Knowing Your Budget for Property Investment
The importance of truly knowing your budget before undertaking a property investment
There’s a few crucial steps required to get your budget in order prior to investing in property – Katherine Skinner outlines them in the video above.
1. Meeting with your mortgage broker.
A good broker can be worth their weight in gold. They can provide you with a very clear and detailed understanding of your financial position and what you are capable of doing in relation to purchasing an investment property.
Your broker can also get your loan pre-approval sorted and they will help you to set limits to the amount you should consider spending on your investment.
2. Try to remove all emotion – investing is a business so treat it as such!
Do not get caught up with your emotions and overpay for a property you “like”. It’s also worth noting that you don’t necessarily need to spend all of the amount you are able to borrow.
Be smart and responsible with your decisions and remember that you make money when you purchase your property, rather than when you sell.
We’d love to help you to purchase your first, or next investment property. Please get in touch to organise a free, no obligation consultation with one of our buyer agents.
While you are here you could also take a look at some of the recent purchases we have made for clients across Adelaide.