The question that I have been most frequently asked over the last couple of months is: "What must I know in order to buy an investment property?"
There is much to consider but to start with, here are my Top 5 tips:
1) Understand why you want to buy investment property. Is it to be your retirement fund, a short-term capital gain or to provide you with a long-term passive income?
2) Have a thorough understanding of your current financial position. Can you afford to purchase an investment property? Your mortgage broker can sit down with you and help you assess this.
3) Consider the type of property you envisage buying and the location. Where will you purchase the property? Will it be an apartment or a house? Think about how much time you have to attend to maintenance/gardening and consider your duties will be - know what it means to be a landlord.
4) Do your research to obtain relevant market information, so that you understand property values and taxation implications.
5) Know how the buying process works and what it costs.
If you would like to find out more information about purchasing an investment property, contact me today and I will organise a suitable time and location to meet with you to discuss your options and how to get started. You can contact me on:
Mobile: 0412 656 184