Understand the process of buying an investment property
Buying an investment property is a little different than buying a home to live in. Not only will you be looking at a house from a rental income perspective, you’ll also need to take precautions to protect your investment. Here are some questions to ask on what to consider so you’re equipped for your next purchase.
Prepare before you purchase
Understand the costs involved in buying a home and see if you can tap into equity to help with the purchase. Look at your finances or chat to a financial specialist to decide if buying an investment property is the right financial move for you.
Pick the perfect place
Make a checklist of key inclusions you’d like in an investment property. This could be land size, location, close amenities etc. There’s hidden treasures throughout Queensland but it may take some time to find the ideal investment. Be patient and remember to get a building and pest inspection if you find a potential property.
Know your numbers
Find out how much you can borrow and what you’ll pay each month with an online borrowing power calculator. It’s a good idea to factor in stamp duty, conveyancing fees and the cost of building and pest inspections. These extra costs when buying a home can add up so make a budget for them early on.
Learn about loans
Have a look at different banks and find a home loan package that works for your life in Queensland. Download the home loan application checklist. You’ll usually be able to start the process online and complete the application after chatting to a lending specialist.
Protect your property
A reasonable chunk of money has gone into your property so it’s worth protecting your nest egg. Consider home and contents insurance to cover your investment, fixtures and fittings, and life and income protection for extra financial support.