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New research has revealed that as many as 21 per cent of investors are worried about money as a result of the COVID crisis.
Investors have been caught out by the COVID crisis, with one in five admitting they are feeling financially stressed as a result of COVID.
According to a new survey conducted on behalf of Custodian, 11 per cent of Aussie property investors had no knowledge of personal financial management, budgeting or investment skills prior to making their first purchase.
As a result, a fifth are now feeling the stress of COVID, highlighting the need for property investors to prepare properly before buying in the future, Custodian managing director James Fitzgerald said.
Mr Fitzgerald said that while many Australians invested in residential property, not a lot did the research that was needed to make it a successful investment.
“That’s why it’s important that you do your research and speak to experts before you dive in,” he said.
“It can be false economy trying to save a few dollars and do everything yourself when it comes to property investment.
“Saving a few hundred dollars in expert fees can cost you much more down the track.”
Custodian’s survey also found that more than half (56 per cent) of property investors who had survived the economic downturn caused by the COVID pandemic had done so because they had made sure they had prepared their finances for the worst.
“No one predicted the COVID pandemic, which shut down borders and hit economies throughout the world,” Mr Fitzgerald said.
“It’s been a real wakeup call for some investors that they really weren’t as prepared as they should have been to ride out a financial storm.
“It’s not always going to be a pandemic, but things can go wrong, it could be a major weather event, a relationship breakup or a death in the family.”
According to Mr Fitzgerald, the top tips for property investors include: