On one hand, buying and investment property is a straightforward process however, with so many things to think about it can also become quite daunting. Making a mistake can cost $100,000’s over the long-term and one of the biggest and most import decisions is, “where to buy?”
Many of us feel we want the emotional luxury of buying close to home so that we can drive past and admire our bricks and mortar as well as show them to friends and family. However, as investments should be all figures and no heart - often it’s better to do your research and cast the net wider.
If you spent 45 minutes with Chris discussing your property plans and options, would that give you a great head start for 2012?
Could he help you to identify all the different property investing options available to you and then assist to work out the pros and cons to each of them?
Are you in a dilemma as to whether to buy now or wait till later?
By RUN Property CEO Rob Farmer
Property owners can substantially increase the cashflow from their investments – and accelerate the growth of their property portfolio – by doing minor and often inexpensive improvements.
It is amazing how many landlords overlook the presentation and renovation of their investment properties when a few carefully spent dollars can make the world of difference to the appearance of the property and therefore competition to rent it.
I feel that one of the biggest myths in the Real Estate Industry is that the “spring auction period” is the best time to buy and sell and that the property market dies in December and January.
Personally I’ve had some of my best selling and buying experiences around this happy (or maybe silly is a better word?!) time of year. With more time to ponder their needs, people are often more focused on the job of buying and selling properties. And sometimes, vendors will sharpen their pencils so that their property is snapped up before Christmas and New Year!
Traditionally when you purchased an investment property you would apply for finance from the banks while the remaining costs such as stamp duty, legal fees and renovation costs would have to come out of your own pocket.
These days though many people have equity in their property, so owners are allowed to refinance and draw down on that equity, creating a “cash allowance” for improvements without having to dip into hard-earned savings.
But what if you don’t have enough equity or savings to fund that much needed renovation, and can you justify the spend if you were to carry it out?