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Looking for your new investment property? Here are some tips to help you get started.
Investing in property (be it an apartment unit or a house) more often than not results in direct financial benefits, but still do all your homework to ensure you’re making an informed decision for your investment.
Here are 3 key things to watch out for when on the hunt, just to start you off:
1. Choosing within your budget.
Visit a mortgage advisor and establish your budget early in the process when looking at properties, so you’re across exactly how much you can afford.
Bonus tip! Always build in a buffer, and it’s safer to assume that there’ll be extra costs in the first few years after purchase.
2. Look for property with capital growth.
Of course you’ll want your property to return gains in the long run, so this should actually be the most important thing to look out for. Do your research around annual median values, and track recent sales to identify high-growth, developing areas you could tap into.
Once you've narrowed down your search to selected areas/suburbs, then go for the streets with broad appeal. Areas incorporating careful master planning and design integrity can ensure your investment is protected for the future.
3. Understand the broader area and its appeal
It could seem pretty obvious – Capital cities are generally ideal for investment properties, due to their solid economies in which rental properties are high in demand. Choose well around inner city suburbs or area's which have good access to amenities such as transport, schools, shopping centre's, employment opportunities, and you’ll never have any problems securing and retaining good tenants.
This way, you’ll also most likely experience rapid patterns of long-term capital growth.
For general advice and information on investing in property, feel free to contact us now to speak to one of our Australand Project Sales Managers today.
Insurance tips for Investors.
How much can you afford to borrow?
Property Management for Dummies.
Disclaimer: Please note that this information does not constitute as financial or legal advice and it doesn't take into account an individual's circumstances. We recommend that you contact your financial or legal advisers for tailored advice.