Taking the first step towards purchasing an investment property is often the hardest…
First there is what you can borrow to fund the investment.
Then there are other considerations such as rental yield versus capital growth, unit/townhouse versus freestanding home, new versus old…and then there are the income and deduction implications.
Add to this your property will have to be efficiently managed so that it is well-maintained, has quality tenants, is achieving maximum income, and all is running smoothly.
Before you jump in, it’s important that you spend time to understand the pros and cons of investing in property. A good first step is speaking to a financial advisor who is experienced in the area and people who are actually property investors! It is also a good idea to speak to a professional real estate agent who has knowledge and experience in this area to help you in the information gathering process.
When it comes to buying an investment property, each buyer’s situation is different and you need to purchase with your own investment needs and goals in mind.
Here are a few things you should consider when purchasing a property to gain you maximum rental return:
• Number of bedrooms, bathrooms and living areas.
• Location including proximity to transport, shops and schools.
• Storage areas.
• Air conditioning.
• Car garaging.
• General presentation inside and out.
• Outdoor entertaining area.
At Dougmal Harcourts we have industry leading professionals who are qualified and able to assist you in purchasing an investment property.
We also have an industry-leading and multi-award winning Property Management division that is able to maintain and manage your property to achieve your investment goals.