Buying a property to rent out has become a popular form of building long-term wealth in Australia. Just like buying your first home, there are plenty of things you need to consider before purchasing your next property.
Here are some tips on how to identify a good investment property.
Picking the right property.
Cost of an investment property
Keep in mind that some of the costs involved with buying an investment property include stamp duty, conveyancing fees, legal costs, search fees, and pest and building reports.
When you own an investment property, you will be responsible for ongoing costs such as council and water rates, insurance, body corporate fees, land tax, property management fees (if you use an agent), repairs and maintenance costs.
If you borrowed to invest, you will also have mortgage repayments, and if your investment is positively geared you may pay tax on your rental income.
How we can help
If you’re looking to purchase your next property and need a loan, contact our experienced team today on 03 9387 3171. A member of our team will guide you through the entire loan process, pre-approval process and ensure you’re receiving on-going support.