If it is, we need to talk!
Whether this is the first property you’re going to buy or your next property now that you have your home, or if you’re on your way to building an investment property portfolio, there are some things you can do now to set yourself up for the future.
Those things include:
- Making yourself look good to the lenders. Pay off your credit card and any other bad debt you have (your mortgage isn’t included in this), curb your spending, make sure all your bills are paid on time.
- If you already own a home, check out the sale prices of local comparable properties so you have an idea of the equity you may be able to access for the deposit on your investment property.
- Start researching potential investment locations. You’re looking for an area that has significant government and private infrastructure investment, job opportunities, forecast population growth and capital growth.
- Once you’ve pinpointed your prime location (or a couple), it’s time to figure out the demographics of the location. Are they young professionals? Young families? Empty nesters? Remember, that they’re the ones who will be renting your investment property, so you need to buy a home that will suit them and their lifestyle – not yours.
If we can help with finance, or getting you ready to start your investing journey, please get in touch!
