Property investment could be the way forward to your future financial security, but you should never buy property if it's not the right time. Your personal finances, your relationships and the state of your career are all things you should consider before you invest.
To make your decision easier, we've whipped up three key considerations for those on the cusp of buying a property for profit.
1. You've already got equity
If you're already halfway up the property ladder and you've got a decent amount of equity in your home, now could be the perfect time for you to invest. With the help of an mortgage advisor from Advantage Finance, you can easily unlock that equity and use it to purchase your next property.
This will mean no saving for a deposit, and potentially a lower interest rate if you use your current home as security.
2. Your career's taking off
Lenders love a steady job, but they love a burgeoning career even more. That's because they know that they can rely on you to afford your mortgage repayments, and make them on time every time. It's generally taken as a sign that you're dependable, intelligent and driven.
If your career's taking off, or you you've been in the same job for a few years don't rest on your laurels. Take advantage of those steady paychecks and that career progression to take further steps towards securing your financial future by buying investment property.
3. Retirement's on the cards
To live comfortably after retirement a single person will need $59,619 a year, or $1 million total.
After 40 odd years in the work force every Australian is deserving of a comfortable retirement. But sadly everyone doesn't necessarily have the funds or preplanning in place to achieve that, instead working until they can't any more or subsisting on less.
If you're planning to set up your retirement using just savings alone the same may happen to you. SuperGuide estimates that to live comfortably after retirement a single person will need $59,619 a year, or $1 million total assuming you live to the average Australian life expectancy.
The year on year capital gains and regular rental income that comes with property investment could be the best way to get there. Make sure you have the best tools and advice before you dive in headfirst by talking to an experienced mortgage advisor here at Advantage Finance.
We've been helping fledgling investors navigate the property market with tailored finance for years now, and we know that we can help you too.
