Getting started in Property Investing
Buy with your head, not your heart
Make sure you take the time to research the areas you are planning on investing in and be sure to look in the ‘growth areas’. Great investment areas are generally close to the CBD, close to transport, schools and shopping centres etc. Chat with one of our LJ Hooker Agents as they'll have some great tips for you!
Visit a financial planner and decide if you’re in a financial position to afford an investment property. Pre-approval from a bank is a great idea so you know how much you’re able to borrow so you can look for a property in the right price range.
Does the property need some work or is it ready for someone to move straight in to? If the property needs some work you’ll have to work out roughly how much it will cost as you don’t want to over-capitalise.
Building & Pest inspection
It’s highly important to get a building and pest inspection on the property as it will avoid expensive repairs down the track. They should pick up if the house has termite damage which will determine whether you go through with purchasing that property or not!
Understand ongoing costs
It’s a great idea to have some money put aside for any maintenance and repairs that may arise.
Insurance is one of the most important things to organise for your investment. You’ll need adequate building and landlord insurance in case of any unforeseen incidents.
Employ a Property Manager
LJ Hooker’s experienced property managers are proud to partner with their landlords to provide a reliable income stream, advice for potential capital growth, and protection of their asset.
If you would like any further information, please feel free to contact our friendly team on 8269 7711!