The Seven Steps to Property Investment
Investing in property does not need to be complex. Bernard Corser Property Consulting follows these clear-cut steps to ensure you buy an investment property that best suits your needs.
- Plan the investment
Review your investments to determine how much of your assets you wish hold as real estate to achieve a balanced portfolio. What name will go on the title? (individual name, joint name, superannuation fund, family trust)
- Select the property
Select the type of real estate you plan to invest in, how much you wish to pay for it and the rate of return you are seeking. These determine the profile of the property to look for.
- Financial analysis
After a candidate is found, estimate how much you can expect to rent it for and pay in maintenance and other costs. These determine how much you should pay for the property and how to finance it.
- Arrange the finance
There are many loan packages offered by a range of financial institutions. The pros and cons of each need careful consideration. Liaise with banks, mortgage brokers or finance sources.
- Negotiate the purchase
Select the appropriate tactics to conclude the sale. These will depend upon how the property is being sold-by auction or private treaty.
Once the terms and conditions of the sale have been agreed with the vendors or their agent, the formalities of the conveyancing need to be concluded.
- Manage the property
Arrange selection of tenants, collection of rent, payment of rates and fees, and repair and maintenance of the property.