Summer has arrived and the investment property market is just as hot as the Aussie cricket team, so here are three useful tips to help plan your attack.
A good first step is to go through your financials and goals for your property purchase, so that you can get a good idea of your borrowing power and obtain pre-approval for an investment property mortgage, so you are ready to take action.
Contact your mortgage broker to arrange an updated valuation for your property so you know exactly how much you will be able to borrow.
Build your investment property knowledge
Next, do your research around good value areas to buy as well as price growth potential, you’ll also want to consider proximity to transport links, schools and business districts – as well as convenience. These factors will affect your resale value and the amount you’ll be able to rent the property out for.
Hit the pavement
With the sun shining, summer is a great time to visit a lot of open for inspections and really shop around to get the property you want.
It’s also typically a good time to negotiate a good property price – with many potential buyers on vacation, the market may not be as crowded as in spring, and vendors will often be keen to settle a sale quickly before the new school year.
So don’t get left in the shade – act now to secure yourself an investment property this summer! For more information on your finance options for a new home, give us a call today.