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Are you ready for property investment?
Our top three tips to help you take the leap into property investment.
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Investing in property can be a great way to generate passive income and secure your finances for the future.
Real estate has become a strong asset class over the last few decades. However, it is a daunting arena to jump into. Knowing when and where to start can be difficult, so here are three signs you are ready to buy your first investment property.
1. You have savings or equity
Money for a deposit is often the biggest hurdle for any budding property investor. However, if you’re already a homeowner, then you may be able to leverage the equity available in your current home to buy a new investment property.
While some lenders prefer to see larger deposits, there are lenders such as Liberty who provide investment loans to eligible customers with just a 5% deposit.
2. You have done your research
There are many factors to consider when choosing the right investment, and property is no different. Making sure your asset choice will pay off in the long run is vital. A few factors to consider are the area’s growth potential, the strength of the local economy and property maintenance needs.
Even if you are planning to renovate and sell, you will still need to consider the budget, tradespeople and time management that come along with it. Double checking you understand every aspect of your investment will save you in the long run.
3. You are ready for extra responsibility
Buying a home is a big decision regardless of whether it is your first, fifth or fiftieth. It is not just the financial commitment, it is also choosing the right property management, the right property and the right broker.
Assembling a body of trusted professionals to help you build and maintain your portfolio will make all the difference. Your team should involve real estate, lending and property maintenance to ensure you have all your bases covered.
A Liberty Adviser can help you understand more about how to take the next step into property investment. To find out more, contact a Liberty Adviser today.
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