November 18, 2016
Investing in property is a big step and it is worth considering a few things before you jump in.
Think about a long term strategy
The property market has lows as well as highs and periods of stability. Being prepared for the property cycles and having a strategy to deal with them is important. Also planning ahead for potential increased expenses such as rate rises, maintenance costs and short term loss of rental income will help.
Consider professional advice
Investing in property involves a range of legal and tax considerations so getting professional advice from an accountant or solicitor can be a good idea. Working with a financial adviser to fine tune your investment strategy is important and using a buyers agent that knows the market and can negotiate on your behalf may also be an option.
Do your research
Knowing the areas you are looking to buy in - rental yields, demand for rental properties, past and potential property value growth, local infrastructure etc., will give you a good basis to narrow your search. Reading property and investment articles and talking with experienced investors or property research companies will also help you evaluate potential investments.
Choose a loan that suits your needs
There are a range of different loans and loan features to compare to your situation and strategy. A professional mortgage broker can do the research to help you evaluate the options.
Call me on 0412 973 386 to discuss your options.