C+G’S GUIDE: Five Tips Every Property Investor Should Know

Are you planning to join the investment property market or expand your portfolio this year? Chances are, you probably have a few questions about what to look out for when searching for your next investment - and this week, we've found five essential tips you should know before investing in property.

Maximise your power

With any significant investment that involves securing a loan, it's important to understand and maximise your 'borrowing power' - which isn't just determined by how much you earn but how much you have saved. Try to think laterally about what you're spending your money on - you'd be surprised how much you'd be able to save by sacrificing small purchases week-to-week!

Understand your budget

It's also important to be realistic with your budget, especially regarding upfront costs. There are certain expenses you must be mindful of when purchasing your first (or next) investment property - like conveyancing, builder's inspections, and stamp duty. All these factors should be taken into consideration when budgeting and calculating your borrowing power.

Find the right advice

One of the most important factors to consider isn't just what kind of advice you receive when buying an investment property - it's who you're getting that advice from. Surrounding yourself with a team of experts and a support network who can steer you in the right direction is vital. Whether that's a tax specialist who can help you claim the correct deductions or a property lawyer who has your best interests at heart - when it comes to your investment, there truly is power in numbers.

Impress the renters!

When considering how to style and 'kit out' your investment property, you must keep your potential renters in mind. What are renters looking for in terms of amenities, layout and furnishings? What improvements could you make to your investment property that could secure a long-term, happy tenancy? In this case, research is incredibly important. It's also crucial to ensure you partner with an experienced and capable real estate agent with the expertise to provide insight from a renter’s perspective.

Find a good agent

Property investing can be a complex and challenging experience, and it's important to partner up with an expert who will not only help you purchase your next investment property but will also help you manage it as if it were their own. A good real estate agent will be honest and transparent, act in your best interests, and be professional, communicative and enthusiastic about managing your property.

At Chisholm & Gamon, we're proud of our reputation for being innovative, professional, and progressive while maintaining a clear focus on our clients.

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