There's more to successful investing than choosing an appealing property. Property investment is a great financial move, however there are some associated risks.
Check out our top 3 dos and don’ts before you make this large financial investment and meet with Ms. Angela Vinnicome from Cayman properties to take the first steps towards buying an investment property in Australia!
Top 3 Dos
1. Evaluate your income – All rental properties can experience vacancies from time to time, so be sure you can manage the costs of owning the property even when rental income isn’t flowing.
2. Adopt a long-term mindset – The best gains on property are often made over the long-term – periods of five years or more. Holding your investment for shorter periods can mean racking up stamp duty, legal fees and agent’s commission, costs that will eat into any profit when you resell.
3. Protect yourself – If a property is worth investing in, it’s worth insuring. Landlord insurance not only covers the value of your building, it can also provide protection for lost rent or damage by tenants. And the premiums can normally be claimed on tax rebate.
Top 3 Don’ts
1. Don’t assume your loan repayments are the only outgoing – Owning an investment property means facing a range of costs like rates, repairs, maintenance and insurance, so be sure to factor all the expenses into your budget before you begin.
2. Don’t fall for cheap prices – You pay for what you get, right? Always aim for the best quality property you can afford. But, if you wouldn’t be prepared to live there, chances are tenants won’t either.
3. Don’t make a decision without speaking to an expert – The loan you use to fund your investment can be just as important as the property itself. Cayman Properties can help you work out how much you can borrow and your likely repayments, and find a loan that’s right for you.
Whilst many of these Dos and Don’ts apply to general property investments, there are further steps and analysis that a potential buyer needs to take into account when considering investing in a foreign country such as Australia. Australian Investment property may require additional planning when it comes to buying and securing your assets. Cayman Properties has been offering assistance since 2008 to all Papua New Guineans wanting to buy a property in Australia, more specifically in Cairns, Brisbane, Gold Coast and surrounding areas. Ms. Angela Vinnicombe, from Cayman Properties, will be happy to discuss Australian investment opportunities and meet interested Papua New Guineans in Waigini at the end of the month.
If you would like to know more on how to make a successful investment and get the chance to make the first steps into property investment send your inquiry via our Australian Finance Form and contact Angela directly!
- Holiday Inn Express, Islander Drive
What will be discussed:
- How to buy property in Queensland
- All key QLD Locations – Cairns, Brisbane, Townsville, Gold Coast, Sunshine Coast
- New homes and apartments
- Finance and loans arrangements
- Solicitor arrangements
- Visa assistance and procedures
- Rental management for your property if required