With property markets cooling down from the recent boom, there are now more opportunities for investors to enter the market. With listings increasing and less competition, it could be a good time to think about buying an investment property.
Here are some quick tips for investors.
Get specific – while national property markets might be slowing down, it doesn’t mean that all locations are. When investing, research properties at the suburb level and compare the number of listings with overall demand to get a sense of what’s happening in that area. Tight supply can drive prices higher.
Crunch the numbers – with borrowing costs on the rise, it’s important to have a clear understanding of how much your investment is going to cost and what it’s going to take in. Talk to experts like property managers if you need more information – and don’t get emotional about the purchase.
Work with a mortgage broker – in the current interest rate environment it’s important to compare your mortgage options to get the best interest rate and loan product for your personal situation. A mortgage broker is an incredibly valuable asset for investors.