Investment Property Tips?
Taking the first step to purchasing an investment property can be a real challenge. Particularly when there are one thousand and one different things to consider. Simplicity is key, here are a few tips to assist you with purchasing your next investment property.
Do your numbers first, work out exactly how much you’re prepared to purchase for and stick to it. Calculating the ongoing expenses such as mortgage repayments, insurances, rates, etc. gives you clarity and sets the expectation so there won’t be any surprises once you’ve acquired the investment.
Profile the exact property that you’re after and go for it! Is it the worst house in the best street? A small unit in the city? A town house with a courtyard? Or a new property to maximise tax deductions?
Discipline and Research
Ensure you only go and look at properties within your criteria – price range, number of bedrooms, location, etc. There are a lot of resources out there that can help you with deciding on your property purchase, so make sure that you take advantage of them. Learn as much as you can about the process, and school yourself on the lingo that is commonly used in these transactions. Make sure that you are well aware of all of the terms and tactics that are used so that you will be prepared for all circumstances.
Partner with Experts
Talking to an accountant is a great way to discover exactly what you can do to prepare for tax time. This will allow you to maximise your tax deductions and make the most of negative gearing. This expense may also be tax deductible next year!
When it comes to buying your investment property, there are a lot of steps to consider around finance. Particularly recently with some banks tightening up criteria for investors. Working with a mortgage brokers allows you to navigate around these challenges as a good broker can help you every step of the way to ensure you get the best outcome!
Hunter Galloway Home Loan Experts is a leading boutique mortgage brokerage, we take the stress out of sorting finance.
Contact us today – Nathan Vecchio – 0410 000 689