Buying an
investment property can sometimes prove exhausting and confusing,
making a step by - step guide to the purchasing process is a valuable
tool for any investor, weather your new or an old hand!
Here are 7 helpful guidelines to get you on the right track to investing:
1.Build a team of experts to support you
You
can't be an expert on everything and when it comes to property you
can't do it all yourself. Call the team at the Toowoomba Home Loans
Centre and get the right advice to get you started!
2.Establish the right entity to buy your property in
Decide
whether to buy the property in your own name, your spouse's, child's or
partner's name, or in some form of trust. Choosing the wrong entity
could see you paying more tax. We can help
3.Establish the right buying strategy
Decide
whether a negatively geared property, a cash fl ow neutral property, or
a positively geared or cash flow positive property would most benefit
your financial position. And which can your current finances support? Just ask
4.Establish your buying rules
Narrow
down the type of property you want to buy. Ask questions such as: Will
it be a house, townhouse or unit? How many bedrooms should it have? Is
a garage a must? How many bathrooms should it have? What yield should
it provide? Find out more here
5.Find the property
Use the internet and local agents to track down a property that matches up to your buying rules. We can help you work this out
6.Crunch the numbers
Factor
in the purchasing costs, property expenses and likely rental income to
come up with an estimated net weekly loss or income from the property.
See whether it fits with your buying rules. If not, see if you can make
it fit. We can help
7.Negotiate the price
Money you
save through negotiation is money in your pocket rather than the
vendor's. In a booming market, set to achieve a 5 to 10 per cent
discount; in a flat market, look for 10 to 15 per cent; and in a bust
market try to achieve 20 per cent plus off the asking price. The team at the Toowoomba Home Loans Centre can help you every step of the way
so call us today to help you unlock your dream!!