Finding the right property is one of the biggest challenge facing property investors today, this is in part due to the fact that most first time property investors are becoming a savvy bunch, they do their due diligence and investigate not only what locations are attractive to potential tenants but also what types of properties are in demand.
In SA the second greatest challenge for property investment is saving a deposit followed closely by choosing the right investment strategy to suit their needs (eg, negatively or positively geared, to renovate and sell or to hold for potential long term capital growth).
Top five factors to look for in an investment property:
- The right suburb and street
- Tenant demand in the area
- Infrastructure going into the area
- If the property needs any repairs, renovations and regular maintenance
- Capital growth in the area.
What about the right type of investment loan?
Another important challenge for a lot of investors is choosing the right investment loan to suit their financial circumstances and deciding what loan type is right for them such as whether to go interest only or principal and interest or fixed loan versus a variable loan.
A good first step in finding the right investment home loan for your needs is to talk to your local mortgage broker who will be able to discuss your home loan needs and answer common questions like how much deposit do I need? How much can I borrow? And talk to you about the different types of investment loans that may suit your needs.
You may also want to speak to your accountant as well to find out the best loan structures and investment strategies may suit your individual circumstances.
To discuss more about how Mortgage Choice Unley can help you get your investment property sooner, speak to us today. Mortgage Choice Unley – 08 8273 7970 or email firstname.lastname@example.org
Michael Romeo is a Mortgage Choice franchisee and MFAA accredited mortgage broker servicing Unley, Burnside, Fullarton, Kensington Park and Adelaide’s eastern suburbs.