If you are thinking of buying an investment property. It’s best to think about it rationally rather than emotinally. Here are a few things to start considering
When buying an investment property, it’s best to think about it rationally rather than emotionally. Here are a few things to start.
– Location (City vs. Suburb vs. Rural)
– How Much (affordability vs investment strategy)
– Get some guidance
Choosing Your Location
Finding the right location is paramount, we suggest that you carry out extensive research to make sure you purchase the right property for your specific investment strategy. Whether you are purchasing your home as an investment, a lifestyle upgrade or both, one of the most important decisions you will make is where you want to live your everyday life or a location that will appreciate the future value of your investment. Here are some factors you should consider carefully when selecting a location, Neighbourhood, School District, Proximity to Work/Business Park and Safety
( affordability vs investment strategy )
Do your own affordability calculations. First, you don’t want to look at houses you can’t afford. This will give you unrealistic expectations about the type of home you want to live or invest and will make homes that actually fall in your price range look less appealing. Start looking at the bottom of your price range or even below your price range and work your way up. Second, do your own math, banks may say you can afford more than you would actually be comfortable paying for.
Get Some Guidance
( Learn from others )
It may be worthwhile seeking some guidance from property investment consultants who have already invested in the growing Australian Real Estate market and have perienced benefits from ‘building wealth through property’ or property managers for their view of various locations, general areas to avoid and even prevailing rents. Put yourself in your potential tenants’ shoes and try and work out what will make them want a property. House or apartment, New or old, Garage or off-street parking, ransport, Amenities, Schools etc.