Our mortgage brokers handle a lot of home loans for investment properties in Perth. While we would like to report that every investor we have ever helped get a loan has prospered, there are unfortunate exceptions. While no investment property is ever guaranteed to make money, we can state with confidence and experience that following these seven tips can put the odds more in your favour.
Everyone in the business will tell you the three keys to successful investing are “location, location and location.” While it is an oversimplification, it is essentially right. Location is the most crucial factor in whether an investment property turns a profit or not.
Make sure to research location relative to your budget and investment strategy. A little bit of research now can result in a lot of leisure time during your retirement.
2 plus 2 = $
The most popular and versatile homes have two bedrooms and two bathrooms. They make more sense for renters and they make more sense for investors.
Leave Renovation to Professionals
Unless you are a professional renovator, don’t buy distressed properties or “fixer-uppers.” Buy solid homes that require minimal maintenance and repair.
Lifestyle and Amenities
You want an area with great infrastructure and amenities. Check for schools, transportation, employment, medical facilities and shopping centres before buying.
Know the Neighbourhood
Talk to a real estate agent who knows the neighbourhood. You may want to spend some time there yourself if you have the time. Look for an area that is poised for growth.
Know your Rental Market
Underpricing or overpricing can keep you from maximising revenue. You must compare what you have to offer with what the market will bear.
Always have a back-up plan, especially in today’s economy. Diversify your holdings and investments.
Talk to the professionals at Purely Finance. Our brokers combine great market research with unparalleled work ethic. We are an independent company and that allows us to consistently help you find the right home loan for your Perth property. Our fees are paid by the lenders and we can provide access to more than 2,000 credit products from 30 different lenders.
Let our financial planners and mortgage brokers handle your Perth investment needs. Call (08) 9472 9766 today.