October 10, 2014
6 Manageable steps to successful property ownership
What a daunting task the decision to purchase your first investment property can be!
The mixture of excitement and anxiety can frighten the most robust of us off - but by breaking down the property purchase process into manageable steps, you can see your way towards your goal of investment property ownership.
1. Become a disciplined saver
By budgeting and saving regularly you will build up a good deposit to help you avoid costly Lenders' Mortgage Insurance and be well prepared for managing the ongoing costs of property ownership.
2. Research home loan options
It is critical that you understand loan types, how much you can borrow and the deposit required so that you can set up realistic savings targets and timeframes before you start your property search.
3. Have your finance pre-approved
By having a pre-approval you will save time and give you confidence in negotiation on price by only looking at properties that are within your price range.
4. Contract conditions
Check the contract for cooling off period, finance clause, settlement period - ensure that there is be enough time built in to the contract for pest and building inspections and see your conveyancer or solicitor if changes here need to be made.
5. Be Finance ready
For finance approval you will need up to provide your mortgage broker, such as myself, with up to date financial information, from savings and assets to liabilities etc. We can provide a list of all documentation you will need to have ready so that the application proceeds quickly.
6. Budget for additional costs
Gas/electricity suppliers, council rates, repair costs etc can add up for the new property owner so be prepared to add these into your budget.
Expect the unexpected in the property purchase process - to keep the sale running smoothly keep in touch with your mortgage broker before, during and after the purchase but, armed with as much knowledge and information as possible you will soon be a happy investment property owner!
Call Peter now for an appointment - mob: 0466 553 213