Q. I’m thinking about purchasing an investment property, but I’m not sure where to start?
The first thing you should be doing is your research. You want to educate yourself on the property market, what you’re looking for in a potential investment, what makes a good investment, as well as the financial and legal components.
Next, look at your finances. Most people know it is recommended that you have a deposit of 20 per cent or more for a home loan, but with investment, there is a little more financial due diligence to consider. To get started, calculate your expenses and offset them against your total income so you know exactly how much money you can invest. Then, consider getting pre-approval for your loan.
Property investment is a long-term game, so it’s a good idea to think about what you want to achieve from investment and your timeline for doing so. It’s also a good idea to speak to a financial planner, bank, lender, mortgage broker or a real estate agent to guide you on how the process works and keep you focused on your goals.
We are happy to answer more questions if you'd like a bit more advice on what steps you should take when you're thinking starting your portfolio - call us on 4228 0888 for further information.
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