The 2015 Mortgage Choice Investment survey results are in. And it comes as no surprise, 76% people bought property to secure their financial future.
Of course, finding the right property can seem like a daunting task. Especially for first time property investors. Yet with a little bit of research, you can become a lot more confident in investing in property.
Here are the Top 5 factors to consider when investing in property.
Location Location Location
Buying a well located property is half the battle. You need to find the right property on the right street. Getting this right will ensure there is always rental demand and strong capital growth.
Get Your Finances Right
Pre-approval can be a potential finance trap for new investors. Changes to lending policy and pricing may affect your position. Especially if you've been house hunting for 6 months or more. Make sure you double check any financial advice before you place an offer on a property.
Buy A Property People Want
When you're looking for an investment property, ensure it has attributes people desire. Things like being close to public transport, parks, restaurants, cafes and schools. These factors go a long way to keeping your rental rate high and your vacancy rate low.
Know Your Numbers
Do your research. Understand population growth, average rental income and vacancy rates of the area you're buying. The more you know your numbers, the easier it will be to identify and buy the right property.
Repairs And Renovations
Anything you need to spend on a property is going to affect your bottom line. Keep your eyes peeled for any maintenance or renovations a property requires. Learn to identify quick and easy fixes that can boost your rental income or capital growth. As well as overdue maintenance that will be more costly and timely to fix.
For more information please contact Mortgage Choice Miranda on 02 9526 7888, or email email@example.com.