Professionals Nowra Buying an investment property can be daunting, however, if you plan it right and take all the relevant financial factors into considerations, anyone can do it!
So here are some tips to get you started.
1. Sort out your finances
Knowing how much you can borrow is essential. It is a good idea to consult with your bank, mortgage broker or financial advisor to help you determine this. In the current market it might also be a good idea to get your loan pre-approved so you can move quickly when you see something you like.
2. Consider what and where to buy?
Choosing the right type of investment property is an important decision however, this might take a bit of research. This is where it may be of benefit to speak to someone in property management. Find out what types of rental properties are in demand, what current rental values are and what areas are popular. You also need to determine if you should buy something new or an older property. There are many aspects to consider, search the web, ask questions and talk to as many people as you can and draw from your own experience.
3. Owning and managing the property
Like all properties, when you own an investment property you will incur on-going costs, such as council rates, body corporate fees, insurance, loan repayments, repairs and maintenance. Budgeting for these expenses in your pre-planning phases can help avoid nasty surprises once you own the investment.
Some people wonder whether or not it is worthwhile to employ a property manager. The answer is YES as it keeps the tenant at arms length and ensures the property is managed in a professional manner. Property managers are also a vast source of information in regards to your investment property.
4. Seek advice
Investing in property can be a great way to start or grow your portfolio of assets. If you have been thinking or investing or need some advice on managing your investment property do not hesitate to give us a call on 02 4421 2644 and speak with one of our local Professionals today.