Your First Investment Property
If you are planning to get into property investment you should do your research
first, and could consider few points that could help.
Know how much you can afford by doing your budgeting, as you don’t want to buy
an investment property if can’t do your repayments, renovations etc.
Speak to the banks or lenders to see what your borrowing limit is. You could
always use the web to get a rough idea. Try to get loans approved before you can
go shopping.
Choose the right location where you buy the property, buy where the demand
outpaces the supply. Research the median house price movements for the
property/suburb, the higher movement indicates that the it has strong growth
potential.
Talk to your accountant regarding the taxes that will be incurred with your
investment, as a investor you could be eligible to tax benefits that homeowner
don’t receive. Do consider negative gearing that could happen with your
property.
Consider going for Insurance for your property if you are going to put your
property for rent as the renters could cause you a lot of damage bill when they
leave the house, which could be broken kitchen appliances, bathroom or the house
paint or if there is any disaster like fires etc.