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How to Purchase Your First Investment Property
22 Nov 2022
Investing in the property market can provide many ways in which to profit, but it can also be fraught with information overload.
Buying an investment property can often place a homeowner on unfamiliar ground, and that’s even if you've been keeping an eye on the real estate market!
Unlike your primary place of residence, an investment can provide you with a steady rental income over time in addition to the rewards that come with capital growth – and it’s not to forget that there are a plethora of ways in which to invest in the market and turn over a profit.
- Have you confirmed what type of property you want to actually invest in? Is it location/build specific?
- Have you done your market research? Have you checked the age and condition of the property and its facilities?
- Do you know how much you can borrow? Do you know exactly what your cash flow commitments are, and do you have a buffer?
- Have you found the right property management team? Have you been given sufficient market and property advice to get the best return on your investment?
- Have you got the right mortgage?
- Have you accounted for appliance depreciation and put in place a schedule for renovation and appliance upgrades?
- Have you accounted for how you will make your investment property attractive to tenants? Have you looked at any upgrades or minor updates the property needs to maximise your return?
Need advice on where to purchase your first investment property? We'd love to chat to you! We would be happy to provide a complimentary market appraisal to you, outlining key areas that would be beneficial to achieve your investment goals and put you in the best informed position to purchasing your first rental.
Contact us to organise your market appraisal now!
