areas exhibit strong potential for growth in property price and occupancy rates, and which neighbourhoods will provide numerous benefits five years on.

Another key piece of advice from REIWA’s recently released guide for homebuyers: purchasing within one’s means.

The member-owned organisation adds, “As important as it is to consider your long-term plans when buying a home, it's also equally important that you don't purchase a home significantly outside your budget just to satisfy potential future requirements.”

As a final bit of recommendation, REIWA also encourages buyers to think about the layout and features of the property, ones that would still serve or be relevant to the future needs of its occupants. From the number of bedrooms, which could have an impact on future family plans, to indoor spaces that lead to outdoor entertainment areas, REIWA enlightens all buyers on the wisdom of foresight in choosing homes.

REIWA represents over 1,100 agencies and beyond 80 per cent of the operating real estate professionals in the state. The non-profit organisation aims to make the process of buying, selling, and leasing properties in Western Australia as easy as possible.

Among its services are: providing a place for sellers, buyers, and agents to come together and connect; offering training and networking opportunities; providing the latest market intelligence, representing the industry in Western Australia, and lobbying for relevant legislation that creates change.

For more insights, up-to-date market intelligence, and advice, explore http://reiwa.com.au/.

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