Buying an investment property is a big decision, but one that can put you closer to achieving your financial goals.

Before jumping in, you need to understand exactly what those goals are, and, importantly, what your current financial situation will allow.

We take you through a step-by-step guide with My Property House, a network of financial experts who can help you get started, and see you through every step of the way.

How to get started

An initial consultation with a My Property House advisor can help you assess your current financial situation and determine your financial goals. 

Consider:

• Do you want to pay off the property within a certain period?
• Are you planning to live off the income from the property?
• What are the tax implications of buying an investment property?
• What are the costs involved?

Once you know how you're positioned, and where you're heading, you can move on to the next step.

Organising your finance

A mortgage broker or financial advisor at My Property House can assess your financial situation, and recommend the right type of loan for you.

Things to consider:

• Should you get an interest only loan, or pay off principal plus interest?
• Would you like to be able to access funds from the loan facility?
• What is the right amount to borrow, considering all your financial circumstances?
• What will your repayments be?
• Should your repayments be fortnightly or monthly?
• Do you want to negatively gear the property?
• Will you have enough money to cover expenses such as council rates, conveyancing, insurance, strata levies, management fees, and ongoing maintenance?

Now, to identifying the best property for you, considering all the circumstances.

Finding the right property

A My Property House advisor can liaise with developers, advise you on suburb growth potential, and help you consider a property's rental value.

Things to consider:

• Where do you want to buy? Close to home, or somewhere else?
• Do you want to buy a property with prospects for strong capital growth, or strong rental income?
• What type of property do you want to buy: a house, or an apartment?
• What are rents like in the area you want to buy, and vacancy rates?

Purchasing the property

Once you have found the perfect investment property for you, My Property House can help you with every aspect of the purchase, ultimately ensuring a smooth settlement.

Things to consider:

• Is the contract in order?
• Has the financing been finalised?
• Has the building inspection been done, and did it identify any problems?

Managing the property

Owning an investment property is a long-term commitment, and My Property House can provide that ongoing support.

Things to consider:

• How will you find a new tenant if the old tenant leaves?
• Are rental guarantees available?
• Do I need landlord protection insurance?
• Should I manage the property myself, or employ a property manager?

You're ready to begin your property investment journey.

My Property House is an Adelaide-based network of financial experts, that can advise you on all aspects of property investment.

Click here to be contacted by a My Property House adviser.

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