What you need to know
Property can be a profitable and secure investment, however it can often seem out of reach.
But, the good news is you don't need to be rich, retired or part of the building trade to benefit.
If you’re interested in investing in property, here are some tips to help you decide if it’s the right option for you and how to make the most of it.
Top tips to maximise your return
- Check rental prices in areas you’re considering buying in.
- Understand that investing in property tends to be a longer-term commitment.
- Don’t over capitalise on rental property renovations.
- Consider the cost of upkeep to the property when budgeting.
- Strata fees will apply for properties on shared land such as units.
- Consider employing a property manager and include their fees in your costs.
- Use appropriate tax deductions to offset property expenses - there are various deductions (including the interest on any loan used to buy the property) that might apply to you!
Find the right property for you
- Look at what facilities are in the area that will attract tenants. Think schools, transport, shopping, and medical centres.
- Consider any potential costs that may be required to update an older property.
- Ensure you fix any issues in the property before letting it to tenants.
- Check out how many other properties are for rent in the area – lots of options may reduce your potential rental income.
Do the sums
Before you start hunting for the perfect investor opportunity, you’ll need to know how much you can borrow.
Use our repayments calculator to work out what you can afford and estimate how much your mortgage repayments might be.
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Things you should know
Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable statement(s) on our website before acquiring any product.
