I am interested in entering the property market and purchasing my first investment property, but I am not sure where to start. Do you have any tips on what I should do first before I go house hunting?
Investing in property can open up many doors for you in the future and with sufficient research and a good attitude, you can help secure yourself financially for the future. But before you can do this, there are a number of factors you need to consider. Firstly, you need to manage your cash flow. You need to know what your current financial situation is so you know what price range you can afford. The best way to do this is to organise a home loan pre-approval.
Secondly, it is important not to forget about ongoing costs. Rates, insurance, maintenance and property management costs are just some of the costs you will need to cater for.
Thirdly, location is extremely important. Identifying an up and coming growth sport has become an ongoing game for those in the property market and most people have their own way to identify which areas are going to see significant growth. In order to find the right area to suit your investment plan, you will need to conduct you own research.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan