IT ALL STARTS WITH A PLAN I
f you are reading this article with buying your first property still ahead of you, that is good timing. You are in a good position to get your purchase plan in order. If you are already on the property path and own one or more homes but have got to this point with no clear plan on when and what to buy next, this is a great time to put in place the structure you lack. And don’t be too hard on yourself. Many property investors buy what they can when they can, most of the time, so you are not alone.
With the task at hand of establishing a workable buying plan, there are a some matters you can take into account, which include:
YOUR FINANCES QUICK TIPS
RISK MANAGEMENT QUICK TIPS
Talk with a finance broker
Be honest with yourself
Find out if you qualify for a loan Check your credit rating
Measure how much property knowledge and experience you have
Consider reducing your debt or credit card limit
Assess your attitude to risk
Get a pre-approval Make sure you have a buffer
YOUR GOALS QUICK TIPS Get clear about what you want to achieve Set a date as to when you want to achieve this goal Identify milestones you need to cross to get to your goals
YOUR RESEARCH QUICK TIPS Spend time on it at least every weekend Track sales online Set your criteria and refine if necessary Check out 50+ properties online Inspect 10+ properties firsthand
Determine how long you intend to work for
YOUR FRIENDS Property purchases are the largest transactions you’ll make in your life. Call in the experts who will help you and make a significant difference to your experience and the outcome. Among these will usually be the Real estate agent (includes buyer’s agent) Mortgage broker Conveyancer or solicitor Building & pest inspector Removalist If buying to rent, you might like to add property manager, insurance broker and accountant.
Take notes to review at property inspections Track the overall market activity
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