With a solid strategy and expert advice, even a novice can make the right property investment decisions.
Property investment, like all wealth generation strategies, can be mapped and planned for to increase the likelihood of finding success.
It is important to build strong foundations from the outset to ensure you maximise your returns while minimising your risks.
• First, consider what you want to achieve from your investment portfolio. Are you looking for quick growth and short-term gain? Or are you looking for a long-term wealth creation tool? When determining which option is right for you, be sure to weigh up the level of risk and the capital required for your investment decision.
• Remember to view the investment process as precisely that – a process. Your journey will have a beginning, middle and end and how smoothly you transition through these stages will ultimately depend on your research and planning.
• In addition to planning, putting together a team of professionals that can complement your strengths and offset your weaknesses is an absolute must if you are seriously looking at making your first investment venture a success. Your team should comprise experts such as buyers agents, investment specialists, financial advisers, real estate agents and, of course, mortgage brokers. These are the types of people you want to become familiar with if you are planning on entering the investment space.
• But before you make any offers on a potential investment property, take a detailed look at your finances. You will need to identify how much you can afford to borrow, the size of your deposit and the initial purchase costs that will be involved.
• The best way to start is to speak to your mortgage broker. A broker is best equipped to assess your current financial situation and to get your property plan moving by helping you to secure a loan pre-approval. You will want to gain pre-approval early on so you will be ready to make an offer when the time is right. Many great opportunities have been lost while investors wait for the bank’s approval. Once you have found that perfect investment property, your mortgage broker will be able to walk you through the loan process and help you set up a payment system that suits your needs.
So, what are you waiting for? Give us a call and kick start your investment journey today!