It All Starts with a Plan

If 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

Talk with a finance broker Find out if you qualify for a loan Check your credit rating Consider reducing your debt or credit card limit 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 Take notes to review at property inspections Track the overall market activity

RISK MANAGEMENT QUICK TIPS

Be honest with yourself Measure how much property knowledge and experience you have Assess your attitude to risk 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.