Are you thinking about investing in the property market but not too sure what is involved?
The process of buying a property to invest in, rather than to live in, is quite different so before you jump into an investment property purchase keep some of the below things in mind.
- Location – is there a high rental population? Is there a high demand for rental properties? What sort of tenants will the area you choose attract?
- Finance – before you can purchase anything you will need to know what you afford to borrow, what your repayments will be and whether your rent will help cover this.
- Insurances – think about what kinds of insurances you need. Building, Landlord, Public Liability etc?
- Property – make sure you know everything is to know about the property you intend to buy. Have you compared similar properties in the area to make sure you have the best property for your situation?
- Flipping Property – will you be selling your home quickly for profit? If so what will this cost you money and time wise and will you need to call on the help of professionals?
- Planning/Risks – what are you planning to achieve out of your property investment and what are the risks that may prevent you from getting there?
- Buying your first property can be an overwhelming experience but it can help you a great deal if you have a mentor who can guide you through the investment process, so you know what you can expect.
If you would like any help purchasing an investment property in Bacchus Marsh then please feel free to get in touch.