Property Investment Checklist - Before You Buy
Investing in property can be a great way to accumulate wealth, but there are important things to remember prior to purchase that will help to ensure a successful venture.
First it is important to conduct relevant searches including building and pest inspections - and if you plan on buying property at auction, remember that these investigations need to be carried out before auction day.
Furthermore, when making an auction purchase it is advisable to have your solicitor go through the contract of sale before making a bid. Also, you will need to present a deposit of five or ten per cent immediately after a successful bid, depending on which state or territory you are in.
Prior to any purchase, it is important to organise relevant insurance, including building and landlord protection. You may also want to organise a property management service, if you have not already done so, as part of the purchasing process.
Regardless of your method of purchase or plans for property investment, it would be beneficial to have a chat to your mortgage broker to make sure that all of your bases are covered for a successful acquisition.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.