At Lifestyle Property People we know just how challenging it can be to start investing in property.
Incorporating every form of jargon and acronym that spans the legal, financial and construction industry it is rather a lot to get your head around. And frankly it can all seem rather daunting.
So to help prepare you for your very first investment we have come up with this handy checklist that should get you started on your property investment journey.
What are your financial goals?
First and foremost you need to decide what your plans are for your financial future as well as your current situation. Carry out a thorough analysis on your current accounts before then deciding what your aspirations are for the future. This is something you may well want to do in conjunction with an accountant or IFA.
And your personal goals….
Owning and managing a property is a monumental undertaking and not one to be taken lightly. It is important you consider whether this aligns with your future goals, and you may want to speak with a life coach or counsellor to gain a firm grip on this personal journey.
Can you really be a landlord?
Being a landlord is hard work. Trust us. It means lots of early mornings, late night phone calls, chasing of late payments as well as dealing with the repairs and maintenance side. It can easily be a full-time job, and it may be that you want to get some professional help.
How much can you borrow?
Since the financial crisis banks have been tightening their belt and making it increasingly difficult for individuals to borrow. So before you start choosing a property; make sure you have a thorough understanding of precisely how much you can borrow. To get in touch with our Mortgage Brokers, check out OnPoint Mortgages.
Location, location, location
Possibly our most important point – the location of an investment property is tremendously important. Make sure you have a look at the surrounding school district, transportation links as well as the desirability of the property. These are significant factors when choosing a property.
Secure your financing
We would recommend speaking to an experienced mortgage advisor who can navigate the confusing and intricate knot that is mortgage lending. With so many options; this market can be exceptionally confusing and overwhelming, so we would recommend you seek professional help.
Make an Offer
Investing in property is an art, and the buying process plays to a plethora of intricate mind games and complicated tactics. Again it may well be worth speaking to a professional (you must be tired of hearing that by now…) but honestly, it really is better safe than sorry.
Get your investment checked out
We really can’t stress this one enough, it is immensely, inordinately important that you get all your paperwork looked over by a seasoned professional. Trust us, small mistakes can end up costing in the long run – this one is more than a recommendation, it’s a must.