Why You Should be Setting Investment Property Goals
Investing in property is a great way to supplement your income and grow your wealth from any starting point, but it does require a degree of financial planning and rigour to stay on track and gain substantial returns on your investment. Consider carefully the sorts of investment goals that are suited to you.
Why You Should be Investing in Property
- Buy anywhere. Investing in property is a great way to get a financial head start (or boost) without necessarily giving up your current lifestyle. You can buy and tenant property in Brisbane, the Sunshine Coast, Gold Coast or just about anywhere in Queensland and be virtually guaranteed to earn a sizeable return on your investment.
- Supplement your income. If you do your research (or enlist the help of a property expert) revenue from investment properties can supplement your income and help to pay off your existing mortgage or home loan.
- Something for every budget. The perception that only wealthy people invest in property is abysmal – no matter your budget, there is always an investment property available that can help you grow your wealth.
- Add value. Real estate is a long term game – while some properties may not be worth millions to begin with, factors like renovations, increase in the suburb’s popularity and property booms can help add value to your property.
How to Set Investment Property Goals
- Know your benefits. A number of grants, boosts and low interest home loans are available to first home buyers, including the Australian government’s first home buyers grant. Enlist the help of mortgage brokers to help you seek out suitable first home buyer loans and provide advice on mortgage refinancing and debt consolidation. Getting the right home loan is crucial to successful investment.
- Know your tax breaks. Negative gearing, depreciation and capital gains tax all have an effect on your income for taxation purposes. Speak to your accountant or mortgage brokers to find out how tax breaks might affect your investment.
- Set a purchasing figure. Your mortgage brokers will discuss your budget with you and guide you to a final figure representing the amount you can reasonably spend on a property.
- Plan a budget. Use a budgeting tool like ASIC’s MoneySmart Budget Planner to plan your household budget and accommodate expenses for the new property.
- Discuss your current financial situation with your mortgage brokers. Will you need to refinance your mortgage, consolidate debt or apply for a home or construction loan?
- Find the right home loan. Choosing the most suitable home loan for your property could cut years off your repayment plan. Speak to an independent mortgage broker that compares home loans from a large number of providers to make sure you’re getting the best possible solution.
Achieving your investment property goals is a challenging feat, but one that has ample rewards. If you’re looking for support and advice on your investment property journey, call the trusted team at Multi-Choice Home Loans. We provide independent, non-biased advice and compare loans from dozens of lenders in Brisbane, the Sunshine Coast and Gold Coast and around Queensland to find the best solution for your home or investment property.