Buying an investment property in Brisbane can be a challenging job, particularly when you want to do it for your very first residence! Well, here are some essentials that you must know before you buy investment property in Brisbane:
• Fix a budget and work upon it
When we talk about setting a budget, do not simply consider the purchase amount. Make sure that you have had calculated all the associated expenses too! This includes various miscellaneous charges as well such as the legal fees, land survey fees, maintenance fees, insurance fees, alongwith many others. However, if you have calculated the expenses properly, it will be easier for you to gain enough clarity and continue searching for a property that fits into it without looking for things that aren't serving your goal.
• Consider your pocket for paying the mortgage amount
Do not just jump onto a decision of buying a property without calculating the mortgage fees. Even if you are planning to put the property on rent, do not forget the backup provisions that you must be able to undertake, in case your renter fails to pay you the rental amount in a timely manner.
• Count on using super to buy the property
Buying property with super can be a great deal if you have funds available with you for either making the down payment or as your home loan. Also, people who are above the age of 60 years aren't applicable for getting a mortgage and that's when they can use the super to complete their purchase. With self managed super funds, there is a better control and flexibility that you can hold on your investment.
Bottom line:
If you are using your SMSF to buy a property in Brisbane, you will be able to gain a tax benefit as well. Also, it is having all the potential to grow your overall asset valuation which is certainly one of the major reasons you should count on this amount while making the purchase of any property in Australia.
Author resource:-
Rick Lopez advises people about real estate, property investment, property management and affordable housing schemes.