If you are looking at investing in property, it is always recommended to follow a plan. For all successful investments, you need a plan.
But how to start planning?
First of all, you want to devise an investment strategy. Like any other investments, property investment provides investor with wealth building potential. Answer your why and what about your property investment. Why are you looking at investing in property and what are you looking to get out of it? Some strategies to think about are -capital growth or rental yield and for how long? Negatively geared or positively geared property? Will you renovate the property and then sell it or hold on to it for higher rental income? Buying with an intention of further subdivision?
Each strategies have pros and cons and it is a good idea to work out exactly what you are looking for.
Then, think about the budget. – how much you want to spend? Do a cost vs benefit analysis. Note down all the expenses – initial expenses like Government charges, conveyancing costs, deposit you will need, building and pest inspections. And also note ongoing expenses like loan repayments, insurances, property management costs and more.
Once you got your plan devised and budget laid out, spend a lot of time researching the properties. Look for the location which will help you achieve your plan. May be a good idea to engage with professional investors or buyers agent as well. They can provide with more detailed property reports.
Once you have some properties in mind and an understanding of how much it will cost you, the easiest step of all will be to get your finance together. Based on your goals, your strategy and your purpose, we will find the suitable loan product for you.
As it can be seen, real estate investment, like any other investment needs you to answer, why, what and how.
Get in touch with us and we will make your property investment journey hassle-free.