Getting your timing perfect with almost anything in life is challenging enough – throw in the prospect of buying a property and the chances of getting it right are amplified expediently.
To help you gain a further insight into buying a property – whether it be your first/second/third home or an investment property, we’ve complied a few helpful tips for your disposal.
Do you have a plan?
What is your sole purpose for wanting to buy a property? Ensure that these goals are written down. If you’re thinking about buying an investment property, think about whether you want to become a landlord or would you rather renovate and sell properties? Do you want a long term investment with a positive cash flow or are you looking to pass on your family home to future generations?
Whatever your strategy may be, ensure that you are clear on what you are trying to achieve and consult with us if you are uncertain.
Are you finances ready?
Your finances should be ready before you go shopping for a property. As your mortgage adviser we can help ensure your finances stack up; as for the accounting side of things, working in association with Lockwood & Ward, we have more than likely also completed your tax return for the last financial year and are therefore able to provide the relevant documentation with ease.
Have you researched?
As a buyer you need to use statistics to not only find the right suburb but also the right property within the suburb. Look for areas with low vacancy rates, broad buyer and tenant appeal, high employment and good transport links.
Are you emotionally ready?
Whether you’re looking to get off the rental train and move into your first home or are a seasoned investor with a large portfolio, you need to ensure that you can detach yourself enough to walk away if the deal doesn’t work out exactly the way you wanted.
Are you prepared for risk?
Events such as major repair, employment change, extended sickness or sudden interest rate rise could put you in an uncomfortable financial situation. Make sure you are ready for the ups and downs of the market to ensure that your journey into property ownership is a long and profitable one.
Have you sought good advice?
By talking to the experts you will be able to avoid many of the pitfalls that inexperienced buyers encounter. As your mortgage advisor we can help guide you through the process and will be there every step of the way.
If you would like to contact one of our brokers and make a loan enquiry, please contact us on 02 9299 7044.