Setting Up for a Great Retirement
Dene Wood | Art Director for a marketing company | VIC
My wife and I embarked on a wealth creation journey to ensure that our retirement was financially secure and relaxing. As we didn’t run a business of our own and superannuation is a new thing, we knew that what we had was not going to provide for us and we certainly didn’t want to leave our quality of life later on to chance.
We did some research and a whole lot of learning and started buying a mix of property and shares, the properties we bought in Victoria where we live have done really well. The market there was flattening off in the Eastern states and Perth was on a boom, so we did some more research and decided to go ahead and buy an investment property over there.
There was just the small problem with this plan, and that was that we live on the other side of the country, 4 hours flight away from Perth. There was no way we would be able to make a great purchase living in Victoria, and we didn’t want to take time off work and spend money traveling back and forth to make the purchase. Even if you take the time and fly or drive there, you don’t always know the specifics of one area over another area and even through internet research, unless you are really familiar with all the areas, you are still not able to see the little nuances that an expert’s insight can give.
When it came to capitalizing on the Perth market I needed to align myself with someone in the market who knew what they were doing and had their finger on the pulse and heart of the Perth market. Therefore I had to ensure that this investment was a financially wise choice which would generate equity and profit for more future purchases. It was great that I could discuss my investment criteria extensively and clarify research that I had done in Perth to make sure that I was at ease and comfort with the Property Wizards spending my money and selecting the egg to add to my nest.
From the initial research I had done prior to engaging Property Wizards, I chose my area to invest in.
After having extensive discussions with the team at Property Wizards we decided not to pursue this area for my purchase, as to get the growth that I desired I would have to purchase a property in a much higher price bracket on the water, anything else was not going to provide me with the value-add that I desired.
The team found me a great property located in the next main hub, closer to Perth.
This area was going through extensive growth and change, the railway line was due to come through and development was going on everywhere, from the shopping centre revamp to the foreshore makeover. We secured the property for less than my budget and a year later , when I was ready to invest again, I had it valued and in 12 month when the value had increased by a third. That gave us leverage to invest yet again.
It was a great experience working with Property Wizards as we were comfortable with the whole buying process and trusted them to make the purchase for us. Still to this day we haven’t been to the property, I have only viewed it on Google earth, I have even been swimming with the dolphins in the beaches nearby and we didn’t go to view the property which was only 10 minutes away. At the end of the day it is a money making asset and not something my wife and I are emotionally attached to. We have had tenants in the whole time, which Property Wizards also assisted us with and now it basically takes care of itself and is just accruing wealth for us.
My wife and I are on our way to having a secure future and our kids are learning about the importance of investment and how it can leap-frog you financially into freedom. Personally I am not passionate about actually owning the pieces of property, I am just passionate about how it can provide for me financially in the future.
If you want more information about property investing, why not read our Property Investing Beginner’s Guide eBook. Or, if you’re ready to talk about buying your first home, why not complete our Getting Started form to get the ball rolling.
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