The current property market has seen a lot more interest in investing in the past year. While it can seem overwhelming when you first start, it can be a great way to build assets and wealth. We go through 6 steps to get you started and make the process easier:
1. Review your finances
The first step is to look at your current financial situation. Review loans and debts and ensure an investment property could fit into this. Many experts will say to make sure you pay off any personal debt before investing. A financial advisor can help you figure out how to improve your finances and be ready for investing in property and building a portfolio of assets.
2. Choose a lender
Before you even start thinking about what kind of property you want or going to inspections, it is important to find out how much you can borrow. Talking to a mortgage broker can help you find the best lender to suit your financial situation and give you an idea of your borrowing power when researching properties.
3. Set goals and budgets
Why do you want to invest in property? What are you hoping it will give you? How do these match with your budget? These are all questions you should consider. Having goals and budgets set will make it easier to find the right property and ensure success.
4. Do some research
Find out the best locations to invest in, understand market trends, look at property types, see what competition you have – just do lots and lots of research! A big factor for success in property investment comes down to preparation. Luckily, today’s hyper-connected world makes it as easy as a Google search to get started.
5. Find properties that meet your criteria
Once you have an idea of the market and what you are looking for in an investment, the next step is to look for properties that match with what you need. Keep in mind that what you find online is not always everything available. Some properties can be found off-market or exclusive with an agent, so talking to a few different agents helps.
6. Be patient
The right property won’t show up straight away (unless you are very lucky!). It is important to be flexible and patient to ensure you make the right choice – particularly for your first foray into property investing!
These steps are a starting point for your property investment journey and by no means exhaustive. If you need more detailed advice, need to compare lenders, or are ready to find a property and want to see what is available, the Offset Property team is here to help! Find out more or get in touch now.
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