Things to know before buying your first property - Finance first

You need to focus on your finance first

It’s so important to get the right finance, and having a great mortgage broker can really help.

Get your finance pre-approval before you start your property search, so you can confidently make an offer.

And make sure you have a buffer for emergencies, such as the hot water system blowing up the week after you exchange contracts.

Yes, that really happened to one investor I know!

It’s essential to factor in unexpected costs

As I just touched on, it’s essential you make sure you have a budget to cover the unavoidable but sometimes unexpected costs of owning a home.

These are the expenses that your landlord or perhaps even your parents may have covered in the past.

You can’t plan for everything, but having a rough idea of your costs and putting some money aside each time you get paid to cover things like utilities, insurance, body corporate fees, property management fees, and maintenance will help take some of the stress away when bills popup.

Remember, these costs don’t stop when your investment property is empty and there’s no rent coming in, so building an emergency account is key.

RealRenta has all the tools that a property manager has, but less than ¼the cost of a property manager.

Join now and the cost is less than a cup of coffee a week to manage your rental property

RealRenta also has a free vision, so why not check it out

Jason Gwerder
Tuesday, 23 November 2021

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