Before you invest in property, there are 3 important factors you should consider. These include your investment goals, where you will be seeking advice, and how you will be financing your investment.
Investment goals
Before you get started, take some time to outline your investment goals. It’s important to set a clear vision for your investment strategy before you take the first step, as property investment can support your future financial goals and grow your individual or family wealth. You should discuss these with your advisors (broker, accountant, solicitor etc.) to ensure your plan is feasible and is set within your servicing means. If you need help with this, get in touch with us here.
Seeking advice
It is important to seek appropriate advice before making any property investment decisions. A Financial Advisor / Mortgage Broker will be able to walk you through your financial position step by step and help you understand what the banks are looking for in their lending assessments.
Other Key Advisers to Consider
Solicitor
A Solicitor (Lawyer) will help you with all legal components of the decision-making process and actual transaction. This will include advice around the ownership structure of the investment e.g. use of trusts as well as interpreting contracts to protect your best interests, and signing key documents (e.g. Sales & Purchase Agreement, Tenancy Agreement, LIM Report etc.) for the transaction to take place.
Accountant
Your investment property should be run like a business. An accountant will support with business-related advice for your investment. This includes tax structures, expenses, profit, and loss etc. your accountant can also comment on ownership structures e.g. looking through companies for tax benefits.
Property Manager
Once you own an investment property, a property manager can be extremely helpful in providing peace of mind that your investment is being looked after. Your property manager will provide insight into the market for rent price values for the best possible return, manage your tenants, and provide routine maintenance reports amongst other key information.
Financing your Investment
Having sought appropriate advice, it is important to understand the steps involved in financing your investment and it is important to engage with your mortgage broker to help you understand your financing capabilities. Your Lateral Partners Advisor can help you identify exactly how much finance you will be able to apply for and work on your behalf as a liaison with the banks. They will also be able to provide alternative options should your financial situation not meet the main banks criteria. Ready to get started? Get in touch with us here.
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