Get advice. Understand your financial position – now and in the future.
Decide what’s important.
Is it capital growth or income that is your priority?
Talk to your bank or Choice Home Loans.
Understand how much you can borrow.
Use your head.
Don’t get emotional. Make a decision based on your objectives and desired financial return.
Consider the tenant appeal.
Talk to estate agents about what tenants look for in property.
Understand depreciation benefits.
Get a full depreciation schedule prepared.
Understand cash flow and tax implications.
Ensure you are fully aware of how your investment property will impact the rest of your financial circumstances.
Get your numbers straight.
Don’t forget all the costs like stamp duty, solicitor’s fees, body corporation levies, council and water rates, insurance, interest on loans, repairs and maintenance, land tax and others.
Take a long term view.
The greatest benefit is derived over the long term – usually 7 – 10 years or longer.