Setting Your Goals when Buying Your First Investment Property
Buying your first investment property can be an exciting and potentially lucrative opportunity.
There are several reasons why investing in Tasmanian property is a great choice. The affordability is good in comparison to other states, there's high rental demand driven by the growing population, and there's a strong economy as well as the lifestyle factors on offer, which means Tassie homes are always in demand.
It is important that before you jump in and start making offers on property, that you consider your investment goals and financial situation.
Decide On Your Property Investment Goal
What is the purpose of your investment? Is it your retirement fund, short-term financial goals, or long-term wealth generation? The answer to this question will help you narrow down the type of commercial or residential properties you should be looking at.
If you are thinking long term, you may be able to look at areas with good long-term growth, versus areas with lower growth but high rental yields.
If you're looking for short term gains, the high rental yield maybe a more attractive option.
Your Individual Financial Situation
What is your budget going to be? You need to determine how much money you can afford to invest.
This again will help you to focus your search for properties that are within your budget. If you need to finance your investment property purchase, it's a good idea to get pre-approved for a loan before you start looking. This will give you a better idea of what you can afford and will make the buying process smoother.
Start by visiting your bank or a finance broker who can run the numbers for what you can be pre-approved for, then you can start the property hunt with more confidence.
By considering your investment goals and your financial situation, this will make your first investment in property so much smoother. With these considerations in mind, investing in your property should be a rewarding and profitable experience.
Once you are ready to start the property search reach out to our real estate agents at MIX Property Group. We have sales and investment specialists in Hobart that are more than happy to assist you with your property investment goals, as well as manage your commercial or residential property.
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