This is it: make or break time. Without being too dramatic about it, once you’ve blown out more than 50 candles on your birthday cake, your timeline for successful property investing is shrinking.
Drew Evans, director at Caifu Property, reiterates that this is “your last chance” – so making the right investing decisions is vital. “Borrowing is getting tough in your 50s, so you don’t have time to waste, and you can’t afford to make a mistake,” he says. “Consider: have you hit your goals or is it time to put the accelerator down? You need to do deals that generate equity right now, rather than buy and hold, because you’ll be over 60 by the time you discover if it was a good buy or not.”
In other words, this is not a time to go defensive and play it safe.
“By this stage you’re experienced and should know how to create equity. This is the time to get those last few deals under your belt and capitalise on your experience and knowledge,” Evans says.
“Doing just two or three highly profitable deals in your 50s can pay for an overseas holiday every year throughout your retirement – they could completely change the game for you.”
To view the entire article by Sarah Megginson please go to Your Investment Property Magazine