To understand precisely how you can amplify your savings and strengthen your finances to secure a property in Adelaide, we bring you a few tips from our team of professional wealth advisers.
Here is expert advice to increase your property buying power and create financial wealth through real estate, including healthy capital management behaviours to implement now.
1. Strategize
The first step is to thoroughly understand your ‘why’ – why you are buying an investment property in Adelaide – and develop an investment strategy accordingly.
Then think about your goal – is it financial freedom, semi-retirement, working for yourself? It is essential to pinpoint your lifestyle goals to work on your investment strategy successfully.
Next, you will identify when what and where you will buy? For instance, you will build a duplex for cash flow or invest in blue-chip property for long-term growth.
2. Secure Finance
It is always advisable to consult the mortgage broker in Adelaide to understand how lenders will assess your application ascertain what type of loan will align better with your goal and strategy. Also, explain the different interest rates and identify the best banks.
Besides the deposit, the aspiring property buyers must have a substantial buffer for costs as it is easy to underestimate. It will help you avoid or minimize financial strife.
3. Hire The Professionals
Successfully purchasing the investment property demands much practical and legal expertise within budget and on time.
These include an accountant, a buyer’s agent, a mortgage broker, an insurance representative, a building and pest inspector and a quantity surveyor.
4. Locating The Right Property
We always recommend shortlisting the investment property based on the following aspects: the presence of many different industries, adequate regional growth drivers, low local unemployment, transport links, low vacancy rate and proximity to childcare facilities and education.
5. Signing And Settling
Before signing the Contract of Sale, ensure you take note of any particular disclosure, conditions and insurance. It is imperative to understand what can be negotiated in the agreement, such as the deposit amount, settlement period, fittings and fixtures, and colling-off.
Two Cents
It is essential to set a reasonable goal and design a successful strategy to buy Adelaide’s ideal investment property. Start by analysing your financial position, explore all available financing options, assess your borrowing capacity, followed by a property search.
