When should you buy your first property investment? It’s a really good question to ask yourself.
Answer = as young as possible, as soon as you can, as soon as you can afford too, when you get a full-time job, when you get a part-time job, when you have a deposit, when your parents gift you a deposit, when you inherit some money, when you win some money ( although I would not count on this strategy).
All the above answers are correct, the quicker you get into the property market the better. Now as some of you might know already, you don’t need to stop renting to getting into a property investment, you can rent vest (buy a property investment while still renting a place) or even stay at home and buy your first property investment while living with mum and dad.
Gone are the days when you save up a small or large deposit and buy your first home to live in. Some cities and suburbs in Australia the property prices are now so out of reach for the average person plenty of people are buying a property investment before their principal place of residence. At least this way they are getting into the property market and getting some capital growth which, they can use down the road for a deposit when they eventually buy their home to live in.
Take for example, my daughter, living at home and going to university, working part time and she has already saved up a small deposit by the time she is 20. I am about to gift her the balance of deposit to buy her first investment property in 2019 and by the time she is 21 and finished university she is on her way and in the market.
So, when you are talking to your clients, your friends, your family and they ask when the best time is to start investing in property, tell them now. Its never too early to invest and you are never too young.