Are you looking for tips on investing in property?
When it comes to investments, property remains one of the safest choices long-term. You may be investing from a distance and renting out your property. Or you may be buying and living in it while you renovate to sell in the future. Either way, keep reading and get in touch with Nicola at Select Conveyancing for your all property conveyancing needs.
Know how much you can spend
Before you invest in property you need to know exactly how much you can afford. This is done by both understanding your cash flow and going to a lender for pre-approval of your investment loan. You can then go looking for properties with confidence and knowledge.
Know your costs ongoing
Property can be expensive – Council rates, insurance, maintenance and if you are in a strata property there are strata fees. When you are renting out your property you need to keep on top of maintenance and ensure that the property is in a great condition for tenants.
Know the areas
Buy in an area that will have growth. If you are going to be renting out your property you want to make sure that there is a good demand for rental properties. Looking for a property that is close to transport and schools will give it more appeal.
Know your investment goals
Are you looking to flip the property – renovate and sell? Or are you looking to hold the property long term?
Know the mistakes to avoid
It is very easy to get carried away so here are some things to remember
- Do your due diligence
- Decide based on facts not emotions
- Try to stay under your borrowing limit
- Research the location
- Don’t rely on rental income to cover everything, you may have unexpected costs
- Know the tax deductions you may gain
- Realise that property is usually a long-term strategy
Happy property buying – Nicola, Select Conveyancing Lane Cove.