Buying property can seem overwhelming for first time buyers - it’s a giant step to take and it can be life altering. There are many decisions that come along with that first property purchase - and some things that you may not have considered before. Here are some tips and tricks for first time property investors.
Know your financial position - as well as your objectives and goals
What are you looking to get out of your property purchase? Are you planning to buy a house to live in yourself or are you looking to become a landlord with rental yield as a form of income. It’s important to outline your short and long term goals before committing to a property purchase. Knowing your financial goals will also help you in identifying properties that will be good investments (such as understanding current local market conditions and rents generated in surrounding properties).
Research - planning is key!
Planning and research is the best way to ensure that you get what you really want. What type of property are you looking for and what area are you interested in investing in? Before getting too far into the property purchase process it is important to have these questions answered.
Know your means and buy within them
The first step to any property purchase is having a good budget outline set - this is based on your individual means and can mean the difference between a successful property investment and a failed attempt. There are many costs involved in purchasing a property - including legal fees, deposits, interest repayments, mortgage repayments and property rates to just name a few.